It has been reported that the state-owned power Company, Genesis has gained $69 million post tax, after coming across a significant loss of $136m last year because of the downward evaluation of thermal generation assets at Huntly.

According to the reports, for this year EBITDAF was $249m and in 2008/2009, it was $202m, whereas underlying earnings of the Company sit at $88m and last year it was $82m.

Because of mild winter, lower retail electricity volumes and lower customer numbers, total revenue has come down to $1.895 billion. However, it was counterbalanced by decreasing the operating costs.

Reports revealed that renewable generation was increased by 3% to 1,815 gigawatt hours and thermal generation was decreased by 8% at 5,761 gigawatt hours.

In its last statement of corporate intent (SCI), all the key financial performance targets were surpassed by the Genesis but it will delay its final dividend to Government till the time they will meet the conclusion for the transfer of Tekapo A and B hydro stations.

Chief Executive of Genesis, Albert Brantley has said that the discussions with Meridian over the transfer of the Tekapo stations have ended.

“By and large, we’ve agreed on all technical terms associated with the relevant agreements to operate the assets.... We’re now in the final stages of discussions on commercial issues”, he added.