There was almost a touch of annoyance in SN's tone when...

There was almost a touch of annoyance in SN's tone when responding to that question. Perhaps it was because it wasn't relevant to the topic of the call itself.

So in terms of numbers, the required capex is between 120-160mn (current estimate is 130), with annual opex of around 7mn. Of the 130mn capex, 53 will be funded by Macca, with the remaining 77mn to be funded out of operational cashflow over the next 2 years. Given our annual cashflow of c.75mn from Walyering which is set to increase from start of next year, that is more than doable.

One thing I am not sure of is whether the 40-50mn projected annual revenue is inclusive of the capacity credit (230k*84MW = 19.3mn), or is that 19.3mn capacity credit on top of 40-50mn projected revenue.

Either way, it sounds as if this generation capacity is very hard to come by. Hopefully we can get it. Peaking power rates are similar to being a contractor/consultant. You don't get work all the time (you may but there's no guarantee) but your hourly rate more than make up for it

Key dates to keep in mind...



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