Sembcorp (UK) saw profits creep up in 2011 thanks to the sale of power from its large-scale biomass boiler.
The Tee-side company saw pre-tax profits rise from £7.4m in 2010 to £8.4m last year, while turnover shrank from £154m to £146m.
According to the Newcastle Chronicle and Journal, Directors put the fall in turnover down to low prices in the UK wholesale power market, which has been compounded by a drop in the value of surplus carbon allowances across the year.
The company is working in partnership with a recycling and resource management company, SITA, to create a £200m power station that would turn household and office waste into electricity.
Sembcorp took over a new 50MW steam turbine earlier this year, and says its Wilton 10 biomass boiler “continues to deliver green generation benefits”.
Sembcorp has operated the power station since 2007, when it was the first large-scale biomass plant in the UK and invested to bring it up to combined heat and power status, allowing it to re-use heat created during the process.
Sembcorp has said it expects to maintain a “satisfactory” level of performance in the future.
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