DGAP-News: VERBUND AG: Austria's most powerful power plant inaugurated in Mellach
(firmenpresse) - DGAP-News: VERBUND AG / Key word(s): Miscellaneous/Miscellaneous
VERBUND AG: Austria's most powerful power plant inaugurated in Mellach
22.06.2012 / 09:59
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Mellach, 22 June 2012. Today saw the official opening of the combined cycle
gas turbine power plant (CCGT) in Mellach/Styria, Austria's most modern
thermal power plant. It replaces no fewer than five old lignite or
oil-fired power plants shut down by VERBUND in recent years. When online,
the new CCGT will save up to two million tons of CO2 a year.
With a capacity of 838 megawatts (MW), the Mellach CCGT is the most
powerful power plant in Austria. It involved a total investment volume of
EUR550 million and has a long-term, oil index-linked gas supply contract.
At the heart of the two generators are highly efficient gas turbines
manufactured by Siemens. With the downstream steam turbines, the power
plant achieves electric efficiency of 59.2% and if steam is recovered for
district heating its efficiency can be increased to virtually 80%, thus
making the best possible use of natural gas as the fuel.
Uncertain situation for gas power plants
The general conditions for gas-fired power plants continue to remain
challenging. Firstly, huge subsidies are available for expanding wind and
solar power although it fluctuates considerably. And secondly, the
profitability of gas power plants supplementing supply throughout Europe is
limited. What is responsible for this are the still weak clean spark
spreads. There are relatively low wholesale prices for electricity on the
one hand and long-term, oil index-linked and therefore expensive gas supply
contracts on the other. In the medium term, we can however expect demand
for capacity to rise on the European electricity market, ensuring that
gas-fired power plants can be operated economically.
The Mellach CCGT was therefore tested for impairment as at 30 September
2011 due to indications of impairment as a result of the difficult market
situation for gas power plants described above. The impairment loss
resulting from the impairment test amounted to EUR110.3 million. From
today's perspective, VERBUND's half year results, which will be published
on 25 July 2012, will also be adversely affected by the Mellach CCGT.
Enquiries:
Andreas Wollein
Head of Group Finance and Investor Relations
Tel: +43(0)50313-52604
Fax: +43(0)50313-52694
investor(at)verbund.com
End of Corporate News
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22.06.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: VERBUND AG
Am Hof 6A
1010 Wien
Austria
Phone: 0043-1-53113-52616
Fax: 0043-1-53113-52694E-mail: investor(at)verbund.com
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Foreign Exchange(s) Wien (Amtlicher Handel / Official
Market)
End of News DGAP News-Service
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174986 22.06.2012
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Datum: 22.06.2012 - 09:59 Uhr
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