Infigen Energy Limited (ASX: IFN), established in 2003 and based in Sydney, is a licensed energy retailer in Australia. It is also Australiaâs largest owner of wind power generators by installed capacity of 557 MW in New South Wales (NSW), South Australia (SA), and Western Australia (WA). The companyâs development pipeline comprises ~1,100 MW of wind and solar projects in Australia.
Infigen serves Australian business customers clean energy from a combination of its own renewable energy generation assets, energy sourced under power purchase agreements, firming solutions from the broader energy market and the 25MW / 52MWh Battery currently under construction.
On 10th May 2019, the company announced the April 2019 monthly production data. Accordingly, the production generated from Infigenâs owned assets totalled 138 GWh (March 2019: 132 GWh). Of its seven operating wind farms, Lake Bonney 2 in SA generated the maximum production of 32 GWh, followed by Bodangora in New South Wales and and Alinta in WA which contributed around 31 GWh and 23 GWh respectively to the total.
Meanwhile, the Capital wind farm in New South Wales and Lake Bonney 1 in South Australia had monthly production of 20 GWh and 15 GWh respectively. Whilst, the production figures for Lake Bonney 3 in SA and Woodlawn in NSW were moderate at 9 GWh and 8 GWh each.
The total YTD production was posted at around 1,457 GWh, up 13% on 1,293 GWh in the prior corresponding period in FY18.
During the month of April, Infigen Energy sold approximately 133 GWh of the total production, which is higher than the sale of 129 GWh in the prior month March 2019. Besides, the production purchased and sold from contracted assets stood at 8 GWh, down on 9 GWH in March 2019.
The company also informed that as electricity flows through the transmission and distribution networks, energy may be lost due to electrical resistance and the heating of conductors. Thus, revenue is subject to marginal loss factors, that are fixed annually by the Australian Energy Market Operator to account for network losses.
In addition, Infigen also mentioned in the report that the Bureau of Meteorology estimates a 70% probability of an El NiÃ±o weather pattern developing in the southern hemisphere autumn or winter. As a result, the El NiÃ±o periods may perhaps lead to lower than average wind production.
On 30th April 2019, the company also disclosed its Third Quarter Results for the three months ended 31st March 2019. The production from owned assets was ~ 416 GWh, up 19% on the prior corresponding period (Q3 FY2018) and the production sold off this total was ~ 405 GWh, up 21% on pcp.
During the quarter, he physical installation of the Lake Bonney Battery Energy Storage System (BESS) was substantially complete while studies are underway between Infigen, the market operator and the network service provider, in relation to finalise connection and access to the electricity grid. The full commercial operation is targeted to begin by Q1 FY20.
The company has also given its bundled price guidance for FY19 as $ 125-130 / MWh in respect of Production Sold from Owned Assets.
Infigenâs market cap is around AUD 416.1 million with ~ 956.56 million outstanding shares. On May 10th, 2019, the IFN stock last traded at A$0.445, edging up by 4.598% by AUD 0.020.
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