Hydro Tasmania will return a dividend of $122 million to be spent on vital infrastructure and services for Tasmanians, after delivering a pre-tax profit of $193.7 million in the 2023-24 financial year.

Following tabling of its annual report in parliament today (Thursday), Acting CEO Erin van Maanen said the company delivered a great result, performing beyond targets despite recording the lowest inflows in 90 years.

“Our revenue is highly dependent on how much energy we can generate and that depends on how much it rains, so it was a tough year from that perspective,” Ms van Maanen said.

“But thanks to careful management and planning, we maintained reliable generation and healthy dam levels and ensured we delivered good returns for every drop of water.”

Ms van Maanen said connection to the National Electricity Market (NEM) was important for managing water storages and delivering the healthy dividend.

“We took advantage of market conditions to import energy when prices were low or negative. We either used that energy here, to offset lower rainfall, or we sold it back for a profit when prices peaked.”

Ms van Maanen said Hydro Tasmania continued to prepare for the future, efficiently investing in its fleet to support growing on island demand and help keep power prices as low as possible.

“Our hydro network can’t stand still in time. We’re transforming it to ensure it delivers for Tasmanians today, tomorrow and for generations to come.

“Over the 2023-24 financial year we also progressed proposals for major new developments at Tarraleah and Cethana, and we invested $241 million to maintain and modernise our existing fleet.”

Highlights from the 2023-24 Annual Report include:

• $193.7 million profit before tax, including $12.1 million from retailer, Momentum Energy
• $122 million to be returned to the State Government as dividends
• $241 million spent on capital works to maintain and upgrade infrastructure including:
• Major works at Tarraleah and Lake King William
• Upgrades to Mackintosh, Lemonthyme, Rowallan, Gordon and Poatina power stations
• Works at Murchison and Meadowbank dams
• Redevelopment of the Pedder Wilderness Lodge
• Completion of a new 1.5MW solar farm on King Island
• Provided employment for 1,395 full-time equivalent staff, 75 per cent are based in Tasmania
• 73 per cent employee engagement score, up from 69 per cent the previous year
• 2.51 total recordable injury frequency rate, maintaining low levels of workforce injuries
• $223,000 provided through partnerships and grants for community benefit
• 4,500 Tasmanian primary and secondary students participated in education programs

Ends.

Media contact: Louisa Wright / 0409 722 359 / media@hydro.com.au