After-tax profit of $5.1m for Network Waitaki
The Oamaru-based electricity distribution company's 2025 annual report shows it made a $5.1million after-tax profit.
Network Waitaki, which is wholly-owned by the Waitaki Power Trust (WPT), also paid a discount and returned $1.15m to consumers through energy retailers.
"This is the benefit of your network being owned 100% by the Waitaki Power Trust," the WPT latest annual report states.
"This financial result has been achieved following a focus on tight cost-control measures to counteract the inflationary environment experienced over the year.
"Sustained profitability is essential so that Network Waitaki can support the reinvestment that is needed in the network over the coming decade.
"Trustees understand affordability is a real issue for power users, especially in the current economic climate.
"While the network requires investment, there is a concerted effort to spread the cost over a long period, so costs don't only fall on today's users where upgrades have longer term benefit for the next generation of customers."
For the year ending March 31, 2025, Network Waitaki recorded a total revenue of $35.5m, down $1m on 2024.
The $5.1m after-tax profit was $0.96m up from the 2024 financial year.
The profit has been invested back into the company.
Company assets grew 7.7% to $162m, putting the year-end debt position at $17.65m, with a debt-to-total assets ratio of 10.8%.
Network Waitaki chief executive Dylan Andrews presented highlights of the report to the annual meeting on Tuesday and said the company had successfully delivered on its core business objectives and met its targets outlined in its Statement of Intent around safety, financial performance and reliability.
"I'm particularly proud to report that there were no lost time injuries in any critical risk areas. Safety remains our top priority in both the planning and operation of our business," he told the Oamaru Mail.
"NWL has made payments of $17.5m to local suppliers and staff during the financial year. Additionally, our $155,000 sponsorship programme further demonstrates our commitment to supporting our region.
"We continue to maintain the electricity network with a dedicated workforce of 100 employees, ensuring high levels of reliability.
"However, our greatest challenge is addressing the constraints in certain parts of our network, which could lead to disruptions during a hot and dry summer if demand exceeds capacity. We have precious little headroom therefore need to address this over the coming years.
"To tackle this issue, the company is exploring various solutions, including the development of a new Grid Exit Point [GXP] that supports renewable energy sources such as solar and battery storage. It is crucial that any investment in a new GXP is carefully planned, timed and co-ordinated with all parties to ensure the fair distribution of costs, as we are mindful of the pricing impact on both current and future electricity customers."
Network Waitaki sets distribution (lines) charges, which is the amount it charged electricity retailers to transport electricity to homes. It makes up about 27% of a total household power bill.
Lines charges recently rose about 19%, effective from April 1,which is start of the company's 2026 financial year.
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