NZ Windfarms performs below forecast in 4Q of full operation
For the whole year, the company made total revenue of $8.3 million and turbine availability was 97%, just above the 95% specified by the manufacturers.
BUSINESSDESK: Tararua Ranges wind energy generator New Zealand Windfarms enjoyed much higher electricity prices in its fourth quarter of full operations than in its first half year but generated less than the average of the first two quarters to perform below forecast.
NZ Windfarms operates Te Rere Hau windfarm, using Christchurch-developed two bladed turbines from Windflow Technology, which continue to exceed noise levels required under the development's resource consents.
"The court has made declarations which will require us to take considerably more actions to mitigate noise," the company said in a statement yesterday to the NZX.
It reported in the first half it had spent $322,000 on Environment Court costs relating to complaints about noise levels and monitoring.
With average electricity prices of $85.20 per Megawatt hour in the fourth quarter ending June 30, NZ Windfarms reported revenue of $2.2 million for the period, compared with $3.6 million in the first six months of the financial year and average prices of $62.86 per MWh.
Wholesale prices in the fourth quarter of last year, when the development was not complete, were just $36.26 perMWh.
For the whole year, the company made total revenue of $8.3 million and turbine availability was 97%, just above the 95% specified by the manufacturers.
"As noted in earlier reports, the performance of NZ Windfarms is strongly influenced by wind conditions and electricity prices, which are both subject to natural variability and are beyond NZ Windfarm's control," the company said. "Modelling is based on appropriate long term averages."
Lower than average wind speeds during the quarter meant electricity output was below forecast and the improved price received was also below forecast.
Shares fell 6.3% to 15 cents, although the stock is up 6.7% on the year to date.
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NZ Windfarms performs below forecast in 4Q of full operation
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