Highlights

  • Cash stood at A$11.4 million at 30 September 2026, with no Debt and a quarterly operating outflow of A$0.86 million.
  • The Clairmont project advanced into the grid operator's cluster 2, backed by about C$2.6 million in posted security.
  • Saddle Hills has applied for a 100 MW interconnection, with the operator's review expected before calendar year-end.
  • FY26 net profit reached A$15.8 million, driven by A$19.6 million of income from selling a megawatt allocation.

Kalina Power Limited (ASX:KPO) is positioning its Alberta gas-fired power portfolio for a new grid access framework aimed at data centres. In its September 2026 quarter update, the company said the Alberta Electric System Operator (AESO) had published a draft Large Load Allocation Process, while a Bring Your Own Generation framework was being finalised for rollout before the end of the northern autumn.

The company develops gas-fired plants across different parts of the province to Supply large-load customers, chiefly data centres seeking grid access.

Projects Move Through the Grid Queue

Clairmont, located in an area without gas supply constraints, has advanced into AESO cluster 2, with about C$2.6 million in security posted with the AESO and ATCO. Saddle Hills, also in an unconstrained gas area, has lodged a cluster 3 application seeking a 100 MW interconnection, and the AESO's review is expected before the end of calendar 2026.

At Alsike, Gilby and Myers, gas supply on the regulated pipeline system is constrained, so the company is pursuing unregulated supply. Its remaining projects sit in cluster 3 with original in-service dates in mid-2029, and it is investigating two additional locations.

Policy Shifts Reshape the Development Path

Once the new framework is published, a six-week application window is expected, with later intakes every six to nine months. Applicants will need to contract with a developer for matching generation capacity, and the company's Investment bankers report that several prospective investors are waiting for the rollout.

Broader policy has also moved. A Canada and Alberta implementation agreement signed on 15 May 2026 lets gas-fired generators pay the carbon price instead of physically abating emissions by 2035, allowing projects to connect without carbon capture. September amendments removed gas-fired plants from the federal impact assessment list, and draft federal legislation proposes immediate expensing for energy projects. The company is one of nine members of an AESO working group.

Funded for Pre-FEED Milestones

For FY26, the year to 30 June 2026, the company reported unaudited net profit of A$15.8 million, compared with a loss of A$4.7 million, driven by A$19.6 million of income from the sale of a 180 MW allocation. Cash rose to A$12.3 million at 30 June 2026 from A$1.5 million a year earlier. The quarterly update noted that Meta, which bought the company's 2027 load allocation in late 2025, has announced a C$13 billion data centre in the province.

Planned next steps include progressing projects through the AESO process, rezoning each site and contracting gas supply, with permit applications prioritised by available funds and milestones. Managing Director Ross MacLachlan said engagement with investors and data centre developers remains strong. Shareholders will meet virtually on 17 November 2026 to vote on additional 10% Placement capacity and the re-election of Peter Littlewood.

Shares were priced at A$0.012 on 2 November 2026, down 7.69% on the day, for a Market Capitalisation of A$35.91 million.