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Wednesday, October 26, 2005

Aurora posts $49m profit

The Mercury: Aurora posts $49m profit [27oct05]

GOVERNMENT-owned power company Aurora Energy recorded a before-tax profit of $49 million in 2004-05.

With income from local electricity and gas markets, it returned $36 million of this profit to the Tasmanian Government in dividends.

Aurora's performance details were in its annual report for the 2004-05 financial year, tabled in State Parliament yesterday.

Performance highlights included:

An after-tax profit of $30 million

Energy sales reaching a new high of 10,027 gigawatt hours;

Improvements in supply reliability and safety performance;

The introduction of a $100,000-a-year hardship policy to protect financially vulnerable electricity customers;

Increased emphasis on community safety.
Energy Minister Bryan Green said Aurora's performance indicated it was particularly well placed to meet the challenges posed by Tasmania's entry into the national electricity market in May 2005 and the start of competition from mid-2006 onwards.

The annual report of the Office of the Energy Regulator revealed that the cost of Transend's North East area upgrade blew out from $17 million to $31 million because it did not start work on the project quickly enough.


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