PowerNet hails safety record and growth in assets to $1b
Southland company PowerNet has reported an after-tax profit of $2.3 million for the 2021-22 financial year.
The profit is up from $2.05m posted for the 2020-21 financial year. At the start of the financial year the company reached a milestone of $1 billion in shareholder assets and investments under management.
In PowerNet’s annual report, chief executive Jason Franklin and chairperson Bob Taylor say that despite the challenges of a continuous global pandemic playing out in the background, the company has made significant progress.
‘‘Ensuring we have up-to-date management agreements in place is critical for an asset base of this scale.’’
The company has focused on how it can support the electrification and decarbonisation of the New Zealand economy due to the country’s response to climate change and New Zealand’s commitments made as part of the Climate Change Response (Zero Carbon) Amendment Act 2019 and the Government’s first Emissions Reduction Plan, which launched in May last year.
It led to commissioning a heat stock-take for all industries across its networks.
The company’s shareholders – Electricity Invercargill Ltd and The Power Company Ltd – continue to diversify and support renewable energy developments throughout the country.
Three hydro generation stations – Speedy’s Road, Mangapehi, and Matawai – were purchased in the North Island through the Southern Generation Limited Partnership.
The new Mariti hydro station was also commissioned near Murchison.
PowerNet chief executive Jason Franklin said he was proud of all the 10 major highlights outlined in the annual report.
‘‘Reaching the major milestone of having $1 billion of assets and investments under PowerNet management is right up there, especially considering we are an Invercargill-headquartered company,’’ he said.
‘‘However, we cannot go past the significant and sustained improvements over recent years in workplace safety. We operate in a hazardous industry, however with leadership, systems and culture, we operate safely.’’
Being able to send the company’s team home unharmed each day was vital to the company.
He was proud of the way the team had responded to the pandemic.
While there had been ongoing challenges, the team met those challenges throughout and especially over the past year, he said.
PowerNet is Aotearoa’s fourthlargest electricity management company and manages most of the electricity assets in southern New Zealand.
The company employs 310 people, has 73,952 customers and has an annual turnover of $85.3m.