Q3 2024 Orron Energy AB Earnings Call Transcript
Key Points
- Orron Energy AB (LNDNF) has a strong focus on low-cost onshore power generation, including wind, solar, and battery technologies, across the Nordics and Europe.
- The company has a significant project pipeline of around 40 gigawatts, with monetization expected in the next 6 to 12 months.
- Orron Energy AB maintains significant liquidity headroom, with cash of EUR40 million and more than EUR100 million of undrawn capacity on their RCF, providing resilience and growth opportunities.
- The company is on track to reach the 'ready to permit' milestone on several projects, particularly in the UK and Germany, indicating progress in their growth strategy.
- Orron Energy AB has achieved a reduction in net debt from EUR92 million to EUR56 million year-to-date, showcasing effective financial management.
- Power generation for Q3 was 20% below expectations due to low wind speeds and voluntary curtailment, impacting financial performance.
- The average system price for Q3 was the lowest since 2020, leading to reduced revenues and EBITDA.
- The company is facing challenges with low energy prices, which could impact cash generation and profitability if they persist long-term.
- Orron Energy AB's share price is significantly undervalued compared to its NAV, which is a concern for management and shareholders.
- The company has not engaged in price hedging, which could lead to loss-making quarters during periods of low energy prices.
Good afternoon and welcome to Oreng Energy's third quarter, 2024 financial results presentation. Happy to have you all join us today. And there will be a presentation by Oran Energys, CEO Daniel Fitzgerald and the CFO Espen Hennie , which will be followed by a Q&A session.
Very important and we hope that we get a lot of questions as always, of course, and we'll make sure that they get answered and to access the platform on which to ask your questions today, there is a link to click on below the video feed on your screens. So that's the platform for asking questions. And without further ado, I would like to hand the floor over to Daniel Fitzgerald.
Thank you Robert.And good afternoon to everyone and, and for taking the time to join us on a day where there's a lot going on in global media, not only us, politics, but also impact on the energy markets globally.
And so today, I'll start like I
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