Reports related to this article:
Project(s): View 4 related projects in PECWeb
Plant(s): View 3 related plants in PECWeb
en
Researched by Industrial Info Resources (Perth, Australia)--Trust Power Limited (Tauranga, New Zealand), the largest energy and telecommunications company in New Zealand, announced a drop in earnings for the first six months in 2013, as the New Zealand electricity environment continues to prove challenging.
Trust Power reported an 8% decline in underlying earnings for the first half of the year. Executives attributed the decline to a forced shutdown of the company's hydro power plants, which were challenged by low electricity demand and a highly competitive energy market.
"Despite the currently challenging New Zealand electricity environment, which includes intense retail competition, an oversupplied generation market and regulatory uncertainty, the board is confident that Trust Power is well-placed to regain earnings momentum once the Snowtown Stage 2 Windfarm is completed, and other quality renewable generation and irrigation development opportunities are able to progress," said Trust Power Chairman Bruce Harker.
Total electricity generated from Trust Power's resources for the year was reported to be 1,218 gigawatts per hour, which is an approximately 80-gigawatt decrease from the previous year. The hydro plants on North Island alone accounted for a 28% decline in the half-year earnings.
Despite the current challenges from an oversupply of energy and market uncertainty, Trust Power is confident in regaining the profits upon completion of the 270-megawatt (MW) Snowtown Stage 2 Windfarm, which is under construction in Snowtown, South Australia. The beginning of the year also marked the suspension of development on two windfarm projects due to economic factors.
Mighty River Power Limited (Auckland, New Zealand) also has reported a significant drop in hydro electricity generation, marking its biggest loss from the sector in the history of the company. The company reported a 34% decrease in revenues from hydro generation for the quarter ending September 2013. On a different note, the successful operation of the 82-MW Ngatamariki station boosted total geothermal output to 691 gigawatt-hours, or 43% of Mighty River Power's total generation for the quarter.
View Plant Profile - 1063119 1089103 1067577
View Project Report - 86000936 300022019 300057918 87300043 87300007
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Trust Power reported an 8% decline in underlying earnings for the first half of the year. Executives attributed the decline to a forced shutdown of the company's hydro power plants, which were challenged by low electricity demand and a highly competitive energy market.
"Despite the currently challenging New Zealand electricity environment, which includes intense retail competition, an oversupplied generation market and regulatory uncertainty, the board is confident that Trust Power is well-placed to regain earnings momentum once the Snowtown Stage 2 Windfarm is completed, and other quality renewable generation and irrigation development opportunities are able to progress," said Trust Power Chairman Bruce Harker.
Total electricity generated from Trust Power's resources for the year was reported to be 1,218 gigawatts per hour, which is an approximately 80-gigawatt decrease from the previous year. The hydro plants on North Island alone accounted for a 28% decline in the half-year earnings.
Despite the current challenges from an oversupply of energy and market uncertainty, Trust Power is confident in regaining the profits upon completion of the 270-megawatt (MW) Snowtown Stage 2 Windfarm, which is under construction in Snowtown, South Australia. The beginning of the year also marked the suspension of development on two windfarm projects due to economic factors.
Mighty River Power Limited (Auckland, New Zealand) also has reported a significant drop in hydro electricity generation, marking its biggest loss from the sector in the history of the company. The company reported a 34% decrease in revenues from hydro generation for the quarter ending September 2013. On a different note, the successful operation of the 82-MW Ngatamariki station boosted total geothermal output to 691 gigawatt-hours, or 43% of Mighty River Power's total generation for the quarter.
View Plant Profile - 1063119 1089103 1067577
View Project Report - 86000936 300022019 300057918 87300043 87300007
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
