The profit increase reflected reduced fuel costs due to increased hydro generation during the first quarter of the financial year. Total operating revenue grew from NZ$681m to NZ$714.6m.
Chief executive Murray Jackson said a highlight of the period was the start of construction of the 385MW combined-cycle gas-fired power station at Huntly known as “e3p” (Energy Efficiency Enhancement Project).
The new turbine was scheduled for commissioning in December 2006 and would bring much needed new generating capacity to New Zealand.
Work also began on a new cooling tower for the existing 1000MW Huntly power station.
Capital expenditure of NZ$94 million was spent on generation investments such as e3p and a new 48MW gas turbine at Huntly, and oil and gas field investments such as Kupe and Cardiff.
The Hau Nui wind farm extension was completed last December and the Wairarapa wind farm now had a total capacity of 8.65MW.
