Steady growth for energy provider with new power station
Written on the 1 October 2009
ENERGY Developments Limited (ENE) today officially opened its new $60 million power station in the Bowen Basin in a deal that will use waste from Anglo Coal Australia’s Moranbah North mine.
The 45-megawatt power station uses waste coal methane gas, which can be 21 times more damaging to the atmosphere than carbon dioxide, and turns it into electricity instead of being released into the air.
ENE managing director Greg Pritchard, says there are currently 10 full time employees and three contractors working at the power station, but in its construction there were up to 80 staff involved.
Pritchard says the power station will not only help reduce greenhouse gases with proximity to Anglo’s mine, but will also improve safety by capturing potentially dangerous methane gas.
“EDL continues to demonstrate its ability to develop, construct and operate infrastructure that produces cost-efficient, reliable and clean energy for its customers,” he says.
“Another success with the power station was Anglo’s and EDL’s safety priority of ‘Zero Harm’ being carried across during the construction of this power station (more than 400 days), with not a single lost time injury for employees or contractors involved.”
Minister for Natural Resources, Mines and Energy Stephen Robertson, says the reduced carbon dioxide emissions will be equivalent to removing 350,000 cars off the road.
"That means reducing greenhouse gas emissions by more than 1.3 million tonnes of carbon dioxide equivalents,” he says.
"This power station is a good example of collaborative thinking with two companies joining forces to reduce greenhouse gas emissions. A sustainable coal industry is essential in 'keeping the lights on' across all sectors of the state and help build, school, hospitals and roads.
"Projects like this one represent a significant step forward in enhancing the sustainability of the coal mining and electricity generation sectors.”
Yesterday the Brisbane-based company announced revenue growth of 22.3 per cent to $239.4 million, with an EBITDA increase of 22.1 per cent to $118.5 million.
“We’re expecting growth this year but probably not quite as high,” says Pritchard.
ENE shares fell 0.8 per cent today to $2.47.