New Zealand’s largest state power firm Meridian Energy doubled its net profit for the year ended June 2010 on the growth of its wind capacity and hydro electricity generation.
Net profit surged 106% year-on-year to NZ$184m ($129.1m) and earnings interest, tax, amortisation and financial instruments were recorded at NZ$641.7m.
The positive results came despite flat electricity demand during the period, the company says.
Partial operation of the 62-turbine 143MW West Wind project near Wellington helped Meridian increase wind generation capacity by 95% over the year.
Meridian says, “wholesale electricity revenues benefited from good lake storage and inflows during the year and the commissioning of West Wind”.
The New Zealand firm is anticipating the start of its 28-turbine 64.4MW Te Uku wind farm near Raglan in December.
Media Release: Meridian Energy, 24.08.2010