Mixed Greens: Renewables exports lift Tassie Hydro profits | RenewEconomy

Mixed Greens: Renewables exports lift Tassie Hydro profits

Renewable exports to mainland lift Tassie Hydro to record profit; Pacific Hydro seeks new CEO, Q-Cells passes the cyclone test.


Increased revenue from renewable energy exports to mainland Australia have helped Hydro Tasmania more than double pre tax profit to  $238 million for 2012/13, the largest profit in its history. The result included around $70 million from the carbon price and a similar amount from increased generation which saw record exports across Basslink.

This result will see an expected return to the Tasmanian Government during 2013/14 of $263 million, including a dividend of $116 million. During 2012/13, the business returned $125 million, including a dividend of $51 million.Chair Dr David Crean said that over the next two years Hydro Tasmania expected to return more than $450 million to the State.

“This was a year in which the true value of the State’s 100-year investment in renewable energy was finally realised,” Dr Crean said in a statement. However, he said  the outlook after 2014 was more uncertain given the subdued wholesale electricity market, reduced customer demand and uncertainty over carbon pricing. He said the annual result also highlighted the importance of Basslink to the State, as well as the acquisition of mainland retail business Momentum Energy, which delivered a profit of $17 million.

PacHydro looks for new CEO

Australia’s largest renewable energy specialist Pacific Hydro has begun a global search for a new CEO after Rob Grant announced he will leave the company in July, 2014. Grant will have served nine years as CEO by the time of his departure, although recent years have been spent in South America because of greater opportunities for renewables in Brazil and Chile. A global executive search to appoint a new CEO will be conducted by the Board and the company’s owner, Industry Funds Management (IFM).

Pacific Hydro chairman Garry Weaven said Grant was responsible for the successful development, financing, delivery and operation of nine new hydro power projects and nine wind farms in Australia, the Philippines, Fiji, Chile and Brazil. “The future is looking bright for Pacific Hydro across our operating markets with the start of construction of the final stage of the Portland Wind Energy Project and expansion of our retail activities in Australia, the development of our first wind farm in Chile and key partnerships under development in Brazil,” Weaven said in a statement.

In other news…

Hanwha Q CELLS’ PV modules have passed the Australian James Cook University’s stringent cyclone test, the university’s Queensland testing station certifying that the Q.PRO-G3 and Q.PEAK-G3 solar modules – engineered in Germany – can withstand wind speeds of up to 240km/h. “Withstanding a 1 in 500 year cyclone in Australia’s most severe wind region is something only very few PV modules are capable of,” said Hanwha Q CELLS COO, Andreas von Zitzewitz. The Cyclone Testing Station subjected the modules to two types of tests to ascertain their strength – a static and a dynamic test. During the first test, increasing pressure is being applied onto the modules’ back until it breaks. The second simulates the effects of dynamic loads by alternately pushing and releasing pressure onto the back of the module, all the while increasing the pressure. According to the results, the Q CELLS modules would have withstood cyclone Larry (2006) with wind speeds of up to 215 km/h. In addition, the modules proved to be strong enough to survive a 1 in 500 year cyclone in wind region C, the most severe region for Australian cities.

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1 Comment
  1. Limen Wrinkle 7 years ago

    If profits from renewable energy in the ‘clean energy state’ are becoming that good then perhaps the Tasmanian government should consider extending that by funding the geothermal slim hole drilling program at the prospective Lemont resource in the east of the state. This investigation project carried out by Kuth Energy has been drill ready for over two years but has stalled only for lack of funding support. Geothermal power generation would be an excellent complement to the state’s hydro power resources. In addition it would provide energy guarantees against possible droughts, as well be a source of cheap industrial heat for a cool state.
    The Basslink is a great export vehicle adding no further costs.
    Limen Wrinkle

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