Manawa Energy nearly quadruples profit

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TAURANGA: Power generator Manawa Energy has nearly quadrupled its fullyear profit to just under $120 million following a significant oneoff gain in its financial instruments.

The company, formerly known as Trustpower, rebranded the business after selling its retail division to focus on generation.

The bottom line was boosted by a $43.4 million fair value gain on its interest rate and electricity price derivatives.

The underlying profit of $204 million was slightly below its forecast of between $205 million and $220 million, which excludes the costs associated with selling the retail business.

Earnings from its generation business rose by 3% on the year earlier following an increase in electricity production and wholesale prices.

Chief executive David Prentice said its focus was now on the future after completing the sale of its retail arm to

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Final dividend 16cps, special dividend 35cps

Mercury Energy.

‘‘Manawa Energy’s goal is to develop renewable generation to support our country’s transition ambition for a thriving, lowemissions and a climateresilient future,’’ Mr Prentice said.

The company said it planned to be flexible in its approach to funding new projects and it was assessing multiple projects, including three that were at the feasibility and resource consent stage.

Manawa Energy chairman Paul RidleySmith said the company was confident in charting new territory.

‘‘There is significant poten2022 $119.8m $1.02b $204.2m $160m 2021 $31m $952.8m $200.2m $157m

tial for regulatory change in the energy sector moving forward, and the possibility of market developments to manage affordability and supply.

‘‘At the same time, new technologies continue to evolve and mature into commercial viability, making it an optimal time to be geared for new investment.’’

Manawa Energy’s board had also declared a special dividend of 35 cents per share.

Mr RidleySmith said the first six weeks of the current year had been challenging because of dry weather and low wind, combined with high wholesale prices. — RNZ