Production and Revenue Q3 FY15

Infigen Energy (ASX: IFN) today reported unaudited production and revenue for the three months ended 31 March 2015 (Q3 FY15).

Production and revenue results are on an economic interest basis.

HIGHLIGHTS

Group production was 1,071 GWh, down 12% on the prior corresponding period (pcp)

  • United States production was 725 GWh, down 18% on the pcp
  • Australian production was 346 GWh, up 3% on the pcp

Group revenue was A$76.6 million, down 1% on the pcp

  • United States revenue was US$33.4 million, down 19% on the pcp
  • Australian revenue was A$34.2 million, up 9% on the pcp
Group Q3 FY15 Q3 FY14 % Change
Production        
US GWh

725

893

(18)

Australia GWh

346

336

3

Total GWh

1,071

1,219

(12)

Revenue        
US US$m

33.4

41.5

(19)

Australia A$m

34.2

31.3

9

Total A$m

76.6

77.5

(1)

FX – AUD:USD Q3 FY15 – 0.7863; Q3 FY14 – 0.897

PRODUCTION

Production for the Q3 FY15 of 1,071 GWh was 12% or 147 GWh lower than the three months ended 31 March 2014 (pcp).

In the United States, production of 725 GWh for Q3 FY15 was 18% or 158 GWh lower than the pcp primarily due to less favourable wind conditions at most sites. Refer to Appendix A.

In Australia, production of 346 GWh for the Q3 FY15 was 3% or 10 GWh higher than the pcp reflecting better wind conditions at all sites offset by network constraints at Alinta.

REVENUE

Revenue for the Q3 FY15 of A$76.6 million was 1% or A$0.9 million lower than the pcp due to lower production in the United States offset by higher production in Australia and a declining Australian dollar.

In the United States, revenue of US$33.4 million for the Q3 FY15 was 19% or US$8.1 million lower than the pcp primarily due to lower production.

In Australia, revenue of A$34.2 million for the Q3 FY15 was 9% or A$2.9 million higher than the pcp primarily reflecting higher production and higher LGC prices, offset by lower electricity prices.

Year to date information is included in Appendix B

APPENDIX A

The US wind trend charts below display wind speed differences (anomalies) relative to long term average conditions. All differences are relative to the long term (1981-2010) average conditions based on data from the National Centres for Environmental Prediction (NCEP).

The charts show lower than average wind conditions, most notably over southern central areas of the United States, where north-south winds are the primary driver of wind energy production. This resulted in significant departures in Infigen’s production from mean expectations.

 

North-south wind anomaly FY15 YTD

North-south-wind-anomaly-FY15-YTD-f82d9c5f-268d-477c-be33-f1c829719d39-1-479x402

 

North-south wind anomaly Q3 FY15

North-south-wind-anomaly-Q3-FY15-6f686fd6-c721-4e76-823b-7248577f9d2b-1-479x415

 

ENDS

 

For further information please contact:

Richard Farrell
Group Manager, Investor Relations and Strategy
T +61 2 8031 9900

 

Third Quarter FY15 Production and Revenue

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