Powering a sustainable future

27 October 2022

Despite a year of disruption for the electricity industry, Hydro Tasmania has delivered strong financial performance and significant achievements across our business, our people and our communities.

Chairman Grant Every-Burns said Hydro Tasmania’s annual profit of $149 million was well above the corporate target, ensuring a strong dividend return will be delivered for the people of Tasmania to support vital infrastructure and services.

“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,” Mr 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 modernising our generation asset portfolio.

“Momentum Energy and Entura again delivered strong results for their customers,” he said.

CEO Ian Brooksbank echoed the sentiment of the Chairman on the ongoing effort of Hydro Tasmania’s people that underpinned another year of significant achievement.

“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.

“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,” Mr Brooksbank said.

Highlights from the 2021-22 Annual Report include:

  • We reported a strong yearly result for the people of Tasmania, with a profit of $149 million, 30 per cent above our corporate target of $115 million.
  • We continued to keep our people safe, recording another record low Total Recordable Injury Frequency Rate (TRIFR) of 3.87.
  • The Battery of the Nation initiative took a major step forward with a funding commitment from the Federal Government to progress activity on reimagining the Tarraleah hydropower scheme. We also completed a technical feasibility assessment on our preferred pumped hydro site at Lake Cethana, gaining the level of confidence needed in the project’s viability.
  • Significant progress was made on our multi-year $80 million modernisation and maintenance program for Trevallyn, Catagunya and Lake Echo power stations and we invested in our Bass Strait island service capacity to meet increased consumer connection demand.
  • Our commitment to diversity, equity and inclusion was reflected in the launch of a new, more equitable and progressive parental leave policy, and participation in a national pilot program called RecruitAble, designed to increase the inclusion and accessibility of mainstream recruitment processes.
  • We 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.
  • Momentum Energy’s green energy credentials received a boost, with a 4.5 star out of 5 rating in the influential 2022 Greenpeace Green Electricity Guide and being named by Choice as one of Australia’s top 3 electricity providers.
  • Entura will continue to provide a voice for Tasmania and Australia in shaping and guiding the International Hydropower Association’s work at a crucial time in the global clean energy transition, with the Managing Director being re-elected to their Board.

Hydro Tasmania’s 2021-22 Annual Report was tabled in State Parliament today and is available on our website.

Ends.

Released for Hydro Tasmania by Lyn Southon / 0409 722 359 / media@hydro.com.au

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