GENEX receives AEMO generator performance standard approval for the Kidston pumped storage hydro project

Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that the Australian Energy Market Operator (AEMO) has completed its assessment of the Generator Performance Standards (GPS) for the Kidston Pumped Storage Hydro Project (K2-Hydro or Project) and has issued their GPS approval for the Project by way of providing a letter pursuant to clause 5.3.4A of the National Electricity Rules.

June 17, 2019 GENEX POWER

AEMO, via transmission network service provider Powerlink Queensland (Powerlink), has determined that the Project can operate in accordance with the required electricity standards of the National Electricity Market (NEM). As a synchronous, scheduled generator, the Project will provide grid strength and stability attributes to the NEM, in particular, the North Queensland region.

The GPS approval is one of the most complex and significant milestones for K2-Hydro following a long and detailed submission process with AEMO and also satisfies a key condition in Powerlink’s Offer to Connect, marking one of the final Project approvals required for financial close.

Commenting on the GPS approval, James Harding, CEO of Genex said:

“I would like to thank AEMO and Powerlink for their excellent cooperation and coordinated approach over the past few months in negotiating the performance standards for the project and allowing Genex to achieve this significant milestone. K2-Hydro will be the first pumped storage hydro project to be connected to the national electricity network in over thirty years. The GPS approval took a strong collaborative effort from all parties to agree the standards appropriate for this type of generator. I anticipate that future pumped storage hydro projects will benefit from the work required for Kidston.”

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