NZ Windfarms third-quarter revenue tripled reflecting the completion of its 97-turbine Te Rere Hau wind farm and higher-than-expected electricity prices offset by lower-than-expected electricity output due to lower-than-expected wind speeds.
Revenue from electricity sales jumped to $2.5 million in the three months ended March 31, from $749,000 in the same quarter last year, the company said in a statement. The wind farm, located near Palmerston North, was completed in July last year.
Its performance "is strongly influenced by wind conditions and electricity prices which are both subject to natural variability and are beyond NZ Windfarm's control," it said.
The combination of higher prices and lower output meant revenue was slightly higher than had been forecast, based on appropriate long-term averages, the company said.
Electricity output rose to 31,482 megawatts per hour (MWh) from 22,715 in the same three months last year. The average price per MWh was $78.33 compared with $32.97 in the year-earlier quarter.
