At a Glance
NZ Windfarms Ltd (NZX Code: NWF) is listed on the NZ stock exchange. The charts pictured below are extracted from the FY2023 Annual Report. Please view in conjunction with the audited financial statements and the notes to the accounts.
NZX Announcements and EBITDAF Guidance
NZX Announcements
NZX announcements for NZ Windfarms Limited (NZX code: NWF) can be
accessed at the following link.

EBITDAF Guidance
Based on our forecasts for FY24, we estimate our EBITDAF to be in the range of $3.0m - $4.5m. Link to NZX announcement - 29 August 2023.
The Board reaffirmed FY24 EBITDAF guidance at the 2023 AGM.
The FY24 EBITDAF guidance range is based on an annual production level of 106 GWh, which is a higher confidence estimate based on a blend of annual averages and an independent determination of P75 Annual Energy Production (AEP). This is more conservative than the P50 AEP of 116.2GWh (91 x WF500 turbines) adopted for impairment testing purposes (refer to note 15 of the audited financial statements for the basis of this input). Shareholders can monitor actual unaudited financial year to date production data on the company’s website www.nzwindfarms.co.nz
The Company’s Electricity Price Hedging Policy provides the flexibility to hedge between a minimum hedge level and 100%, for the next 24 months, enabling a more proactive approach to managing electricity price risk. The Company’s estimated operating expenditure and principal and interest payments will determine the minimum hedge ratio to apply.
The Company is 67% hedged for FY2024 and 41% hedged for FY2025. We will progressively move to fill out the balance of the 24-month ahead period as market conditions allow.
The net electricity price for FY2024 is estimated at $92.50 per MWh. This is a blended price of VVFPA prices and estimated electricity spot prices based on ASX futures prices and adjusted for location and intermittency factors and weighted by monthly production estimates and hedge ratios.
Short term forward electricity prices reflect the relatively full hydro lake levels at present. Medium to long term forward electricity prices have remained elevated likely as a result of higher inputs into thermal generation and market pricing indicating the likelihood of Tiwai point aluminium smelter operations continuing beyond the current electricity contract end date.
EBITDAF guidance is provided on the basis of information available at this time, and may be subject to variations, including climatic and other conditions outside the Company’s control. Forward electricity generation is based on a mix of recent annual averages and an independent expert’s determination of P75 generation adjusted for relevant factors. However, wind generation is inherently variable from one year to the next.
Annual Reports
Annual Reports
2023
FY23 Annual Report FY23 Media Release FY23 Investor Presentation
2022
FY22 Annual Report FY22 Media Release FY22 Investor Presentation
2021
FY21 Annual Report FY21 Media Release FY21 Investor Presentation
2020
FY20 Annual Report FY20 Media Release FY20 Investor Presentation
2019
FY19 Annual Report FY19 Media Release FY19 Investor Presentation
2018
FY18 Annual Report FY18 Media Release
2017

Interim Reports

Interim Reports
2023
H1 FY23 Interim Report H1 FY23 Media Release H1 FY23 Investor Presentation
2022
H1 FY22 Interim Report H1 FY22 Media Release H1 FY22 Investor Presentation
2021
H1 FY21 Interim Report H1 FY21 Media Release H1 FY21 Investor Presentation
2020
H1 FY20 Interim Report H1 FY20 Media Release H1 FY20 Investor Presentation
2019
H1 FY19 Interim Report H1 FY19 Media Release
2018
H1 FY18 Interim Report H1 FY18 Media Release
Shareholder Meetings

Shareholder Meetings
2023
The annual shareholders meeting took place on Thursday, 26 October 2023, at the Distinction Hotel (Carlton Room), 175 Cuba Street, Palmerston North 4410, and was accessible online.
2023 Notice of Meeting Virtual Meeting Guide 2023 Director Fees Report Webcast Replay 2023 AGM Presentation 2023 AGM Script 2023 Results of AGM
2022
2022 Notice of Meeting Virtual Meeting Guide Director Fees Report
Webcast Replay 2022 AGM Presentation 2022 Chair and CE Script
2021
2021 Notice of Meeting 2021 Notice of Meeting (Online Only) Virtual Meeting Guide 2021 AGM Presentation 2021 Chair and CE Script 2021 Results of AGM
2020
2020 Notice of Meeting 2020 Notice of Meeting (Online Only) Virtual Meeting Guide 2020 AGM Presentation 2020 Chair and CE Script 2020 Results of AGM
2019
2019 Notice of Meeting 2019 AGM Presentation 2019 Results of AGM
2018
2018 Notice of Meeting 2018 AGM Presentation 2018 Chair Address
2018 CE Address 2018 Results of AGM
2017
2017 Notice of Meeting 2017 Chair Address 2017 CE Address 2017 Results of AGM
2016
2016 Notice of Meeting 2016 Chair Address 2016 CE Address 2016 Results of AGM


Dividend Policy and Dividends
Dividend Policy
The Company's dividend policy can be accessed here.
Considering the low electricity spot market prices and continued upfront investment to support strategic growth aspirations, the Board has taken the difficult but prudent decision to pause dividends. Link to NZX announcement 28 Feb 2023.
The Board indicated at the 2023 AGM it is considering to recommence the payment of dividends subject to: NZ Windfarms’ performance meeting current FY24 EBITDAF guidance; and the Dividend Policy adopted by the Board which, inter alia, provides for quarterly dividends of 70% to 100% of free cash flow.
Dividends
Operational and Industry Information
TRH Live
Live operating information can be accessed at TRH Live
Local Weather Forecast
Weather information for the Te Rere Hau Wind Farm can be accessed here
Share Price Information
Share Price information (delayed 20 minutes) for NZ Windfarms Limited (NZX code: NWF) can be accessed here
NZ Electricity Industry Information
Live operating information for the New Zealand electricity sector can be accessed at WITS (Wholesale Information Trading System)
Additional live New Zealand electricity sector information can be accessed at Transpower's website
A summary of the New Zealand electricity industry can be found on the MBIE website
Why Wind Power?
The New Zealand Wind Energy Association (NZWEA) is a rich source of information on the wind energy sector in New Zealand.
How to buy shares in the Company?
Please consult an Authorised Financial Advisor. Once you’ve made a decision, you need to use a licensed share broker or their web / smartphone app to buy or sell shares. For more information please visit the Financial Markets Authority (FMA) website.
Nothing on this website or in the attached documents or links constitutes financial advice.