EnergyPathways launches licence work programme for MESH project

(Sharecast News) - EnergyPathways said on Wednesday that it had launched the licence work programme for its MESH project after formally accepting a gas storage licence offer from the North Sea Transition Authority. The AIM-traded company said a site survey was planned for the third quarter in the East Irish Sea, covering environmental, geological and seabed work to support regulatory, engineering and subsurface development.

The licence area could support up to 60 large-scale salt caverns, subject to consents and financing.

EnergyPathways also welcomed Ofgem's plans for a second window under its long-duration energy storage cap and floor scheme, saying it was preparing to submit MESH's compressed air energy storage element.

Chief executive Ben Clube said the project, designated nationally significant by the UK Government, was "uniquely positioned" to help reduce reliance on gas-fired power and lower electricity prices.

At 1029 BST, shares in EnergyPathways were up 1.91% at 6.93p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate