North Island wind farm operator NZ Windfarms Ltd (NZX: NZF) said its June quarter achieved strong net production of 30 GWh, given the dynamic curtailment regime in place for the three months.
The company said pricing was “relatively typical” on the basis of strong hydrological conditions in both the North and South Islands.
Revenue from wholesale electricity market sales rose 31% to $1.611 million for the quarter compared to Q4 2017 while output was 62.1% higher at 30 GWh.
However, the average wholesale electricity price received was 19.2% down at $53.69/MWh, than for the previous corresponding period.
NZ Windfarms said hedging revenues for the quarter were positive at $142,000 following a reset of hedge contracts in December, increasing revenue by 9%.
The company said the June quarter drew the financial year to a close and contributed to a full year generation volume of 103 GWh.
“The production volume has been impacted by a range of deliberate dynamic curtailment regimes that were in place for much of the calendar year that are aimed at improving the profitability of the wind farm.
“These curtailment regimes target high wear wind conditions and periods of low price when turbine running is undesirable.
Generation revenue for the year rose 19.8% to $7.165 M. Output was 17.4% down compared to the prior year but the dynamic curtailment in place makes a like-for-like comparison “imperfect.”
NZ Windfarms said it benefitted from its first full year with a range of hedge instruments in place, yielding net revenues of $346,000. This saw average wholesale pricing received increase 51.9% to $72.90/MWh, and contributed to total revenues of $7.511 M - 25.6% higher than for the prior year.