Recently-listed Genex Power (ASX:GNX) has appointed specialist power and water consulting firm Entura to deliver a Bankable Feasibility Study for its Kidston Pumped Storage Hydropower Project in Queensland.
Entura will partner with Chinese hydropower and design consultants HYDROCHINA for the BFS. It will also oversee the environmental and planning approvals process.
The study is expected to be completed by 30th June 2016.
The Kidston Project has the potential to generate up to 330 megawatts of rapid response, flexible peaking power for delivery into Australia’s National Electricity Market.
Kidston offers a potentially large scale, low cost, flexible solution to Queensland’s growing peaking power requirements and is expected to be well positioned to take advantage of the combined effects of an oversupply of baseload generation capacity and escalating peak power prices being driven by increasing gas turbine fuel costs.
It benefits from the presence of significant existing in-situ infrastructure, licences, permits and building materials.
These assets are expected to mitigate a portion of the Kidston Project capital costs that would normally be associated with the building of a large scale pumped storage hydroelectric scheme.
Genex listed on the Australian Securities Exchange on 6th July after raising $8 million through the fully underwritten issue of 40 million shares priced at $0.20.
Shares rose to a peak of $0.23 on 8th July and are currently trading at $0.185.
