NextDC shares fall after Melbourne data centre expansion delayed by power pole protests
Briefing by News4U · First published
NextDC delayed its M3 expansion to 2027/28 after Jemena paused 22-metre power pole work amid community opposition, cutting revenue guidance and sending shares to $5.69.
The Guardian reported that NextDC told the Australian Stock Exchange on Wednesday that its M3 data centre expansion in West Footscray, Melbourne, would be pushed back to the 2027/2028 financial year because electricity provider Jemena had suspended work on 22-metre power poles following community protests and lack of council approval. [1]
The company reduced its net revenue guidance to between $475m and $500m from between $615m and $640m. Shares fell from over $9 to $5.69 after the trading halt ended. CEO Craig Scroggie said the earliest planning approval for stages six and seven would now be February 2027, after the 28 November state election. [1]
Sources
- Australia’s largest datacentre operator NextDC’s shares dive as Melbourne expansion delayed
The Guardian · · Full text