Hydro Tasmania’s 2021-22 Annual Report showed annual profit of AUD$149 million ($96.4 million), well above the corporate target according to Chairman Grant Every-Burns.
“Despite the volatility seen in the energy market, it’s been a successful year for the business, driven by the passion, commitment and hard work of our people to deliver positive outcomes for Tasmania,” Every-Burns said. “We achieved positive results on many fronts – prudently managing storages in a year of inconsistent rainfall inflows, progressing initiatives that promote diversity, equity and inclusion, a strengthened focus on waste reduction and management, helping communities thrive by supporting a diverse range of programs and carefully maintaining and modernizing our generation asset portfolio.”
Among the highlights of the report are:
Profit of AUD$149 million, 30% above the corporate target of AUD$114 million ($73.7 million)
Another record low Total Recordable Injury Frequency Rate of 3.87
A funding commitment from the federal government to progress activity on reimagining the Tarraleah hydropower scheme, part of the Battery of the Nation initiative
Completion of a technical feasibility assessment of Hydro Tasmania’s preferred pumped hydro site at Lake Cethana
Significant progress on the multi-year AUD$80 million ($51.7 million) modernization and maintenance program for the Trevallyn, Catagunya and Lake Echo power stations
Investment in the Bass Strait island service capacity to meet increased consumer connection demand
Launch of a new, more equitable and progressive parental leave policy and participation in the RecruitAble national pilot program designed to increase the inclusion and accessibility of mainstream recruitment processes
Secured funding through the Tasmanian Government’s Supporting Women to Succeed Grants Program to run a “Girls in Power” event, designed to inspire young women on renewable energy career possibilities
Entura will continue to provide a voice for Tasmania and Australia in shaping and guiding the International Hydropower Association’s work, with the managing director being re-elected to their board
“We are committed to building a culture that allows our people to thrive and forge a bright future, achieving great things for the benefit of Tasmania and Tasmanians,” said Chief Executive Officer Ian Brooksbank. “I am particularly pleased at the progress made towards our Battery of the Nation ambitions thanks to the efforts of our Hydro Tasmania and Entura teams, and for the continued strong support from the Australian and Tasmanian Governments for Tasmania’s clean energy future.”
Hydro Tasmania is Australia’s largest hydro company by volume generated, with more than 30 hydropower stations and a hydro consulting business, Entura, operating internationally. Hydro Tasmania’s mainland retail business, Momentum Energy, sells electricity and gas on mainland Australia and on the Bass Strait Islands.
