We know know what happens to renewable energy companies with interests in wind farms when the breezes don’t blow or are somewhat chancy – revenue slides.
And so it was with wind farm operator Infigen Energy which yesterday revealed in a 4th quarter production report (https://www.infigenenergy.com/wp-content/uploads/2017/07/17_07_31-Production-and-Revenue-Q4-FY17.pdf) that revenue had fallen 36% in the three months thanks to record low wind generation.
That saw revenue for the three months to June 30 drop to $32.1 million, from the previous June quarter’s $50 million.
The company told the ASX that energy production fell to 254 Gigawatt Hours (GWh), from 406 GWh in the same period last year, with wind output 40% below the previous June quarter and 30% under the previous June average
The Sydney-based company, which owns and sells 557 megawatts of wind-generated electricity through the spot markets, said record low wind conditions across its NSW and South Australian farms had driven the drop in production and revenues.
However, Infigen said its full-year production was up 1% on the previous year and full-year unaudited revenue was up 14%, to $196.7 million.
And that’s probably why the shares recovered from an early fall to end the day up 2% on 77 cents.
