defabstarI think you are part incorrect with your exchange rate...

defabstar

I think you are part incorrect with your exchange rate statement. CNP has been the counterparty for CER for hedging, not an external party. The rate I think was set at $A1 = US.75c. When the $A1 = US.95 in June CER had a mark to market profit and CNP a huge loss. If you listen to the CER webcast the mark to market profit to CER had reduced significantly by Aug 15 due to the fall of the $A and now it is below $.75 I expect it would have reversed (CER negative and CNP positive).

The big difficulty I see CNP will have is that they intend to recapitalise super LLC and if they are going to do that from $A it will now cost a lot more.

CER was planning to sell $US400 assets and if part of that comes back to Australia they will obviously get more money, unless it has been hedged with CNP already.

Please feel free to dissagree.