Kalina Power - addressing data centre electricity needs

It is almost getting monotonous; repeated record gold prices. As I write there is only $20 to go before it hits US$5,000. I don't think anyone expected it to get to this level so quickly - even the serious gold bulls.

The rise has been so strong in such a short space of time that the market is struggling to translate the rise into the effect on the large range of gold companies, particularly the non-producers. This is certain to result in some stocks with merit being overlooked, while others with superior promotional capability will be all about aspirations rather than delivery. Interestingly, there is sufficient scepticism in the share market that trading has not yet hit the frenzy stage. There is more caution than what might have been anticipated, perhaps because it is uncertainty that is actually driving the gold price - geopolitical uncertainty - and there is diminished trust in where we are all going.

There was a timely piece in the newspaper today, quoting Black Rock's Larry Fink. He said in a speech at Davos that data centres cannot rely on clean energy to supply uninterrupted high-capacity electricity, constantly. Data centres need perfect reliability and wind and solar sources cannot guarantee this. While The Australian mentioned this to show the flaw in Labor's conflicting policies of nominating Australia as a future source of digital infrastructure in the AI boom, while also excessively promoting renewables, it has relevance to Kalina Power, the feature stock this week.

Kalina is an early mover on electricity supply for data centres with a series of projects in the much cooler Alberta climate, in Canada. It is doing it, whereas Jim Chalmers is just fantasising about it in Australia. This week we update you on Kalina's progress and add some economics to the narrative. 

 WeeklyComm24January2026.pdf