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> September 19, 2005 |
First Revenue - Newcastle Plant Opening IPSA, the AIM and AltX traded power developer, has now confirmed the timetable for commencing the commercial operation of its first power plant in the Republic of South Africa (" South Africa "). Subject to the final granting of a generation licence by the National Energy Regulator South Africa (NERSA), South Africa 's power regulator, the IPSA Newcastle Cogeneration Plant in KwaZulu Natal is now expected to enter into commercial operation providing steam and power on 23 February 2007. Formal inauguration of the plant is scheduled for 16 February 2007. Testing and commissioning is now underway. First boiler firing is expected in the first week of February 2007 when the steam connection to the Karbochem chemical facility is due to be tested and approved, and commercial steam production is scheduled to begin in the first two weeks of February. Newcastle Cogeneration is South Africa 's first independent gas-fired power plant. It is also one of South Africa 's most environmentally friendly power plants with one of the lowest emissions of CO 2 of any thermal plant in the country. The Board of IPSA, the developer and owner of Newcastle Cogeneration, is therefore pleased to announce that an application is being made to South Africa 's Department of Minerals and Energy for the Newcastle plant to be considered eligible for Carbon Credits under the United Nations Clean Development Mechanism of the Kyoto Protocol for the reduction of greenhouse gas emissions. In view of the high baseline for thermal power generation in South Africa from low efficiency coal-fired power plants which are heavy producers of CO 2 , the directors of IPSA believe that Newcastle Cogeneration could qualify for a material level of Carbon Emission Reduction Certificates which would be an important source of revenue once the plant enters commercial production. The Company intends to release its results for the fifteen months to 30 September 2006 on Wednesday 31 January 2007 and intends to provide shareholders with a full update of its operations, including Newcastle , as part of its results announcement.
For further information please contact: Peter Earl, CEO, IPSA Group plc 020 7793 7676 |
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