The costs of conversion are fully repaid over the term of the...

The costs of conversion are fully repaid over the term of the contract by the customer. The company takes on the upfront cost which I believe registers as a non current asset in the 4c, and intangible in the annual accounts
Effectively the conversion costs run as a pass through with small margin, whilst the electricity consumption is subject to the 18% margin
LPE match supply contracts from energy trading desks to each strata, on substantially the same terms, so insulating itself from pricing risks (see the original prospectus for detail)
The risk they do carry is mismatch of supply volume forecast against actual consumption. I believe they hedge against this risk.
Essentially I agree with your previous post, but add although administration costs will now only grow marginally with increased volume (the staff and overhead systems are now in place for projected growth) There will be some minor extra costs in staffing etc to deduct from the 40k/gwh margin, on a per GWh basis.
In regards to valuation the 40k will not translate directly to PE as these minor increases will need to be recognized as deductions from the 40k.
I cannot yet confirm it but suspect the anomaly between the annual and 4c COGS lies in the treatment of the conversion costs (Other COGs $881k in the annual)