NWF - NZ Windfarms

[JAYAY]

The other day I read somewhere that the Resource Management hearing was taking place this week.
Now I just can't find the article anywhere.
Where is it? Anyone.

[JAYAY]

Latest update.
https://www.stuff.co.nz/manawatu-sta...-hau-wind-farm

[blackcap]

Latest update.
https://www.stuff.co.nz/manawatu-sta...-hau-wind-farm

Thanks Jayjay, if they can sort this out it will save another 500k per annum in legal fees, all feeding into the bottom line. Going to keep mine for a bit longer and with increased demand for electricity in future that can only be good for the electricity price.

[blackcap]

Anyone going to the AGM tomorrow? I do not know if a NZSA rep will be there but if there is any demand from you on here I can report back to what was said and asked etc? Let me know.

[Poet]

Anyone going to the AGM tomorrow? I do not know if a NZSA rep will be there but if there is any demand from you on here I can report back to what was said and asked etc? Let me know.

I'd appreciate that Blackcap, and I'm sure a few others would as well

[Arthur]

I understand they no longer just take the wholesale rate. Unfortunately that policy kicked in just before the massive peak in prices due to winter storms/ low SI hydro. I think they could have made over a million over 3 days under the wholesale system. Just wondering if the picked up any of that premium pricing?

[Well Endowed]

topped up with a small parcel today. Like the direction this is heading. Has been mismanaged and trading in the doldrums for far far far far far too long...

[blackcap]

Just attended the meeting today:

Plenty of people there, I guess about 50 (although my estimations of crowds not that great so could have been slightly less). Chairman spoke first and chairmans address is on the release to NZX. Did did intomate that the maiden dividend of between .7 and .9 cents would be payable or announced very shortly if the transaction proceeds. Looks like shareholder approval has been given and then they said the transaction completion would be imminent. I am guessing its all pretty much done just needed the final tick.
New Ceo John Worth was very impressive with industry knowledge and experience but also an ability to convey this to us the punters. Spoke about how they have done the transaction with Powerco, (previous management failed to even bother) saving 700k per annum starting now. Interest rate for the borrowing is 3.60% + the 90 day rate. So that sounds pretty good.
He spoke and was asked at lenght on curtailment. Read his speech to the AGM for more on this. But importantly the curtailment is cutting the cost of a M/W from $29 to $20 while not impacting too much on the revenue side. Also looking to curtail operations when not economic to keep producing power. (for example there are situations currently when the power price is $2M/W at night time and the cost of producing for NWF is $29. Unfortunately they have to keep producing even under these conditions when it is uneconomic. Currently not allowed to curtail under the regulatory regime but hoping this is about to change shortly. Have been lobbying industry to get these rules changed.
Future free cash flow (and there should be plenty as depreciation is about $2.5m p/a) looking to be partially paid out to shareholders. Although when asked what % this would be the directors were not too sure what this was.
Looking forward they are looking at options for having an off take agreement with another party (so don't have to take wholesale prices) but not got one in place yet. Hedging future prices is operational, the cost if negligible and this delivers less volatility in pricing.
Plenty of questions from the floor, mood was positive and things looking a lot better than they were 2 years ago.
ANy other questions, please let me know happy to answer.

[Grimy]

Thanks Blackcap. That all sounds very positive. As a holder from the beginning it is good to hear.
Cheers.

[Well Endowed]

Thanks for your insights Blackcap. I'm happily holding