Australia’s largest renewable energy company, Hydro Tasmania, has announced a record profit.
The pre-tax profit of $238 million is more than double last year’s result.
The state-owned company will pay the Tasmanian Government a $116 million dividend in the current financial year.
But the outlook is not as positive.
Hydro predicts uncertainty in the years ahead because of the Federal Government’s plans to repeal of the carbon tax.
CEO Stephen Davy says the Direct Action package could mitigate the loss, but is light on detail.
“It’s difficult for our small-scaled hydro assets to be cost-competitive with large-scale brown coal,” he said.
He is forecasting strong profits for the current financial year, with a drop off after that.
• Mercury: Hydro Tasmania records historic before-tax profit of $238 million
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