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Ann: QUARTER: TPW: Trustpower Limited Third Quater Operating Results

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    • Release Date: 05/02/15 13:01
    • Summary: QUARTER: TPW: Trustpower Limited Third Quater Operating Results
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    05/02/2015 13:01
    REL: 1301 HRS TrustPower Limited
    QUARTER: TPW: Trustpower Limited Third Quater Operating Results
    Trustpower Limited Third Quarter Operating Results for the Nine Months Ended
    31 December 2014
    Trustpower's operating statistics for the quarter ended 31 December 2014
    together with prior period comparatives are provided at the end of this
    Trustpower continues to make good progress on the implementation of its multi
    product retail growth strategy.  Total energy connections increased to
    262,000 including 23,000 gas connections.  Telecommunications growth
    continued as customers increased to 36,000 with 66,000 telecommunications
    services provided.  Importantly 50,000 customers are now taking 2 or more
    services, up from 35,000 customers in the prior period.
    Trustpower continues to experience lower than market customer churn levels.
    Mass market sales volume was up 7 percent on prior period, in line with
    customer account growth.  Time of use sales volume increased 18 percent over
    prior period reflecting the successful contracting of some significant
    commercial customers during the period and higher demand from larger
    industrial customers.
    New Zealand generation production was 6 percent above prior period but 6
    percent below expectation based on long term average.  South Island hydro and
    wind production was well ahead of prior period, North Island wind production
    slightly ahead but North Island hydro production was 6 percent below prior
    period following a sustained period of low inflows.
    During the third quarter New Zealand hydro storage moved to below average and
    electricity prices firmed accordingly. Some thermal plant was unavailable
    due to scheduled maintenance during December which impacted on prices.
    Australian wind generation of 876GWh was well ahead of prior period following
    the 270MW completion of the Snowtown Stage 2 wind farm in South Australia.
    However, low wind production in the third quarter has contributed to year to
    date wind production being 8% below expectation based on long term average.
    This trend has continued during January 2015.
    Australian hydro production of 170 GWh from the Green State Power assets
    acquired in July 2014 was 8% ahead of expectation.
    The outcome of the Australian Government's review of the Renewal Energy
    Target remains uncertain and this remains a near term barrier to further
    renewable energy investment in Australia.
    Trustpower continues to work with its advanced metering service provider,
    Metrix, to ensure robust end to end processes and systems are in place to
    facilitate the deployment of advanced meters and the provision of advanced
    metering services to Trustpower's mass market customer base. An initial pilot
    deployment of advanced meters has commenced and it is intended that a full
    suite of services and a 3 year deployment project will begin in the first
    half of 2015.
    BJ Harker
    End CA:00260360 For:TPW    Type:QUARTER    Time:2015-02-05 13:01:55
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