Plutus on stand-by to stop the blackouts

A POWER firm with bright ideas about how to keep the lights on as coal-fired supplies are phased out is joining Aim.

Plutus, blackouts, energy, Uk energy blackouts, national grid, electricity, power cuts,Plutus plans to pump power into the grid during times of high demand [ALAMY]

Plutus PowerGen is the new name of former Aim-listed investment company Plutus Resources following its acquisition of Plutus Energy.

It was set up earlier this year to generate power from flexible stand-by generating farms.

The new company will generate revenues by selling this power to large energy supply companies during periods of peak demand.

As well as raising £800,000 to use as working capital, Plutus has already lined up financing to build its first couple of diesel generating sites to feed into the National Grid.

We are facing a very real risk of blackouts. Demand for power continues to grow at a time when renewable capacity is not replacing fully the lost higher carbon capacity

Executive chairman Charles Tatnall

They cost about £5million each and it is planning 10 sites in three years. Each site is only turned on for about 100 hours a year to limit the environmental impact.

Executive chairman Charles Tatnall said: "We are facing a very real risk of blackouts. Demand for power continues to grow at a time when renewable capacity is not replacing fully the lost higher carbon capacity.

"There is a huge demand for stand-by power generation and we are ready to provide it.

"We are paid to be on stand-by, so - in the event of a potential blackout or if we are getting near to a blackout - the Grid will contact us and we will turn on the diesels remotely.

"The management team has a track record of building these diesel farms and winning tenders. We can fund the building from money raised through a subsidiary of the company, so it could be an attractive proposition for investors."

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