Ann: Kalina Investor Presentation, page-57

I guess as a non-holder, watching the webinar is not worth your time. I'm not sure why posting crap on a web forum is??

If you had listened to the webinar you would know the answer to your question. They are awaiting the regulations that will legislatively form the basis of the CER in early 2023. These regs were expected late this year. If they don't turn up until after New Year, well, thats hardly Kalina's fault. As i understand it, the regs will be enough to reach conditional financial close on Saddle Hills. They don't have to have already passed through the Parliament. So we could in fact be quite close to FNTP for Saddle Hills but it is necessary to understand exactly how the regulatory chips fall. Will the 2023 closure date be firmly applied even for small, efficient peakers like Saddle Hills? Will a carbon tax be payable? Or will exceptions be made in that they fit into the flexibility mechanism that was referenced and necessary to keep the electricity market functional going forward? With the answers to these questions, it will be clear in what form and with what staging Saddle Hills will proceed. Surely even you understand, without that certainty it would be foolish to lock in decisions?

On the plus side, whilst we wait for that, they are also deeply advanced on securing development funding for CCGT plus CCS which has generous government support attached.

And they also clearly have a bunch of other heat recovery cycle proposals/projects/tenders in that we don't yet know about but Ross is itching to tell us at a Q1 2023 webinar. Yes you can laugh at the BOD, make fun of them, but they are experience power professionals at the cutting edge in a very dynamic, favourable energy market. And you are not. So who is the real fool?

I know who i am backing...