Absolutely - the main reason I read and post on this forum is to...

Absolutely - the main reason I read and post on this forum is to be challenged about the shares I own, and I'd be delighted if you're right and I'm unduly pessimistic on PEA.

With regard to synergies and economies of scale, the last few years' results don't really bear this out. I posted some numbers on this in another thread - https://hotcopper.com.au/posts/36636977/single

Costs per MW and operating margin have been essentially static, despite contracted capacity doubling in the last 10 years.

"...suggests to me that you think management is going to sit on their hands..."

You've nailed my original buy thesis there - that's exactly what I thought (and originally hoped) they were going to do. I bought this almost exactly 1 year ago as a short-medium term deleveraging play, just before Contract Power was announced.

It's a better business today, but only marginally so. On the plus side it's larger, has a more diverse customer base and one less competitor, but on the other hand it's more highly indebted and the equity diluted by the capital raise.