Profits drop at Rugeley Power Station owners
PROFITS at International Power – the owners of Rugeley Power Station in Staffordshire – have fallen 5% from £550m to £524m.
In an interim report for the six months ended 30 June, 2010, its chairman said the station had made an “improved contribution” to the company’s overall performance.
Sir Neville Simms said: “I am pleased to report that the business has performed well during the first half of the year.
“Underlying earning per share after adjusting for the sale of the Czech business is up 7%, driven by good operational performance across the portfolio and a significantly improved contribution from Rugeley.
“The board is pleased to announce an interim dividend of 4.39p.
“Overall the business continues to perform in line with our expectations, is generating good free cash flow and our financial position remains strong.”
Profit from International Power’s operations in Europe decreased year-on-year 11% to £265m.
Performance at Rugeley improved significantly, it said, but this was partially offset by an expected reduction in contribution from First Hydro in the UK.
It added that Rugeley delivered an increased contribution achieving a dark spread of £58/MWh during the period, compared with £13/MWh in the same period in 2009, at a relatively low load factor of 35%.
For 2010 the firm has forward contracted 85% of expected output at Deeside, and 95% at Rugeley and Saltend.
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