Ann: July 2016 Company Presentation-GNX.AX, page-9

I'm overweight GNX as I can see its place in our energy future. Though having said that, I've not actually sat down and gone through the hard numbers of profit relative to anticipated debt relative to shares on offer. As long as we maintain coal generation which provides cheap overnight power, all should be fine, but if the coal shuts down then the equation becomes much more complicated (and possibly much more profitable).

Risks I see are any new open cycle gas turbines, battery storage (batteries lose capacity over time unlike water but also have the advantage of technological improvements over time, whereas water has been the same for thousands of years) and nuclear energy (won't get a social licence in the modern NIMBY Australia).