Hydro Tasmania achieved an underlying profit of $167.9 million for 2017-18, well above budget.
These results come after a small profit of $20.1 million in 2017 and a loss of $65.4 million in 2016, and Chairman Grant Every-Burns says that the company “produced more large-scale generation certificates than budgeted and sold more electricity contracts relating to small business customers than expected.”
Additionally, the company’s net debt as of June 30, 2018, was $703 million, down $35 million from the previous year.
During 2017-18, Hydro Tasmania invested more than $90 million into modernizing and maintaining its assets.
According to a press release, the company’s returns to the government will be greater than projected in the State Budget, including a dividend of $80 million.
Regarding hydropower, the company says both its captured rainfall and hydropower generation were well up on the previous year. In August, Hydro Tasmania’s hydro assets generated the most clean, renewable power the company has ever generated in a single month, a press release says.
In 2017-18, Hydro Tasmania achieved significant work to support the state’s vision to become the renewable energy Battery of the Nation. These include:
- Identifying 14 options as the state’s best pumped storage hydro opportunities, from which they will select options that could provide 2,500 MW of pumped hydro potential
- Developing a Future State analysis report confirming that Battery of the National is extremely cost-competitive against all other realistic options for meeting Australia’s future energy needs
- Embarking on feasibility work into upgrading or replacing the Tarraleah Power Station and scheme, which would transform it into a state-of-the-art hydropower asset
Hydro Tasmania produces about 9,000 GWh of clean electricity from hydropower annually. The company’s system, which includes wind and gas, has a total capacity of more than 2,600 MW and includes 30 power stations and more than 50 major dams.