Hydro Tasmania delivers $168m profit and safety record

Strathgordon hydroelectic dam in south-west Tasmania (hydro tasmania profit)
Strathgordon hydroelectic dam in south-west Tasmania (Image: Shutterstock)

Hydro Tasmania has tabled its 2022-23 Annual Report, which reveals it generated almost all of the state’s electricity needs from renewables as well as returning strong profits for Tasmanians and preparing the economy for electrification.

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Hydro Tasmania reported a profit of $168 million before tax. It will deliver a $105 million dividend to the Tasmanian Government, which was above the $74 million returned in 2022.

Hydro Tasmania CEO Ian Brooksbank said the company was investing in its asset fleet of 30 power stations and 54 dams, with an eye to the future.

“We are maximising our hydropower capacity to support the growth and electrification of the Tasmanian economy,” Brooksbank said.

“This means modernising and maintaining existing infrastructure and planning for future needs through the Battery of the Nation projects.”

Brooksbank cited Hydro Tasmania’s safety record as the most significant achievement in 2022-23.

Related article: Hydro Tasmania announces ambitious net zero targets

“This year, we recorded the lowest injury rate on record. Nothing is more important than ensuring our staff return home from work safely,” he said.

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