Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

A couple of thoughts comparing receipts and payments.

Looking only at the payment-related cost elements in Section 1.2 the 4C (i.e., ignoring interest charges), these add to $14.5m in the year: $3.2 in Q1; $3.5 in Q2; $3.2 in Q3; and $4.7m in Q4. The individual components bounce about a lot (e.g., R&D were high in Q2 and Q3, but low in Q1 and Q4; the reverse is true for Staff and Admin costs), so not sure what the steady state looks like.

Receipts (Section 1.1 of the 4C) totalled $13.0 for the year, so a cash deficit of only $1.5m for the year

The Q3 4C makes no statement about how much JSP generated, but does state that it was in the 'commissioning phase'. The Q4 4C states that JSP is now fully operational.

Previous 4Cs state that at full operation, JSP will produce 128,000 MWh/year, or an average of 32,000 per quarter. In Q4 JSP only produced 12,500 MWh so, on the face of it it looks possible that receipts will exceed payments from next quarter.

It is possible, however, that JSP will be voluntarily shutting down some of this capacity to avoid negative pricing events. (This could be the reason that they don't mention the JSP annual output figure in Q4, after mentioning it in both Q2 and Q3.) That said, this behaviour would increase the average price/MWh.