Energy Intellect on Track for Record Result

Unlisted energy management solutions company Energy Intellect Limited remains on track to post a record result in 2011.

The company has recorded an operating profit before interest, amortisation and depreciation of $800,000 for the six months year to 31 December 2010, compared to $495,000 in the same period last year.

The Wellington-based company posted a consolidated profit of $530,000 for the six months to 31 December 2010 compared to a consolidated profit of $25,000 for the six months to 31 December 2009.
Revenue for the period was $3,362,000, a decrease of 3.4% on the $3,481,000 recorded for the same period last year.

Mark Fairey, Chief Executive of Energy Intellect, said: “Based on new business secured, we expect the momentum achieved in the first six months to accelerate in the second six months and we are currently on track to exceed the record full year profit of $1.1 million achieved in 2010. This is despite the challenging economic conditions.

“We remain committed to securing a number of exciting new opportunities both here in New Zealand and overseas.”

Among the key projects the company is involved in is the deployment of real-time energy management, control and reporting technology across 34 substations in Bangladesh. Energy Intellect Limited is part of a New Zealand consortium providing $6.5m of technology and services to Bangladesh Power Development Board (BPDB).

Smart meter technology and hardware provided by Energy Intellect will be used to monitor and control energy supply at substations in and around the southern Bangladeshi city of Chittagong.

In late 2009, Energy Intellect Limited, partnered with Energy for Industry and Energy Response (Australia) on an Interruptible Load (IL) project. This project enables demand for electricity to be reduced when New Zealand’s electricity grid is under stress, and provides a safety valve for the New Zealand electricity grid. It has the potential to add an additional 100 Megawatts (MW) of new instantaneous reserves onto the country’s electricity market.

The project is now fully operational with deployment across multiple commercial and industrial sites in New Zealand, said Mr Fairey.

ENDS

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