Australia's Frontier Energy rises as Waroona Project secures certified reserve capacity

Frontier Energy

13/08/2024 04:00

** Shares of Frontier Energy  FHE.AX  rise as much as 9.5%
to A$0.46, their highest level since Aug. 2
    ** The electric utilities co secures certified reserve
capacity to underpin revenue for co's Waroona Renewable Energy
Project from Australian Energy Market Operator
    ** Adds, reserve capacity is unique to Western Australia's
wholesale electricity market which ensures sufficient power is
available when energy demand surges
    ** "Receiving Reserve Capacity status is perhaps most
important from a debt financing perspective, as this fixed and
guaranteed revenue stream underpins the Project's debt capacity"
- CEO Adam Kiley
    ** Stock has risen 15.1% this year, as of last close

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))