Transpower revenue, profits up

National electricity grid operator Transpower lifted half year revenues 7 per cent to $338.4 million.

The increase for the six months to December was largely due to higher transmission revenue of $310.7m, compared to $289.7m for the corresponding period a year earlier, the state owned enterprise said today.

Its operating surplus after tax, before movements in the fair value of financial instruments and debt, was $67.5m, compared to $53.3m a year earlier.

Transpower said it continued to reinvest the operating surplus into major upgrade projects under an arrangement with its shareholder, the Crown, to forgo dividend payments.

Major upgrade projects now in various stages of development or construction represented a total investment of around $2 billion.

Nationally, Transpower had a total of over $3.8b of capital spending planned over the next five years.

- NZPA