THE MeyGen tidal energy project in the Pentland Firth has exported more than 30 gigawatt hours of electricity since it began, while last year it generated revenues of £4.1 million. Simec Atlantis Energy, the company behind the scheme, revealed the figures when it announced its preliminary financial and operational results for 2019. But the report also shows that the cash held in MeyGen dropped from £2.4 million in 2018 to £1.8 million last year. The group’s overall cash position also fell from £9.3 million to £4.5 million over the same period, while overall losses for the year were £35.4 million compared with £24.1 million the previous year. However, Simec Atlantis stresses that the loss reflects “significant changes” to the group during 2018, including the MeyGen site – situated between Stroma and the Caithness coast – becoming operational in April that year.
John O Groat Journal 16th Aug 2020 read more »