SIMEC Atlantis deepens interim losses

Edinburgh-based company SIMEC Atlantis Energy has reported a £5.9 million loss increase this year over its half-year financial performance in 2017, while also recording MeyGen operations-driven revenues for the period.

Two MeyGen AHH turbines under maintenance at Nigg Energy Park (Photo: SIMEC Atlantis)

According to the company’s financial reports for the period ended June 2018, SIMEC Atlantis almost tripled the loss of £3.2 million filed in the first six months of 2017, to £9.1 million reported this year.

The additional expenses for the 2018 period were attributed to both SIMEC Uskmouth Power acquisition costs, and MeyGen costs associated with power sales being recognized.

The MeyGen operations have, however, brought revenue of £1.3 million for SIMEC Atlantis for the period, compared to none at all in 2017.

According to Tim Cornelius, the Chief Executive of SIMEC Atlantis, the two Andritz turbines – retrieved in July 2018 – will be returned to service to MeyGen Phase 1A array in the fourth quarter of 2018 following their inspection, repair and maintenance.

“The MeyGen project has now exported more than 8GWh of predictable, clean energy to the grid and the recent unveiling of our new 2MW tidal power turbine, the largest single rotor system in the world, will open up new project development opportunities in the UK, France, Channel Islands, South Korea, Japan and China as costs reduce and reliability continues to improve,” said Cornelius.

In April 2018, the MeyGen Phase 1A project completed the construction phase and officially entered the 25-year operations phase.

At 6MW capacity, MeyGen is currently the world’s largest tidal stream array which holds a world record for monthly production from a tidal stream array having generated 1,400MWh in March 2018.