The average wholesale electricity pricing received in the September quarter by NZ Windfarms Ltd (NZX: NWF) was significantly below the price received in the corresponding 2017 quarter.
The quarter report, however, showed that pricing was relatively strong that saw hedging produce only modest revenue.
Total electricity output for the quarter was 25,549 MWh, compared to 25,629 MWh in the corresponding quarter, while total revenue – including hedges – was $2,019,234 which was 12.1% less than the September, 2017 quarter.
Chief executive John Worth said wind conditions for the quarter were in line with expectations and long-term averages.
The electricity price received built steadily through the quarter as NZ’s hydrology situation deteriorated and high power prices were observed in October linked to a gas availability situation.
Worth said the company’s Te Rere Hau windfarm achieved “excellent turbine availability at 98.9%” in the quarter.