This is 31% up on the previous year. Although total revenue fell 3% to NZ$1,387 million, the net surplus was also assisted by the sell-down of a 50% interest in the Kupe oil and gas field to Aussie Origin Energy, which realised a cash payment of NZ$33 million, with NZ$12 million paid in the June 2004 year.

Genesis chairman Brian Corban said the annual result reflected the significant growth of the company in the past five years since being spun off as part of the old ECNZ.

An interim dividend of NZ$8.8 million had been paid to shareholding Ministers in March and a final dividend of NZ$23.2 million in September.

Chief executive Murray Jackson said New Zealand’s largest thermal station, the 1000MW Huntly plant, had been working at near full capacity for the past three years and running on increasing amounts of domestic and imported coal instead of gas.

“Huntly’s position as a base load generator is now crucial to the security of supply of electricity to the country.”