EBITDA increased by 16% to NZ$92.0 million, versus $79.1 million for the same period last year, and TrustPower directors declared an interim fully-imputed dividend of 9.0 cents per share (8.5 cents per share last year), payable on December 17.

The company said the New Zealand electricity trading environment of the period featured above average hydro lake storage levels and inflows. Accordingly, average spot electricity prices of NZ$37 per MWh were significantly lower than the 2003 first-half average of NZ$99 per MWh, which were due to low lake storage levels.

TrustPower's own generation assets produced 1100 GWh during the first half (up 4% on expected output) versus 892 GWh in the first half of 2003. Debt to debt-plus-equity was 30.4% compared with 43.4% in 2003.

The company - the smallest of the big five electricity generators/wholesalers - said that taking the trading result into account, it remained focused on hydro generation and wind farm development opportunities in New Zealand and wind farm development opportunities in South Australia. It expected to make a decision on South Australia by the end of the year.