Highlights:
- Our Strathmore plant generated 80MWh during the month of July 2020
- Over the month of July 2020, electricity prices ranged from below CDN$9.99/MW to CDN$779.78/MW and the average price was CDN$55.48/MW for the last 30-days
TORONTO, Sept. 15, 2020 (GLOBE NEWSWIRE) — EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce a very successful power generation month in July 2020. EarthRenew’s Strathmore facility generated 80MWh and earned an estimated CDN$38,450 in electricity sales revenue. The direct costs for the turbine unit at the facility were CDN$8,177 and the gross margin corresponding to such revenue was an estimated CDN$30,273.
The power generation facility at EarthRenew is capable of generating up to four megawatts per hour. The facility was particularly successful at delivering electricity to the Alberta electrical grid during the high-power peaks during the last week of July 2020, which we associate with the hotter summer weather. As a result, the month of July 2020 was especially profitable for our power production business line. The pool price for electricity reached CDN$779.78 per MWh in July 2020 and over the last 30-days of the month, the average power price was CDN$55.48 per MWh, as reported by the Alberta Electric System Operator (AESO).
EarthRenew’s chief executive officer, Keith Driver, commented, “we are very pleased with the power sales in July. This cash flow from current operations supports the company as we continue the redevelopment of the Strathmore fertilizer operations.” Mr. Driver further added, “months like July demonstrate our ability to generate additional value from our electricity production beyond what we require to operate by delivering excess power to the grid.”
