Operating earnings (ebitdaf) were $204.2m (including the divested retail operations), up from $200.2m last year.
Manawa, which bills itself as New Zealand's largest independent electricity generator, said it had successfully separated its mass market retail business and had delivered a solid performance in the process.
Retail operations were in strong shape to hand over to Mercury, contributing operating earnings (ebitdaf) of $44.5m, with key highlights including a 5 per cent increase in customers with two or more services, and 93 per cent increase in mobile connections over prior year.
"Completing the sale of our mass market retail business to Mercury Energy has achieved the vision we set out over a year ago – to transition to Manawa Energy – a standalone renewable generation and commercial and industrial electricity business, optimally positioned to deliver on the growing energy needs of tomorrow," chief executive David Prentice said.
Generation production volumes across both the North and South Islands were 1760 gigawatt hours - an increase of 3 per cent on last year.
Inflows were up on 2021's record low, although they remained materially lower than average.
Manawa's work on asset investment delivered additional output which also contributed to the 52 GWh gain on last year.
Projects included major maintenance and asset renewals at Waipori, the installation of a new generating unit runner at Coleridge, and a new infiltration gallery intake at Branch River that when completed will yield an additional 10 GWh a year.
"Operational excellence and optimisation across our hydro fleet remains a key focus and we are on track to deliver over and above our original production volume goals through enhancement uplifts from existing assets in the coming years," Prentice said.
He said Manawa would play a key role in New Zealand's energy sustainability.
"Over 99 percent of our existing generation is renewable, and we have more in the pipeline."
Chair Paul Ridley-Smith Manawa had been able to reward investors following the sale while reserving some capital to enable growth and generate longer-term returns.
Manawa Energy expects 2023 ebitdaf to be in the range of $140m to $160m and capital expenditure to be in the range of $45m to $55m.
Ridley-Smith said Manawa Energy was confident in charting new territory.
"There is significant potential for regulatory change in the energy sector moving forward, and the possibility of market developments to manage affordability and supply.
"At the same time, new technologies continue to evolve and mature into commercial viability, making it an optimal time to be geared for new investment.
"Manawa Energy's move away from mass market retail puts us one step ahead of other players still dividing focus between the diverging needs of retail and generation.
"With the successful retail sale behind us, we are poised to realise the opportunities that an increased demand for renewable generation will create."
Ridley-Smith noted that the first six weeks of 2023 have been challenging due to continued dry conditions resulting in low hydro inflows and low wind production, combined with high wholesale prices.
