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P&GE will emerge from bankruptcy by June next year as per state law, maybe a complete new company dependant on legal action. State law forcing the utility to sign up for projects Fork still exists and will result in projects being signed.
The BioMAT Program was established by Senate Bill 1122 and signed into law in 2012. The program adds an additional 250 MW of capacity for investor-owned utilities to offer so-called ‘feed-in’ PPAs for eligible projects in California like the North Fork plant. The bankruptcy has delayed this and other Phoenix projects delayed but not cancelled. We need an update from the company at the end of the month.
This is aim and your money is at risk DYOR.
Agree definitely knew that Ebioss were in difficulty and I believe forced sellers. Think Phoenix delay took them by surprise and totally screwed finances and meant other large investors sold out. Bellingham will take years to come to anything but I believe Phoenix contract and subsequent follow on ones will come good leading to rise in SP.
Recent posts actually suggest that North Fork finance and agreement post the chapter 11 of the power utility is progressing. Clutching at straws is not how I would describe it unless I was wishing the share price lower. I’m happy that the company sits back and lets the contract be completed over the next couple of months so that positive sentiment returns.
I suspect EQT will have to wait until PG&E emerges from chapter 11 (
https://www.reuters.com/article/us-pg-e-us-bankruptcy/pge-bondholders-propose-competing-bankruptcy-plan-worth-up-to-30-billion-idUSKCN1TQ21D ) before the North Fork power supply contract is revalidated and the contract can proceed. I believe it will happen. Can’t blame the bush fires on Ian but I imagine all the budget and plans were based on this being in the bank by now,
They used to be the majority shareholder they were so weak financially that they couldn’t help finance EQT hence dilution. That situation doesn’t seem to have changed. Unclear why they would then borrow money no doubt for shares to buy EQT.
Can’t see why Ebioss would take over EQT having been what looked like a distressed seller for so much of their stake. As they had board representation they would have a clear picture of the prospects . Not sure a take over would be in LTH’s interest unless the purchaser had deep pockets.
I’m still expecting the Phoenix contract and funds to come through, once the Client gets its funding in place which is always the case. Will hold for the ride although well under. The two lenders must be so happy that EBIOSS was a distressed seller bought the SP nice and low for them
EQTEC also expects to invoice NFCP €2.2 million, under a separate sales contract, for the sale of further equipment and the supply of engineering and design services to NFCP. The sales contract, which will involve a substantial down payment on signing together with further agreed milestone payments until commissioning, is expected be completed and signed by the end of June 2019.
There are two parties to any contract so I would expect the date to be a little flexible but the key to the future is getting this contract signed and then we can expect other Phoenix contracts to flow on. Perhaps announced with the annual results ?
Have just bought back in again.
SP sentiment has been badly hit by a major shareholder offloading and scepticism of repeated RNS overpromising. However the last one had some real meat, contracts being signed around the end of the month followed by a substantial down payment. I suspect only once EQT demonstrates that the contract is signed and revenue is flowing will the price sharply rise. Speaking as someone who bought back in at 80p and 40p
your research will no doubt show that EQT was until recently a subsidiary of EBIOSS, the financial difficulties of both companies meant thiswas reduced to below 50%. I suspect Ebioss was the recent distressed seller .
I wondered whether Ebioss were the major seller as they seem to be struggling financially so notavery supportive major shareholder. This contract announcement should have taken the shares back up to 1por above. Perhapsthe day rampers have taken their profits again and put PIs off.
As I understand it the utility that Phoenix was going to sell the power generated too has gone into administration/liquidation as its insurance cover was not sufficient to cover the claims arising from the recent fires(started or linked to one of its substation). Contracts have to be renegotiated and prices etc may change but everything else is in place. Hopefully this is just a delay and this contract and the expectation of future contracts with Phoenix is still very positive.