Former Orbital Corporation boss Terry Stinson will join the board of Carnegie Wave Energy next month and succeed Jeff Harding as chairman, while Mark Woodall will also join the board of the renewables company.
Outgoing Synergy chairman Lyndon Rowe said today he was disappointed he could not continue at the energy utility after the state government announced oil and gas executive Rob Cole would take the role.
Carnegie Clean Energy has secured $16 million of state government funding for a wave energy project at Albany while also gaining conditional approval from the federal government to transfer nearly $12 million earmarked for its Garden Island project to Albany.
Oil and gas software developer Stochastic Simulation has gone into liquidation, about five months after it went into receivership, with secured creditors likely to receive about 4 cents in the dollar in a best-case scenario.
Shares in three local energy companies have surged today after hitting hydrocarbons while drilling the Xanadu-1 offshore prospect in the Perth Basin, with Triangle Energy leading the charge, up nearly 60 per cent.
State-owned regional power provider Horizon Power has recorded a $35.4 million net profit for the year to June, while hitting its targeted reduction of government subsidies more than a year ahead of time.
State-owned power generator and retailer Synergy has recorded a loss of $12.6 million for the 2017 financial year on the back of lower sales revenue and a large impairment due to the early closure of its generation capacity.
Shares in West Perth-based energy hopeful Pancontinental Oil & Gas were up 33 per cent today after the company sold part of its stake in a Namibian offshore exploration licence to Africa Energy for $US7.7 million ($9.6 million).
Contract Power Group has won a contract to build, own and operate a power station at Pilbara Minerals’ Pilgangoora lithium project for at least seven years, while former Fortescue Metals Group delivery manager Dale Henderson has taken over as Pilbara’s project director.