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This presents Excellent News. Bought more TPW on this annoncement.
23/12/2004GENERAL REL: 0902 HRS TrustPower Limited
GENERAL: TPW: TrustPower Plans New 120MW Wind Farm
Electricity generator and retailer TrustPower has announced plans to build the Southern Hemisphere's most technically advanced wind farm, adjacent to its existing facility in the Tararua Ranges.
Chief Executive Keith Tempest says the company has lodged a resource consentapplication with the Palmerston North City and Tararua District Councils for a wind farm consisting of 40 turbines, each delivering 3MW, and capable of producing enough power for 52,000 homes.
TrustPower's existing Tararua wind farm, which was built in 1999 and doubled in size this year, already produces enough power for 32,000 homes.
Mr Tempest says the proposed 3MW turbines represent the very latest technology available on the world market, and demonstrate the huge advances in efficiency that wind-turbine manufacturers have achieved over the past few years. Only a year ago, TrustPower would have been looking to install atleast 70 turbines to achieve the same performance, and five years ago would have required more than 160.
"Our Generation Manager and Wind Farm Development Manager recently completed a tour of international wind-turbine manufacturers, to make on-site inspections of their manufacturing and research and development facilities,and to validate each manufacturer's performance, warranty and service supportclaims.
As New Zealand's most experienced wind-farmer, TrustPower wants to make sure that it is using the very best technology available, in terms of cost, performance efficiency, reliability, and backup."
Mr Tempest says the project, which he hopes will be delivering power to New Zealand homes before the winter of 2006, is expected to cost $220 million.
The construction of the project will inject an estimated $70 million into the local economy, and once complete the new wind farm will employ a further team of seven full-time technical staff, which will also be of on-going benefit tothe region.
"All of that depends of course on our gaining a resource consent under favourable terms and in a reasonable time. We have lodged this consent application somewhat later than we had hoped, but that reflects our efforts to consult with a wide range of local stakeholders. That initial consultationhas revealed overwhelming support for our proposal, and as a result we areconfident the project will have community support.
Early next year everybodywill have the opportunity to put forward their view as part of the resourceconsent process, and we encourage them to do so."
Mr Tempest says TrustPower anticipates that with a resource consent being granted during the first quarter of 2005, the new wind farm can be generating power to help meet consumer demand for the winter of 2006.
"That will take New Zealand another step toward adding much needed additionalelectricity supply and targets for sustainable electricity generation, whileat the same time off-setting some 260,000 tonnes per annum of CO2 emissions,helpful in meeting Kyoto targets."
Keith TempestChief Exeuctive
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One of the best in 2004. I predict it will be one of the best in 2005. Heading in the right direction the sp trend is on a very steep uptrend and will continue to trend up. Not many people picked it in the competition which surprised me. macdunk
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Member
My best LT stock for 2004-up 94% for yr-should have another good yr.
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Will continue in 2005 to follow my strategy of holding:
-a producer/explorer of primary energy = Cue(asx).
-a producer of electricity = Tpw (nzx).
-a distributor of electricity/gas = Vector Bonds (ndx).
Cue (asx), a dual listed company, therefore exchange rate gains possible for 2005.
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does tpw have a DRP? and anymore info too?
Oil - NZO
REE - ARU
Copper - EQN/OXR/TMR
Iron- AGO/ADY/UMC
Nickel-WSA
PGM/Gold - PLA/VRE
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TRUSTPOWER, latest announcement unaudited tax surplus up 17pc for the 2004 year. MACDUNK
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Member
Should get it moving again.
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Why is tpw heading down whilst cen heads up?
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fISH, Not to many shares on the open market moves up and down with very little volume. macdunk
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A reasonable year for TPW. I guess MacDunk will be along later to go on about it.
Disc: Own a tiny bit of IFT who own a bigger bit of TPW.
[quote]quote:
TPW
13/05/2005
FLLYR
REL: 0956 HRS TrustPower Limited
FLLYR: TPW: TrustPower Limited Audited Financial Results YE 31 March 05
- Consolidated operating surplus after tax was $73.2 million for the year
ended 31 March 2005.
- Earnings before interest, tax, depreciation and amortisation $173.3
million.
- Fully imputed final dividend of 10.5 cents per share payable 29 July 2005
(record date of 15 July 2005).
Media Statement
Friday, 13 May 2005
TrustPower Limited Audited Financial Results for the Year Ended 31 March 2005
TrustPower's, consolidated operating surplus after tax was $73.2 million for
the year ended 31 March 2005, representing an 18 per cent increase on the
result for the 2004 financial year.
Earnings before interest, tax, depreciation and amortisation grew by 23 per
cent to $173.3 million from $140.4 million in the previous year.
Operating revenue of $612.3 million declined 3 per cent on the previous year
as a result of lower energy prices charged to those customers paying spot
market prices. Total volume sold was 5,873 GWh compared with 5,656 GWh in
the year to 31 March 2004, an increase of 4 per cent. Customer numbers
remained steady at around 225,000.
The New Zealand electricity environment for most of the 2005 financial year
featured above average lake storage levels and inflows. For the first nine
months of the year this led to low spot prices. However, in the final
quarter, while the previous hydro conditions prevailed, spot prices lifted
significantly due to a combination of thermal generators having capacity out
for scheduled maintenance, inter-island transmission constraints and some
North Island thermal generation not being able to be run at normal capacity
due to resource consent restrictions on cooling water.
Generation assets performed strongly with 2,071 GWh produced in the year to
31 March 2005 compared with 1,738 GWh in the prior year. This increase in
generation production was attributable to 10 months of production from Stage
II of the Tararua Wind Farm as well as higher than average production from
the Company's hydro assets following strong inflows particularly during the
last quarter.
Operating expenses including energy and line costs were down 8 per cent for
the year. The main reason for this reduction was lower energy costs relating
to spot paying customers offset by material increases in depreciation,
interest and electricity line costs.
Group operating cash flow was $110.0 million for the 2005 financial year
versus $90.9 million in the previous year.
TrustPower's balance sheet as at 31 March 2005 remains very strong and
provides a platform to support investment in new generation. Shareholders'
funds have increased to $883 million from $866 million. Debt (including
subordinated bonds) to debt + equity was 29 per cent at year end 2005
compared with 30 per cent year end 2004.
Net profit after tax, return on average shareholders' funds was 8.4 per cent.
Progress on the South Australian wind farm projects has been slower than
expected. Some key project arrangements have been completed and others are
awaiting counterparty approvals or are in the final stages of negotiation.
The decision whether to progress the Snowtown and Myponga projects through to
construction hinge on the South Australian Authorities granting a generation
license to each project.
This week the Tararua Stage III wind project is the subject of a resource
consent hearing. TrustPower is hopeful of a positive outcome from the
hearing so that it can move to conclude a turbine supply arrangement and
proceed to construction.
From TrustPower's perspective the process required by the Resource Management
Act is both time consuming and resource intensive. The Company is hopeful
that
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