Living Fuels is pleased to announce the extension of parent company, REG BioPower’s Short Term Operating Reserve (STOR) contract with National Grid.
The STOR contract, which will now run until April 2014, allows National Grid to source reserve power in pre specified seasonal time periods to meet unexpected power demand in times of crisis. Under the contract, REG BioPower will receive an availability payment for standing by during STOR periods and a utilisation payment for any power generated.
REG BioPower’s Leeds and Bentwaters facilities, which run on a bioliquid recovered from used cooking oil, will continue to operate the contract.
Andrew Whalley, REG Chief Executive Officer, said: "The extension of our STOR contract firmly underpins REG Bio’s strategy and provides a solid foundation from which to grow. We are delighted to continue our relationship with NG and the provision of flexible, green capacity.”