Hydro Tasmania will return a dividend of $122 million to be spent on vital infrastructure and services for Tasmanians after delivering a pre-tax profit of $193.7 million in the 2023-24 financial year, including $12 million from energy retailer Momentum Energy.
Following the tabling of its annual report in parliament, acting CEO, Erin van Maanen, said the company delivered a great result, performing beyond targets despite recording the lowest inflows in 90 years.
“Our revenue is highly dependent on how much energy we can generate and that depends on how much it rains, so it was a tough year from that perspective,” Ms van Maanen said.
“But thanks to careful management and planning, we maintained reliable generation and healthy dam levels and ensured we delivered good returns for every drop of water.”
Ms van Maanen said connection to the National Electricity Market (NEM) was necessary for managing water storage and delivering a healthy dividend.
“We took advantage of market conditions to import energy when prices were low or negative. We used that energy here to offset lower rainfall or sold it back for a profit when prices peaked.”
Ms van Maanen said Hydro Tasmania continues to prepare for the future, efficiently investing in its fleet to support growing on-island demand and help keep power prices as low as possible.
“Our hydro network can’t stand still in time. We’re transforming it to ensure it delivers for Tasmanians today, tomorrow, and future generations.
“Over the 2023-24 financial year, we also progressed proposals for major new developments at Tarraleah and Cethana, and we invested $241 million to maintain and modernise our existing fleet.”
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