IFN Chart, page-100

IFN has been trundling 'round 60-69c way too long. I look to the fundamentals.

The E Australian grid is a lot more fragile than many realise.

At the moment, NSW is generally importing power and is very dependent on the interstate grid. If heat or fire interrupts this transfer - as has already happened a few times this summer for short periods - IFN will add to its already significant cashflows.

Coming milestones: Quarterly production and revenue 31 Jan, HY financials 21 Feb. These will show early benefits of Bonny Bess.

I am very keen to hear about future projects, Flyers Creek and beyond. Also expect re-financing - when IFN escaped the restrictive covenants, it was stuck with relatively high interest charges. With 18 months solid performance, the banks might now be willing to lower rates and increase borrowing capacity.

Ash