New Zealand:

Geothermal Energy Lifts Mighty River Profits (Otago Daily Times)

Increase in revenue from geothermal energy makes up for reduced hydropower resources

Mighty River Power will pay an increased dividend of 13.5 cents a share after this morning reporting a sharp increase in operating earnings and a $97 million lift in full year profit to $212 million, a 84 percent rise.

The partially privatized former state owned enterprise said its result was above initial public offering forecasts of early last year.

It said earnings from its expanded range of geothermal power stations including from the new Ngatamariki station – which took geothermal production to 42% of the company’s total, contributed to the result.

The lift in earnings came in spite of the year to June being marked by the worst hydro inflows into the Waikato River hydro catchment in the company's history.

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