Gas-to-power revenues at Zenith hit record highs
Zenith Energy, operator of Italy's Torrente Cigno gas-to-power project, said September 2 revenues from its gas-fired power station had soared to a record €530,000 ($531,000), benefiting from power prices that averaged €538/MWh across the month of August.
CEO Andrea Cattaneo hailed an "exponential achievement" for Zenith's electricity generation business that would feed revenue growth at its upstream gas producers in Italy. Zenith currently uses low-grade natural gas from its Torrente Cigno onshore concession to deliver 900 MWh/month into local power grids, from four gas-to-electricity units situated on site.
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Torrente Cigno launched in 2003 and has already passed its original peak output projection. Zenith seeks to drill a development well, MV-2, to explore potential upside in the concession's updip structures, comprised of Miocenic and Cretaceous rock formations.
Zenith holds a total of six operated equity shares in Italy's onshore E&P sector. Aside from Torrente Cigno, the others are Masseria Grottavecchia, San Teodoro, Misano Adriatico, Sant Andrea and Masseria Petrilli. Zenith owns a 45% working interest in Torrente Cigno's gas production, and 100% of its power output.
Cattaneo added: "We are now actively evaluating how to develop the material unexploited potential from our concessions across Italy that, in the context of the current geopolitical and financial energy climate, may be reactivated in the near-term to maximise highly valuable domestic production."