Hi mate, that LGI information is useful. Thanks. They're a good...

Hi mate, that LGI information is useful. Thanks. They're a good company to watch, being somewhat in our industry. I suspect they are capital-lite compared with DEL and would out-perform us short term, but we'll do well in the long run if/when our assets are in place.

Over the weekend, I started looking at the number of households which SA1 and VIC1 would be suppying energy to. Obviously only in theory. We wouldn't be actually powering a suburb. It goes to the grid and is sold nationally under our brand I was looking at the average gas and electricity bill per household then multiplying it by DEL's estimate of household numbers. I quickly realised I was way out my depth and my figures were high school level analysis, at best! I was trying to find similar-sized suburbs to the numbers DEL provided and to estimate a figure for consumption and energy sold, but then abandoned the attempt.

I look at the relatively smallish capacity of VIC1 and its location in Stanhope on a private farm, and wonder if, given our time again, it wouldn't be located elsewhere or designed as a larger plant. I guess it's neither here nor there. It surely is as much trouble and time in getting finance, approval, and arranging construction for a big plant as a small one. SA1 should be impressive, as is QLD1. I wonder if the in-development Brickworks site would be bigger again, and if that will be a theme going forward. Just thinking out loud and wondering if, internationally, larger plants benefit from an economy of scale.

LGI seem to have found a profitable niche. Good on them. There is room for competitors in this space. DEL's situation will obviously look very different with valuable assets and recurring revenue to its name. Our two big advantages are: secured financing, and the experience/ability to construct the AD plants. In the current economic climate, without just one of these elements, we'd be in strife. If Hamish is right about possibly having 3 plants in-build within 3 months, that would represent a significant change to our current situation. Unfortunately his track record for timelines isn't great, but I suspect everything will have to fall into place for us at some point and Q4 FY23 is as good a time as any!

DEL's 'vision statement' of having a "fast-growing bioenergy infrastructure footprint" surprised me.