Biggest baby posts $110m result

By Dita De Boni

Two of the three baby ECNZ companies created in April delivered the results of their first three months of operations yesterday.

Wellington-based Meridian Energy, the largest of the baby generators, announced a profit of $110.3 million for the period from April to June of this year. Meridian supplies around 36 per cent of all power in New Zealand from eight hydro stations on the Waitaki River and its Manapouri station.

Genesis Power, generating 20 per cent of total power, posted a $3.2 million profit from three months of trading.

The company said the three-monthly surplus from trading had been $6.8m, but was reduced because of start-up costs dating back to December 1998.

Genesis produces energy from the Huntly and Tongariro power stations for the Manawatu, Wanganui and Taranaki regions.