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Ncondezi Energy expects to finalise power tariff negotiations in first half

The company says the tariff submission is on track for Q1, and, it expects to finalise through talks later in the first half

Ncondezi Energy Ltd - Ncondezi Energy expects to finalise power tariffs negotiations in first half

Ncondezi Energy Ltd (LON:NCCL) has told investors that it expects to finalise power tariff negotiations in the first half of 2020  for the integrated Ncondezi coal-fired power project and coal mine in Tete, Mozambique.

"The process to finalise a tariff offer for submission to EDM is well underway and on track for submission in Q1 2020,” said Hanno Pengilly, Ncondezi's chief executive in a statement.

“The company continues to work closely with its strategic partners and tariff financial advisor to achieve a competitive firm tariff offer in line with the latest agreed tariff rates in Mozambique,” he added.

READ: Ncondezi says there may be scope to accelerate power plant development

Ncondezi said that the tariff financial model is on track for submission to strategic partners at the end of this month. It added that it is targeting a competitive tariff rate, in line with other recent agreements with Electricidade de Moçambique (EDM).

Penguilly added: “The Ncondezi Project is one of the most advanced development stage baseload power projects in Mozambique, and is being designed to provide low cost reliable 24 hour power whilst meeting the strictest emission standards. The project is aligned with government strategy for additional baseload power on the grid by 2023 and universal energy access by 2030."

Quick facts: Ncondezi Energy Ltd

Price: 3.9 GBX

AIM:NCCL
Market: AIM
Market Cap: £12.67 m
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Ncondezi Energy's Hanno Pengilly updates on submission of formal power tariff

Ncondezi Energy Ltd's (LON:NCCL) Hanno Pengilly speaks to Proactive after announcing the submission of a tariff proposal to the Mozambican Government and state-owned Electricidade de Moçambique (EDM). He says the move represents the last milestone to start formal tariff negotiations with EDM,...

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