Ann: Appendix 4C - quarterly, page-43

It has always been a puzzle untangling the customer receipts from the GWh under billing
Receipts from customers are a combination of two charges
Electricity billed @ 18% margin
Payback of conversion capital costs being roughly 7% of the reciepts from customers
It explains why COGS are typically 75% of receipts

So deducting the 7% from the $4m reciepts, then dividing by 55k/quarter implies billing at a rate of 68GWh/pa
Trying to explain that is another puzzle, the reasons so far are.

Seasonal use patterns, 1GWh/pa is an average over the full year, summer and winter use will vary. ie 1.2 summer and .8 winter averages to 1 overall

From being on the billing cycle to reciept of payment can be 3 months delay

New builds take time to fill with tenants and will run under potential till normal occupancy levels stabilise. Having the meter under LPE management does not mean it will immediately generate receipts.

What is important is 132 GWh are currently in this cycle and will yield their full potential in time(~9 months). No more costs are required for this to happen, it is in the bag to recieve ~8 million/quarter when its mature and ~25% of that is gross profit
So without gaining any more conversions ~2m /quarter available to run the business.
Estimated costs looking forward for a business sized for 200 GWh under management are 1.22m/quarter, which doesnt look bad at 800k/quarter of profit if LPE stands still right now.
Of course LPE will not stand still, and will add 40k for every new GWh straight to the bottom line, all the way up to 200GW under management, before adding materially to staff costs.