Q and A from meeting
1 - What left to be done in BBP commissioning, any delays? - No, on track going through whole point testing the processes with powerlink and aemo, on track with original schedule, revenues are being generated currently.
2 - Interest expense 45% lower than fy22, why? - Accounting anomaly with hedges in accounts, floating and received fixed interest rates...
3 - A lot of work on transmission capacity, any scope to increase 275Kv transmission line? - KW project has been increased, in discussions with powerlink about potential changes in this regard
4 - Any curtailment that impacted Jemalong during FY23 - Yes, impact was mostly due to irradiance, this was not material
5 - When does indexation to CPI start for KPH, will first payment already be increase? - Fully indexed from year 11 to year 30. first 10 years the fee was fixed and set in 2019 based on CPI at that time.
6 - Underground process at KPH is slow compared to mining, why? - Rock structure at Kidston is extremely good/strong, permanent structures (80+ year life) and complex configuration of tunnels take more work then mining so not really comparable.
7 -Bulli Creek FID and KW FID CY24, clarity which is first? - Both project timelines are heavily impacted by grid connection process. Both are progressing simultaneously and will go with whichever is ready first.
8 - BBP and KPH - Debt repayment plan? without dilution. - Interest rates are hedged long term. DIVS maybe FY25 when KPH operating. Dilution, we are conscious of this and work to have the best outcomes for shareholders.
9 - 1MW coal to 8MW renew ration in graph, why? - Capacity factors (sun/wind), demand increasing with electrification of economy adds to this also.
10 - Opportunity with QLD pumped storage Barambah dam/Pioneer Dams - dialog with QLD gov and QLD hydro
11 - BPP Tesla rev share agreement, more details? - 8 year agreement, Tesla operates it 100% using auto bidder. Guaranteed floor level of revenue, share % of above that floor.
12 - Revenue Projection graph, how much BBP? - Jemalong and Bouldercombe merchant prices are both reflected here.
13 - Tourists at Kidston gold battery? - Some interest from 3rd parties, in favour and would support. will see once the Hydro project is complete.
14 - Discussions with PV manufactures for stage 2 KS? - We are engaged with suppliers and EPC. Most likely Bulli creek will occur first.
I was a bit distracted by work so missed a couple points or may have miss heard.
Only comment form me is on Q11, I got the impressions they were already aware of how this was going to work out from commissioning and considered providing more info but did not.
