Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Waikato electricity distributor WEL Networks reported an $18.7 million annual net profit, with the result puffed up by the one-off profit from the sale of wind farm resource consents to Meridian Energy.
The wind farm WEL partnered with Meridian on is the $200 million Te Uku wind park, which brought in a $3.2 million one-off profit for WEL.
This helped boost the profit from last year’s $15.8 million.
Another highlight of the year was getting consumer-owned lines businesses, such as WEL, exempted from price and quality controls.
As WEL Network’s shareholder is a community trust, Waikato households will receive an average $275 payout from the $22.8 million being paid out from this year’s profits.