29 May 2009 - 18h00 CET - Regulated information
Antwerp - Thenergo (Euronext Brussels: THEB), a leading developer and
operator of decentralized, clean energy projects, today publishes its
Q1 2009 trading update. The half year results will be published on 31
August 2009.
The putting into operation of 2 new 'Groeikracht' projects* with a
gross installed electrical capacity of 4 MW, and the impact of the
energy units started up in 2008, has resulted in a 45% increase in Q1
2009 revenues compared to the first quarter of 2008. 'Groeikracht'
units that run on natural gas simultaneously deliver heat,
electricity and CO2 to greenhouse growers through combined heat and
power technology. Today, Thenergo has 29 operational units in
Belgium, the Netherlands and Germany which in total provide
approximately 107,000 families with clean electricity, thus
establishing a 95,000 ton CO2-saving per year. *Groeikracht
Abelebaan en Groeikracht Butenpole II
The increase in (R)EBITDA is slightly less than budgeted but still
almost 25 % higher than Q1 2008, on the one hand due to the lower
electricity prices on the day-ahead markets in Q1 2009 as a result of
the changed market circumstances. "The energy contracts for 2009 are
in large part hedged on the long-term markets. Only the part traded
on the day-ahead markets is influenced by the lower electricity
prices. But then again, fuel costs have also dropped." says Carl
Malbrain, CEO. On the other hand, due to the sensitivity of the waste
sector to economic fluctuations. The waste sector is experiencing a
lower volume of disposal containers and less favorable prices for
recycled materials on international markets than a year ago. In all
the Thenergo departments cost cutting initiatives are undertaken to
limit the consequences of the economic downturn.
Thenergo's operational development continues as planned with 6
projects under construction that will be put into operation during
the course of 2009. One of these projects is Binergy Ieper project,
where the construction began in September 2008. The biogas engines,
with a combined electrical capacity of 3.2 MW, will be delivered in
June 2009.
The connection to the grid will be installed in July 2009, after
which the engines and the digester can be started during the course
of September. Thenergo expects the Binergy Ieper project to be fully
operational at the end of this year. The installation will produce
energy from animal manure and food waste and will deliver electricity
to approximately 6,000 families. At the end of 2009 Thenergo's gross
installed electrical capacity will amount to approximately 100 MW and
120 MW heat.
For more information, please contact:
Christophe Van Nevel
Chief Financial Officer
Tel + 32 3 292 97 05
christophe.vannevel@thenergo.eu
Caroline Kerremans
Communications Manager
Tel + 32 3 292 97 01
caroline.kerremans@thenergo.eu
Gateway House, Brusselstraat 59
B-2018 Antwerp
Belgium
This press release is made available through our corporate website
www.thenergo.eu.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
