The Tauranga-headquartered company told the NZX that its earnings before interest, tax, depreciation and amortisation (EBITDA) grew 7% to $185.6 million, while operating revenue increased 11% to $677 million as a result of substantially higher energy prices charged to customers paying spot market prices.
Generation output of 1791 GWh for the year was down 14% on the previous year and 8% on the long-term average, primarily because of low hydro lake catchment inflows over the course of the year.
But lower hydro production was partially offset by a strong performance from the Tararua wind farm, which produced 268 GWh during the year, representing 45% of capacity utilisation.
Chairman Harold Titter said TrustPower’s New Zealand wind generation development program continued to do well, though progress in Australia remained slow.
Target dates for commissioning the first turbines and final completion of the 93MW Stage III expansion of the Tararua wind farm remain scheduled for February and July 2007, respectively.
The company expected to lodge resource consent applications for a 300MW wind farm at Waipori, Otago, within the month; though it was not progressing identified wind farm opportunities in Marlborough due to marginal wind resource and unattractive project economics.
In Australia, TrustPower remained focused on ensuring that its options for the South Australian Myponga and Snowtown wind sites were preserved, in particular through the extension of existing landowner arrangements and the pursuit of a suitable turbine supplier for Snowtown.
TrustPower recently concluded the purchase of the development rights to the wind farm site immediately adjacent to the existing Snowtown site. The combined site could accommodate a 335MW wind farm. TrustPower would progress design, planning consents and other regulatory requirements for both sites concurrently.
But Titter said TrustPower was becoming increasingly concerned and frustrated with the New Zealand regulatory environment.
The uncertainty created by the withdrawal of the government’s carbon tax policy and lack of any further policy direction on carbon emission pricing made it difficult for many generation development proposals to be progressed.
