Tasmania’s energy business in strong financial position

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Annual reports released from two Tasmanian energy companies show the state’s energy businesses are in a strong financial position.

Hydro Tasmania and Aurora Energy have reported profits after tax in 2016-17 as $20.1 million and $19.4 million respectively.

In the wake of the 2015-16 energy supply challenge, both businesses rebuilt storages and restored profitability demonstrating a strong, efficient, customer-focused business.

Hydro Tasmania comfortably exceeded a storage target of 30 per cent at the end of June 2017, and is currently well in excess of the 40 per cent target for the start of summer with dam levels now at 47.7 percent.

The Chairman of Hydro Tasmania, Grant Every-Burns, said the business is well-placed to help lock in Tasmanian energy security, achieve the lowest possible power prices, and support Australia’s transition to a low-carbon economy through the Battery of the Nation initiative.

“Hydro Tasmania spent 2016-17 rebounding strongly from past challenges and developing a strong new plan for Tasmania and Australia’s energy future,” Mr Every-Burns said.

“As well as delivering on our financial commitments, we’ve supported the work of the Tasmanian Energy Security Taskforce and Public Accounts Committee.”

The CEO of Hydro Tasmania, Steve Davy, said the business has sought new ways to contribute to the Tasmanian community – mindful that Hydro’s connection and duty towards Tasmania goes well beyond that of most other businesses.

“We’ve sought to listen and communicate more effectively with our most important customers – the people of Tasmania,” Mr Davy said.

“And we’ve forged an ambitious but achievable vision to help lock-in Tasmanian energy security, give Tasmanians the lowest possible power prices, and lead Australia through its challenging energy transition, by making Tasmania the Battery of the Nation.

“We know Tasmanians want secure and affordable electricity, and want it sourced as cleanly and sustainably as possible. As Australia’s largest generator of renewable energy, the needs and priorities of Tasmania shape everything we do.”

Aurora Energy also coordinated the hugely successful $20 million Tasmanian Energy Efficiency Loan Scheme (TEELS), that is providing no-interest finance of up to $10,000 for households and $40,000 for small businesses to invest in energy efficient products.

Tasmanian Minister for Energy, Guy Barnett, said they are putting Tasmania first through their energy businesses.

“This means secure supply for Tasmania and the lowest possible electricity prices for Tasmanians will be the number one priority,” Mr Barnett said.

“We have taken action to cap regulated power prices, help protect Tasmanian businesses from soaring wholesale prices on the mainland by reducing the cost of wholesale electricity by about 20 per cent, and providing rebates to eligible customers to further reduce the price impact.”

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