Saturday, February 4 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
Week of Jan 02
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    New Zealand : Manawa Energy posts $390m profit

    November 15, 2022 - TendersInfo - News


      Power generator Manawa Energy has reported a strong first-half profit boosted by the sale of TrustPower's retail business, amid an otherwise challenging year.

      The generating arm of TrustPower was relaunched on 2 May the day following the sale of the retail arm to power company Mercury for $441 million, resulting in a gain of $348.8m.Alongside getting our new systems and processes up and running, we've been focused on enhancing and optimising our existing portfolio of hydro-generation assets, and cranking up our pipeline of solar and wind generation options," Manawa chief executive David Prentice said.

      "While we have made good progress on a number of fronts, it has been a challenging last six months."

      He said the first quarter saw high prices and low hydro inflows, while the second half experienced strong hydro inflows but low prices.

      The company also raised capital through $150m bond in the second quarter, which was oversubscribed.

      Prentice said Manawa's revenue streams were largely insulated from the high inflationary environment with wholesale pricing or inflation-indexed contracts in place, although new development projects would be subject to cost inflation.

      "However, this is largely offset by projected increases in forward wholesale electricity prices which underpin and support our investment thesis," Prentice said.

      Manawa expected tomake significant investments over the next two-to-three years in such things as improvements to existing assets, dam safety, and new development options.

      Non-development spending was expected to peak in FY24 and taper off to a new business-as-usual level of $22m-$32m from FY26 onwards.

      Manawa expected to pay a full year dividend of 16 cents per share subject to the second half performance being in line with expectations.

      It confirmed its existing underlying profit in a range of $127.5m-$140m, provided prices and volumes remained in line with expectations.


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.