Genex Power Limited Half Year Report Overview

Genex Power Limited (ASX: $GNX) has released its Half Year Report for the period ended 31 December 2023. The company reported a 24% decrease in revenue, amounting to $10.4m, driven by lower pricing and seasonal intraday volatility in wholesale electricity markets. Genex's principal activities during the period included operating the 50MW Kidston Stage 1 Solar Farm in Queensland, the 50MW Jemalong Solar Project in NSW, and commencing the operation of the 50MW/100MWh Bouldercombe Battery Project.

Executive Commentary on Financial Results

The company's results for the 6-month period ended 31 December 2023 reflect the impact of lower pricing in wholesale electricity markets and increased project site costs from the commencement of the Bouldercombe Battery Project. The loss before tax amounted to $3.2m, primarily attributable to these factors and escalated finance costs from additional interest expense derived from the fully drawn corporate loan facility during the period. The total comprehensive loss attributable to the owners of Genex was $6.9m, mainly due to significant movements in the valuation of cash flow hedges.

Summary of Genex Power's Half Year Report

Genex Power Limited reported a 24% decrease in revenue for the period ended 31 December 2023, driven by lower pricing and seasonal intraday volatility in wholesale electricity markets. The company's activities during the period included operating the Kidston and Jemalong solar projects, commencing the operation of the Bouldercombe Battery Project, and developing the Kidston Stage 3 Wind Project and Bulli Creek Clean Energy Project. The loss before tax was $3.2m, primarily due to lower pricing and increased project site costs, resulting in a total comprehensive loss of $6.9m. The company's auditor, Ernst and Young, reviewed the Half Yearly Report, and it should be read in conjunction with the Company's 2024 Half Yearly Report and any ASX announcements in accordance with the continuous disclosure requirements.