There would be some inter-divisional trading such that gas trading gets revenue and Electricity generation gets a COGS.
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For a slightly indirect comparison I looked at the CEN annual report for FY2013. Note 3 outlines the LPG revenues for FY2013 and FY2012
2013 (LPG -LPG purchases): $119m - $87m = $32m
2012 (LPG -LPG purchases): $118m - $83m = $35m
Looking at LPG only, Contact is making a very tidy gross margin, over the period Genesis was making losses.
However if you look on the same page and pick out the figures for 'gas', the results for Contact look horrible:
2013 (Gas - Gas purchases, transmission and levies): $92m - $362m = -$270m
2012 (Gas - Gas purchases, transmission and levies): $92m - $391m = -$299m
However, unlike Genesis there is no separate 'fuels consumed' category of expenses. So almost certainly some of the Gas purchases have gone into fuelling Contact's gas fired electricity power stations. The offsetting revenues from those will part of 'wholesale electricity'. So the 'loss' on Gas that Contact has made is not comparable to the Genesis account figures.
It is very frustrating for comparison purposes when companies ostensibly in the same line of business choose to report their accounts rather differently!
SNOOPY
OK, back to my goal.
Much more energy will have been fed into the Gas Power generators to account for the thermal efficiency of principally the Unit 5 gas turbine and line losses getting the gas to Huntly from New Plymouth. I am going to use an overall ballpark system efficency of 40% (quite good) to estimate the energy input from Kupe.
FY2013: 2,732GWh/0.4 = 6830GWh
FY2012: 3,041GWh/0.4 = 7603GWh
After two years 47PJ of gas have been extracted from Kupe. (Genesis Prospectus p38).
That is roughly 23PJ per year.
Now, both PJ and GWh are units of energy. How many Petajoule in 1 GWh? The answer is 0.0036.
So the amount of power used by Genesis, principally in Unit 5, in PJ was
FY2013: 6830GWh = 24.6 PJ
FY2012: 7603GWh = 27.4 PJ
That means that all of the gas output of Kupe (23PJ per year) , and more, is used just to fuel Genesis's electricity generating operations!
SNOOPY
CEN and GNE have different operating models for their gas fired plant.
CEN operate 48% efficiency 100MW LMS100 units at Stratford as peakers with a large percentage of gas procured on market, they make a bit on the ancillary services market also. Stratford is coupled with an underground gas storage field for buffering long/short take or pay and seasonal price fluctuations.
GEN operate a 400MW M701 F class CCGT mostly at full load to keep the efficiency up at 58%, they have an 40MW LM6000 peaker also, but do not have gas storage, their long gas goes to retail.
One more adjunct to this calculation.
Unit 5 that runs exclusively on gas is rated at 403MW, or 0.403GW. If Unit 5 has produced all of Genesis's power that means it must have been running at the equivalent of 'flat out' for a certain number of hours, as follows:
FY2013: 2,732GWh / 0.403GW = 6779 hours = 282 days
FY2012: 3,041GWh / 0.403GW = 7546 hours = 314 days.
So it is quite feasible for "Unit 5" to consume all the gas output of Genesis on its own. Whether Unit 5 actually would run flat out like this for so many days of the year is another matter.
SNOOPY
The 40% efficiency that I guessed for Unit 5 (not strictly comparable to your 58% because I was including all teh line losses from when the gas came from the Kupe well head) was just that - a guess. Here is what Geneses say about Unit 5 on their website:
Unit 5 – 403 MW(Gas)
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Huntly Unit 5 (previously known as e3p; Energy Efficiency Enhancement Project) uses natural gas as its fuel source, and is able to generate up to 403MW of electricity - enough to power approximately 400,000 households. The high efficiency gas -fired unit was commissioned in June 2007. The unit is a high-efficiency combined cycle generator consisting of four major components.
250MW industrial gas turbine made by Mitsubishi Heavy Industries.
HRSG or heat-recovery steam generator.
135MW steam turbine
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If they can really recover 135MW from what in the old days would have been waste steam, that is very impressive.
Here is the reference backing up your fiftymid% MAC. From
http://www.power-technology.com/projects/ep3/
"Genesis Energy has completed the new combined cycle gas turbine at its Huntly facility. Known as e3p (Energy Efficiency Enhancement Project), the plant was switched on two months early, in February 2007, and has now been commissioned. The $520m plant has a conversion efficiency of 56% compared with 37% for the existing Huntly power station."
SNOOPY
Not quite sure how LPG is treated within the figures. I presume that once the natural gas if liquified, it is technically no longer 'gas'. But then again the amount of gas that is converted into LPG is I guess at the discretion of Kupe ?
Also, I am intrigued to find out if the 2012 year losses with gas was related to a low point in the nearest electricity node at the time (Otahuhu?). I am trying to find some historical figures for the 2012 year but am not having much luck.
Something here maybe?
http://www.emi.ea.govt.nz/Datasets/B...ts%2FWholesale
Any assistance appreciated.
SNOOPY
CEN have not only the Stratford Peakers but also Otahuhu B & TCC which are more base-load orientated.
CEN also have Take or Pay for significant amounts of gas (2013 - 40PJ).
I am lead to understand that the average efficiency of Huntly Unit 5 is in the low fifties.
Unit 6, GEN's peaker is rated at 50MW. The remains of Huntly 1-4 probably comes into play when hydro is short.
In 2013 GEN paid for (but did not necessarily take) 38.6PJ of Gas, using 21.0PJ for generation and selling 5.0PJ retail.
Best Wishes
Paper Tiger
LPG sales and Oil sales appear as Petroleum revenues/production+ in the accounts, separate from the Gas revenue/expenses.
LPG is not liquefied natural gas!
To compare gas use in 2012 with 2013 (see previous post)
In 2012 GEN paid for (but did not necessarily take) 44.1PJ of Gas, using 23.1PJ for generation and selling 5.4PJ retail.
Best Wishes
Paper Tiger
The main content of holes I study these days is what falls off the end of the spade at the bottom of the garden, so thanks for the gas lesson PT. Here is some more info from http://www.thegashub.co.nz/FAQs/
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Q. What is the difference between natural gas and LPG?
The main difference between natural gas and LPG is that natural gas consists mainly of methane, whereas LPG is comprised of propane, butane, or propylene, either separately or as a mixture. Due to the large proportion of methane, natural gas is lighter than air, so will rise quickly and disperse more easily if there is a gas leak. LPG tends to collect in low points and is more difficult to disperse, which makes it more prone to explode if there is a leak.
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Of course methane, propane and butane are all part of the same carbon/hydrogen family, the difference between them being only the number of carbon atoms in the carbon chain. Methane is the baby of the family with only one carbon in the chain (if you can have a chain of one !). Being the smallest also means it liquefies at a lower temperature than propane and butane, and it is not practical to liquefy methane at ambient temperatures.
SNOOPY