Power station holding company enters administration

Thu, 25 Jun 2020 | ADMINISTRATION

Calon Energy Limited (CEL), the holding company of independent power producer Calon Energy Group, has entered administration. CEL has appointed Jim Tucker and David Pike from KPMG’s restructuring division as joint administrators.

Calon Energy Group operates a 2.3 GW Combined Cycle Gas Turbine across three sites: the Sutton Bridge Power Station in Sutton Bridge, Lincolnshire, and two sites in Wales, the Severn Power Station in Newport and Baglan Bay Power Station in Port Talbot.

The group employs around 111 staff, all of whom will remain employed and paid as normal, and has also secured permission for a new Combined Cycle Gas Turbine at Willington Development Site in Derbyshire. CEL’s operating companies are not in insolvency processes and will continue to trade under their respective directors and management.

Joint administrator Jim Tucker said: “Although we have been appointed administrators over the Topco to the group, the group’s power stations continue to operate as normal, outside any insolvency process, under the control of their directors.”

“We will be working with the directors and senior management in the coming months to develop a new business plan for the power stations, before finalising the timeline to commence a sales process.”

For the year ending March 31 2019, CEL reported turnover of £323.4 million, down from £373.2 million in 2018, and an operating loss of £135 million, compared to losses of £48 million the year prior.

The company’s total assets less current liabilities stood at £226.6 million, down from £415.1 million a year earlier. Its adjusted EBITDA for the year was £9.4 million, up from a loss of £9.1 million the previous year.

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