PEA has been unsuccessful in its tender for two new gas-fired power stations at Newmont’s Tanami operations. Currently PEA has ~46MW of diesel-fired generators installed at Tanami, which will be de-commissioned and redeployed once PEA’s current contract terminates at the end of CY2018. The loss of Tanami represents a 16% reduction in PEA’s current contracted capacity. Near-term negative sentiment and uncertain long-term growth underpin our HOLD call on a revised $0.67 valuation (previously $0.70).
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