Trustpower, the energy company controlled by Infratil, posted a 16 percent gain in first-half profit after lifting retail electricity sales and said it is seeking more wind farm opportunities in Australia.
Profit rose to $89.2 million, or 28.5 cents a share, in the six months ended Sept. 30, from $77.2 million, or 24.6 cents, a year earlier, the Tauranga-based utility said in a statement. Sales rose 21 percent to $504.9 million.
Trustpower has been increasing leverage as it invests in the Australian market, where it is anticipating the federal government's repeal of its carbon tax will boost demand for renewable energy, which is likely to be favoured under that nation's Renewable Energy Targets scheme. Its 270 megawatt Snowtown Stage 2 wind farm was officially opened yesterday, adding to the hydro power stations and wind farm assets of Green State Power it acquired from the New South Wales state government this year for A$72.2 million.
The Snowtown Wind Farm in South Australia produced 578 GWh of electricity in the first half, up from 193 GWh a year earlier, helped by the contribution from Snowtown Stage 2 starting in July. Trustpower said it has applications for almost 1,300 MW over four wind projects located in Victoria, New South Wales and South Australia are currently awaiting regulatory approvals.
"The outcome of the Australian government's review of the renewal energy target remains uncertain but there appears to be growing support for the view that a bipartisan agreement may be successfully concluded which should provide greater investor certainty for future investments in renewable energy," chairman Bruce Harker said in the statement.
