AFC Energy shares up on Stadtwerke Stade deal

Shares in AFC Energy rose in morning trading after the company said it signed a power purchase agreement with German power supplier Stadtwerke Stade.

At 1039 BST shares were up 1.63% to 55.51p.

Under the agreement AFC will sell electricity generated at its Stade facility in Germany to Stadtwerke Stade until July 2017.

The deal has a further option to extend for 12 months after that.

AFC said the terms of the agreement allow AFC to benefit from peak power pricing as prices would broadly reflect spot market prices.