Hydro Tasmania recorded a profit of $169.7 million in 2017-18 which has allowed it to make a $80 million dividend payment to the government.
Hydro chairman Grant Every-Burns said the profit was partly due to trading conditions with more large-scale generation certificates and more electricity contracts sold to small businesses.
The dividend payment to the government was $12.3 million above what was projected in the state budget.
Net debt was $703 million – a reduction of $35 million from the previous year.
The company’s annual report released on Wednesday said the company invested more than $90 million into modernising and maintaining assets.
Energy sales totalled $172.3 million and energy purchases totalled $123.2 million.
There were more exports via the Basslink energy cable this year than last year and less imports with 1074 giggawatt-hours exported and 865 giggawatt-hours imported.
There was 9178 giggawatt-hours of hydroelectricity generated overall over the year.
Salaries for Hydro’s 11 executives will total $3.1 million in 2018 with an additional $411,000 in incentive payments.
Chief executive Steve Davy received a base salary of $485,000 and a $95,000 incentive payment.
The state’s retail energy arm, Aurora Energy, made an after-tax profit of $13.2 million and a $23.3 million return to the government.
Profit fell below the target of $18.8 million.
Energy Minister Guy Barnett said this was due to Aurora funding the Special Energy Bonus program.
Sales revenue was $923,623 for the year.
Aurora’s six executives will receive a combined remuneration package of $1.7 million in 2018.
This was more than $293,000 more than last year.
Chief executive Rebecca Kardos will receive a total package of $365,521.
Mr Barnett said a profit was made by both companies was delivered despite the government’s policy to cap power prices.
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