Cogenpower gives operational update

Cogenpower says the final quarter of 2016 represented an important phase for the operational side of the business, increasing significantly the artificial intelligence component of its CHPDH management and control systems, known as Anaconda technology, in order to minimise human intervention.

The group has issued an operational and financial update following the twelve-month period ended 31 December 2016 and the key points are:

- Borgaro power plant has delivered record heat output in 2016 of over 20.1 GWh for 2016, a 12.5% increase compared to 2015

- Higher prices achieved for sales of electricity in Q4 2016 averaging €62.75 per MWh - 15% higher than Q4 2015

- New, lower cost gas contract in place from October 2016 averaging €0.218 per standard cubic metre in Q4 2016 compared to €0.275 in Q4 2015

- Full automation of CHPDH announced to deliver further operational savings

- Exit from underperforming retail division near completion

- New Italian government's legislative timetable includes vote on Green Certificate payments in early 2017

- €0.1 million in relation to the final settlement from the sale of Esseti Energia remains outstanding and the Company intends to take action to recoup the amount owed

Chief executive Dr. Francesco Vallone said: "The final quarter of 2016 represented an important phase for the operational side of the business, increasing significantly the Artificial Intelligence component of our CHPDH management and control systems, known as Anaconda technology, in order to minimise human intervention. We continued to focus on streamlining our operational costs, and further refining a replicable and scalable CHPDH model for communities of up to 50,000 people. This has been achieved and its commercial viability has been demonstrated."