11 December 2001 Media Statement

Winter electricity figures released

The combined pre-tax profit of the three state owned electricity generators for the first quarter of the financial year was approximately 15% down on last year and 38% below budget, the Minister for State Owned Enterprises Mark Burton revealed today.

The Minister has released combined estimated profit figures for the three SOEs – Genesis Power, Meridian Energy and Mighty River Power. The figures cover the months of July, August and September.

"At my request, the three companies were asked to supply confidential financial information, which has been analysed and collated by my officials. The electricity SOEs have faced repeated and unsubstantiated accusations from opposition members. The profit summary has been released today to put the record straight," Mark Burton said.

"The figures provided by the companies for the first quarter are unaudited and therefore indicative only, but they do give an accurate reflection of the period when there was a shortage of water in the hydro lakes and a higher than usual reliance on thermal generation."

The combined pre-tax profit of the three companies for the three-month period was an estimated $78.4 million, compared to a budgeted profit of $126.1 million for the period.

"Unusual circumstances prevailed this winter, with a significant water shortage and wholesale spot prices reaching high levels. The companies responded by encouraging customers to conserve power. They are also taking steps to underpin New Zealand's future security of supply through new generation projects, " Mark Burton said.

Collated figures for Genesis Power, Meridian Energy and Mighty River Power, for the period July 01-September 30.
Quarter Ending 30 September 2001
Indicative Budget Previous Year
Pre Tax Profit ($M) 78.4 126.1 92.4
Net Profit ($M) 58.4 94.7 61.6

ENDS

© Scoop Media