Australia's Frontier Energy at 4-year low as co fails to get certifications for Waroona project

Frontier Energy

01/10/2024 04:39

** Shares of ASX-listed Frontier Energy  FHE.AX  fall as
much as 55% to A$0.099, their biggest intraday pct loss since
early-Jan 2017
    ** Stock hits its lowest level since June 17, 2020
    ** The renewable energy co says its Waroona project failed
to receive reserve capacity credits (RCC) from the Australian
energy market operator
    ** RCCs are certifications for power projects given on its
ability to provide a certain amount of energy to the grid
    ** Adds this was due to significant reserve capacity
surplus, terminates debt agreement with Infradebt as it was
subject to RCC's allocation
    ** However, co says it has identified alternative funding
solutions, including bonds
    ** Over 10 mln shares traded, 13.2x the 30-day avg volume
    ** Stock down 39.7% YTD, as of last close

    

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))