Profit plunges 99% at Manawa Energy
Unprecedented weather conditions left the hydro generator exposed to the spot market during a period of record high prices.
Manawa had a generation shortfall of 384GWh in the year to March.
Hydro electricity generator Manawa Energy has reported a 99% plunge in profit, mainly driven by its need to buy electricity at record wholesale prices owing to a shortfall in its own generation.
Net profit for the year to March was $0.25 million, down from $23.7m the previous year.
Most of Manawa’s
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