Wind farm company Tilt Renewables Ltd (NZX & ASX: TLT), which operates in Australia and New Zealand, said its December quarter performance was below the prior year’s result.
Tilt said that in the December quarter wind conditions across the portfolio were lower on average compared to long-term expectation for the majority of assets over the quarter.
This was despite asset performance being strong and averaging 97% availability across Tilt Renewables’ fleet of 307 wind turbines in the quarter.
Production from the Australian portfolio in the quarter was 7% down on the prior year, predominantly due to lower wind conditions in South Australia.
New Zealand wind speeds continued to be below long-term expectation with production on a year-to-date (nine months to December 31, 2017) basis continuing to track at P90 confidence levels (i.e. 90% probability that generation will be above this level which can be thought of as a 1 in 10 year downside event).
The poor year-on-year comparison reflects this underperformance plus the non-repeat of strong wind conditions in New Zealand in 2016.
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