Kidston outage, page-4

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SpK87

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15/10/19

23:45

Post #: 40898759
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Originally posted by dyeman: ↑

I don't know if anyone else has noticed but KS has been offline for several weeks. I contacted Genex, and they said that there was an issue with the inverters that transfer power to the grid. The issue was not a breakdown, rather an issue where the inverter was not responding to certain situations in the way that AEMO requires. The problem was referred to the manufacturer in Germany (SMA), and in the meantime KS1 has been offline.

I notice today that there was a brief spike of generation a couple of hours ago, so hopefully all will be resolved soon and KS1 will be back to normal.

One would have thought that this was a material issue that had financial implications and should have been announced to the ASX, but Genex were clear that the outage was covered under the product warranty and that all financial losses due to the outage would be covered by the contractor (UGL) and their insurance, as has been the case before (in the 2018-9 accounts there is an "Other Income" line item for $4.8 million described as "Includes liquidated damages from UGL (KS1 Project)").

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Good pick up, I've been checking less frequently but had noticed a lot of zeros.

Also happened to be passing by a couple of times and didn't notice any cloud cover in the general vicinity even though that was my assumption. Glad to know the losses will be covered.

I have not noticed any movement on the approvals, I'm hoping financial close on the pumped hydro comes through soon.

GNX Price at posting: 23.0¢ Sentiment: Buy Disclosure: Held
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Kidston outage, page-4

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