Manawa reports a $3m loss due to extreme electricity market conditions

Manawa's dams were run lower than they have been in more than a decade. (Image: NZME)

Fri, 08 Nov 2024

Wild winter electricity market conditions drove Manawa Energy to a $3.3 million loss after tax for the first half of financial year 2025, compared to the $55.9m profit for the six months ending September 2024.The generation-only company said a “perfect storm of very low sustained hydro inflows, calm wind conditions, constrained gas supply, and elevated gas prices culminated in reduced production volume and record wholesale electricity prices”.It had to hedge to cover the loss of production and on top of that there was a material pro...

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