The North Island wind farm operator NZ Windfarms Ltd (NZX: NWF) achieved higher revenue from wholesale power sales in the December quarter than in the previous December three months.
Revenue gained by the Te Rere Hau wind farm near Palmeston North for the quarter was $2.023 million from electricity sales, a 46.8% lift on corresponding quarter the previous year, and it also gained $145,000 from hedge contracts.
However electricity generation was down 21.7% on the corresponding quarter to an output of 26,753 MWh.
Chief executive John Worth said there was high wholesale market pricing in the December quarter because of poor hydrology on the South Island.
“This successfully offset relatively low production to yield strong revenues for the quarter. ASX Futures Contracts revenues amounted to around 7% of total revenues for the quarter,” he said.
He said production was negatively impacted by a five-day continuous Transpower grid outage in December, which meant “we were unable to capture around 1.6 GWh of wind resource with a wholesale market value of approximately $230,000 - a loss of 10% of potential revenue for the quarter – notwithstanding strong revenues for the quarter.”
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