Centralines releases annual report

Centralines has faced numerous challenges including the devastating effects of Cyclone Gabrielle.

Centralines has published its Annual Report, for a reporting period that began with Centralines completing critical repairs to its network following the devastation of Cyclone Gabrielle.

The electricity provider also resumed its comprehensive works programme, including planned maintenance and capital projects prioritised through its Asset Management Plan, and the successful completion of the full programme has created a record for the annual volume of work.

This was achieved despite a nationwide shortage of skilled workers in the electricity, infrastructure, and construction sectors.

Centralines chairman Fenton Wilson emphasised the company’s unwavering support for the Central Hawke’s Bay community during its recovery and transition to a thriving future.

“Our commitment to reliable electricity, local employment, and sustainable energy initiatives is stronger than ever,” said Wilson. Despite a challenging macroeconomic environment, Centralines delivered robust financial results, with an after-tax operating profit of $2.7 million, marking a $600,000 increase from FY23. Capital expenditure reached $9.2m and consumer discounts amounted to $1.48m.

“The new depot next to the Centralines Waipukurau zone substation features multi-purpose meeting and training spaces available for community use, free of charge for not-for-profit organisations. These spaces have been in high demand, regularly utilised by community groups, iwi, councils, industry associations, and businesses.

“This year, Centralines pledged $184,324 in community funding to over 65 local organisations, including the Centralines Sports Park, Hawke’s Bay Rescue Helicopter Trust, Waipukurau Community Heated Pool and Sports Complex, and the Central Hawke’s Bay Technology Centre, enhancing the wellbeing of our rural community.”

Wilson said highlights included the installation of electric vehicle charging infrastructure, solar panels on the new depot, and producing 138,806kWh of energy annually.

“We remain committed to delivering ongoing support through a reliable electricity supply, efficient and effective asset management, local employment, investment in the community, and the development of energy-related projects to help regional growth and sustainability.

“Centralines has delivered a strong financial result and is poised to meet future demands while ensuring a sustainable and reliable electricity supply for Central Hawke’s Bay.”