"APA Group (ASX: APA) today announced it is expected to...

"APA Group (ASX: APA) today announced it is expected to recognise, subject to finalisation of the half year accounts and review conducted by the external auditors, a non-cash impairment of approximately $249 million (pre-tax) to its Orbost Gas Processing Plant in its financial statements for the period ended 31 December 2020. The impairment reflects increased capital expenditure and reassessment of the plant’s future cash flows following commissioning work during the half year period."

the issues that struck me were:
1. write down of $249m -- isn't that about half of original cost of construction ?? (that's significant IMHO

2. part of the reason (or most of reason) for impairment, is the failure of the plant to reach nameplate capacity, and the inconsistency of output. So quantum of gas processed, and inconsistency.

So IMHO, both of those issues impact COE directly, and confirm concern for the cashflow of COE. All of which we know about.
But here is APA writing off maybe 50% of the plant!

It just sounds to me like APA are not very optimistic that Orbost will get to nameplate capacity of 68tj/d.

Am feeling a bit jaded now.