Hydro Tasmania has again delivered on its commitments to the state, generating almost all of the State’s electricity needs from renewables, returning strong profits for Tasmanians and preparing the economy for electrification.

In its 2022-23 Annual Report, tabled in State Parliament today (Tuesday), Hydro Tasmania reported a profit of $168 million before tax.

It will deliver a $105 million dividend to the Tasmanian Government, which was above the $74 million returned in 2022.

Hydro Tasmania Chair Richard Bolt said the results demonstrated astute management of a complex business through turbulent weather and market prices.

“After a dry start, there was above average rainfall later in the financial year,” Mr Bolt said.

“We maintained storages well above prudent levels in anticipation of El Nino. And, we gained good value for every drop of water, importing when prices were negative or low and exporting when they were high.

“This resulted in a secure power supply and high dividends returned to the Tasmanian Government for public infrastructure and services.”

Hydro Tasmania CEO Ian Brooksbank said the company was investing in its asset fleet of 30 power stations and 54 dams, with an eye to the future.

“We are maximising our hydropower capacity to support the growth and electrification of the Tasmanian economy,” Mr Brooksbank said.

“This means modernising and maintaining existing infrastructure and planning for future needs through the Battery of the Nation projects.”

Mr Brooksbank cited Hydro Tasmania’s safety record as the most significant achievement in 2022-23.

“This year, we recorded the lowest injury rate on record. Nothing is more important than ensuring our staff return home from work safely,” he said.

Highlights from the 2022-23 Annual Report include:

• Pre-tax profit of $168 million (target was $74 million)
• $105 million dividend to Tasmanian Government (dividend in 2022 was $74 million)
• Total Recordable Injury Frequency Rate of 1.86 (lowest on record)
• 40.4% Total Energy in Storage at 30 June (above the Prudent Storage Level of 29.7% and the High Reliability Level of 21.7%)
• 8,303 GWh generated
• 1,290 full-time equivalent staff, 73% of our workforce is based in Tasmania
• Significant progress on Battery of the Nation projects:
• Federal Government commitment for low-cost financing
• Committed $123 million to Tarraleah’s future, readying the scheme for future redevelopment and employing 100 full-time-equivalent roles
• Identified preferred redevelopment option for Tarraleah scheme, which will more than double peak capacity, increase energy output and create 250 jobs during construction
• Commenced environmental approvals for Tarraleah redevelopment and pumped hydro at Lake Cethana
• Advanced detailed commercial analysis for both major projects
• Engaged with local community and other stakeholders
• Purchased Tarraleah Village to house future workforce (still open to visitors)
• $30 million spent to renew and modernise power stations at Rowallan, Poatina, Lemonthyme, and Meadowbank
• Launched plan for net zero reportable scope 1 and 2 emissions by 30 June 2025
• Momentum Energy (Hydro Tasmania’s retailer) maintained its customer load of more than 3TWh, and achieved a $12 million profit (target was $11.5 million)
• Entura (Hydro Tasmania’s international consulting business) provided services in Australia, the Solomon Islands, Cook Islands, Tuvalu, Papua New Guinea, the Philippines, Timor, and Thailand
• Major focus on diversity, equity and inclusion with updated policies and initiatives to advance gender equity, accessibility, and outcomes for First Nations People. As of 30 June, 39.7% of our leaders were women.

Media contact: 0409 722 359 / media@hydro.com.au