The Tauranga-headquartered listed electricity player told the NZSX yesterday the result included a “one-off” NZ$3.7 million before-tax figure. This related to favourable settlements with other retailers from reconciliation of energy volumes traded under an old electricity market that had now been wound up.

Earnings before Interest, Tax, Deprecation and Amortisation were NZ$52.1 million versus $39.8 million for the same 2004 period.

Company chairman Harold Titter said the latest quarterly trading environment had been very different from that of a year ago. Hydro lake storage levels and inflows were below average, but spot electricity prices were significantly higher, averaging NZ$75 per MWh (NZ$43 per MWh in 2004.)

Titter said TrustPower continued making progress on several key generation development opportunities.

It had received resource consent approval for an additional 31 wind turbines for its Tararua Stage III project in the Manawatu that could be completed by the end of 2006.

Resource consents applications had also been lodged for the NZ$275 million South Island Wairau Valley hydro project that could see the Nelson-Marlborough regions’ electricity self sufficiency climb from 20% to 80%.

But TrustPower's Australian wind farm projects remained under review.

The Essential Services Commission of South Australia (ESCOSA) June wind farm report proposed a series of licence conditions that new wind generators, including TrustPower's Snowtown and Myponga projects, would have to meet.

TrustPower was assessing the technical and economic impact of the proposed licence conditions, but cautioned that delays caused by this process could result in additional project costs.

In other news, Alliant Energy New Zealand managing director, Simon Young, said the US company wanted to maintain its long-term investment in TrustPower and he knew of no plans to change Alliant's 23.8% stake. Two weeks ago Alliant said it was evaluating options for monetising its New Zealand investment.