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15/10/2018 — Alternative Energy
Tilt cites a better September

Tilt Renewables Ltd (NZX & ASX: TLT), which is trying to fend off a full takeover by its two major shareholders, said on Friday it had a strong September quarter.

The company said it achieved about a 6% stronger performance over the same quarter the previous year and this was 6% ahead of long-term expectations.

Chief financial officer Steve Symons said the year to date production from the Australian assets was 20% higher compared to the prior corresponding period due to higher wind activity. Also, the Salt Creek wind farm became fully operational from July.

Salt Creek produced 57 GWh in the quarter - 9% above long-term expectations.

Symons said this performance from the Australian assets was despite some production curtailment due to the 1,295 MW South Australia System Strength Constraint imposed by AEMO (Australian Energy Market Operator).

The production lost due to the constraint for the quarter is estimated at 31 GWh.

On a year to date basis about 6% of generation has been lost from the South Australian assets as a result of this constraint, “which has bound more than anticipated partly due to the wind resource being above long-term expectation.

Symons said it was expected that the impact will normalise through the summer months due to higher SA gas generation levels resulting in fewer periods of constraint.

Tilt said NZ generation production was in line with long-term expectation for the Sep-18 quarter, and 7% above the prior year.

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