Australia's Genex Power hits near 2-1/2-year high on govt funding for Kidston project

Genex Pharmaceutical

05/02/2021 24:01

** Shares of Genex Power  GNX.AX  rise as much as 7.4% to
A$0.290, their highest since June 6, 2019
    ** The power generation firm secured A$147 mln ($111.72
mln)in funding by the Queensland Government for connecting its
Kidston pumped hydro project in Queensland to the National
Electricity Market  urn:newsml:reuters.com:*:nFWN2KA1NA 
    ** Co adds funding also for a new substation at Mt Fox 
    ** GNX says funding package represents a A$15 mln increase
to the original A$132 mln funding package from Queensland
Government
    ** Stock post best intraday gain since Jan. 29
    ** Stock up 14.9% YTD as of last close vs a 4.4% gain in
2020
    


($1 = 1.3158 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))