Quote Originally Posted by Jantar View Post
From this quote from the Chairman's address https://www.nzx.com/files/attachments/225473.pdf
"We regularly assess whether to hedge some of our output but our analysis to date has shown that this is not likely to enhance average revenue. Because wind farm output is not controllable, traditional hedging products cannot provide the expected revenue stability that can be achieved from generators with plant that can be controlled or those with a mix of plant types. Offers received for generation following hedges have been at a substantial discount to average prices. Chris will discuss this and provide examples in his presentation. "

It shows that they have only considered "sell" hedges and not "buy" hedges. I.e. They are only looking at one side of the coin. It would never make sense for an intermittent producer to hedge output, but it certain would make sense to hedge input. They have forgotten that hedges work in two directions, but they have only looked at one of them.
So, yes - he said with many words that they don't hedge. This is consistent with my information.