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Category: Industry / Electricity Energy and Utilities / States and Territories

Hydro Tasmania records $65m loss after energy crisis

Thursday, 27 Oct 2016 08:22:48 | Georgie Burgess

The profit drop comes after record low levels in key dams like Lake Gordon. (ABC News: Richard Baines)

Tasmania's state-owned energy business Hydro Tasmania has posted a $65 million loss for the last financial year, less than the $90 million predicted.

It comes after an unprecedented energy crisis, brought on by low dam levels and a broken Basslink cable.

Hydro was forced to spend $60 million on diesel generators and could not sell power interstate for six months.

Aurora Energy will post a profit of $30 million and TasNetworks, a profit of $98 million.

Chairman Grant Every-Burns said the company remained financially strong.

"The 2015-16 year was very challenging by any measure," he said.

"The cost of the Energy Supply Plan was substantial, but certainly justified for the purpose of protecting Tasmania's energy supply and economy.

"By the end of this financial year, Hydro Tasmania expects to break even or post a small profit, and reduce net debt from $827 million to $772 million."

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