I hope the below comes through intact! Just received a company newsletter from GNX.
Over the past 12 months we have witnessed a growing recognition among countries worldwide that climate change is a pressing issue that requires urgent action.
Here in Australia, volatile weather conditions such as droughts, heat waves, and extreme storms have disrupted the country's energy supply and contributed towards the growing energy crisis. As a result, the country has experienced blackouts and energy price spikes, causing concerns around energy security and affordability. The Australian Government has been implementing various measures to address this crisis, such as encouraging investment in renewable energy sources and improving the resilience of the energy grid. The Queensland State Government recently announced a commitment to achieving 80% renewable energy by 2035, ultimately reducing electricity emissions by 90%.
What does this mean for Genex? Our contributions to the energy transition and in particular addressing the requirement for storage and energy stability are ever more relevant, and we are well positioned to realise our vision to lead Australia's pathway to clean energy. Our Flagship Kidston Clean Energy Hub which comprises a multi-stage, unique integration of wind, solar, and pumped storage hydro, is located in Far-North Queensland. Once all Genex projects are operating, they will produce up to 2,879GWh per annum of clean energy directly into the National Electricity Market (*This figure excludes the Bulli Creek Project).
2022 laid a strong foundation for Genex, setting the stage for further productivity and progress in the development and construction of our strong project pipeline this year. How so? Here are the key updates:
Following the recent appointment of Goldwind Australia as the preferred Wind Turbine Generator (WTG) provider for the project, Genex announced that the project has been declared as a 'Prescribed Project' by the Queensland State Government. This essentially means the project is recognised as having substantial social and economic benefits to Queensland, in this case the Far North region. The Kidston Stage 3 Wind Project (K3-Wind) farm will become an integral part of the Kidston Clean Energy Hub, already encompassing the operating 50MW Kidston Solar Project (KS1), and the 250MW/2,000MWh Kidston Pumped Storage Hydro Project (K2-Hydro) which is under construction.
This is an important milestone for the project, as the award of Prescribed Project status will prioritise the decision-making process on development approvals, ensuring a more seamless delivery of the much-anticipated Kidston 258MW Wind Project which is expected to achieve Final Investment Decision at the end of this calendar year.
Genex Operating Solar Projects Drive First Net Profit
A strong performance from our two operating solar farms drove Genex to its first half year profit ever recorded. During Q2 FY23, KS1 generated 30,791MWh and the Jemalong Solar Project (JSP) generated 30,975MWh of renewable energy for a total revenue of $6.2M. This resulted in combined 1H FY2023 revenues of $13.4M (1H FY2022: $11.1M). The recent market trends of elevated pricing for wholesale electricity and large-scale generation certificates were the key factors that underlie the strong earnings.
The 50MW/100MWh Bouldercombe Battery Project (BBP), located near Rockhampton, Queensland, has recently taken delivery of 40 Tesla Megapack units that were transported all the way from Tesla's Gigafactory in the USA! The arrival of this key equipment secures the overall construction schedule and is the final interlocking piece in preparing the site for commissioning. The focus now is to connect the Megapack units to the step-up transformers and to complete the electrical connection works.
The Project remains on track for first energisation by H2 CY2023.
Read the ASX Announcement below for further details.
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Image: Tesla Megapacks arrival onsite at the Bouldercombe Battery Project site
Image: Overhead drone image of Tesla Megapacks at the Bouldercombe Battery Project site
We are thrilled to share with you the latest construction developments regarding the 250MW/2,000MWh Kidston Pumped Storage Project (K2-Hydro).
Key construction milestones include:
Underground works including excavation of the Main Access Tunnel and powerhouse cavern continue to progress well as ground conditions remain favourable (type 1);
The raisebore machine, which is a key piece of equipment used for the excavation of the project shafts, has been mobilised to site and excavation works have commenced for the ventilation shaft, which is the first of four vertical shafts;
The Powerlink 275kV transmission line from Kidston to Guybal Munyan (Mt Fox) infrastructure works are progressing to schedule and foundation installation works for the transmission line towers and tower steel erection are due to commence in April 2023;
Earthworks have been completed at the Guybal Munyan substation;
Design works associated with the Aurumfield substation at Kidston are completed and earthworks are due to commence in early April 2023;
Civil works are substantially completed with steelwork and primary equipment being installed at the K2-Hydro switchyard;
Wises Dam earthworks are now over 90% completed; and
The 2 x 125MW Andritz Hydro pump-turbines are undergoing fabrication works with delivery scheduled to Australia later this year.
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If you missed it, you can read the ASX Announcement below to gain the full details of the upcoming construction activities associated with this incredible project.
Recognised as a leading renewable energy business case, our innovative Kidston Pumped Storage Hydro Project was recently featured in EnergyAustralia's promotional video. As a key partner to EnergyAustralia, we continue to support the company's ambitions to be carbon-neutral by 2050, bringing regular Australian consumers closer to cleaner, reliable energy. Continue to watch this space.
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Webinars and Presentations
Genex held an Investor Update Presentation on Monday, 6 February 2023 to discuss the results of Q2 FY23, followed by a Q&A session. We will take you through our unique portfolio of projects, at their diverse stages of development, construction, and operation; insights provided on our company performance overview and outlooks; future strategic plans and objectives, and more. If you missed out on the update, see the full video below.
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Thank you for joining us on our first Company Updates Newsletter of the year, recapping key developments of CY2023. Our newsletters are your go-to source for comprehensive insights into Genex's significant achievements, ongoing developments, future strategies, market news, and upcoming events.
In addition to our Company Updates, we also release Quarterly Editions, so please be sure to keep an eye out for this in your inbox.
(20min delay)
