ELECTRIC RESULTS FOR ENERGY COMPANY

Written on the 23 August 2012

ELECTRIC RESULTS FOR ENERGY COMPANY

ERM Power (EPW) has overcome floods, industrial action and weak consumption throughout the 2012 financial year to post a 111 per cent jump in net profit to $34.2 million.

The result prompted CEO Philip St Baker (pictured) to forecast the company will “become the fourth-largest seller of electricity in the national market this year.”

St Baker attributes the profit growth to electricity sales and gains from acquiring an 83.3 per cent stake in the Oakey power station and the subsequent consolidation of the utility facility.

“A major driver of the result was our electricity sales business, which was recently rated the number one business-energy retailer for service and value,” he says.

“The other major driver of the result is our generation business where our assets performed above expectation … we expect our generation business to continue to perform strongly over the long-term by delivering value from existing assets and developing and/or acquiring low-cost high value long term assets in the future.”

EPW expects high growth rates to continue as the group consolidates its position in the large commercial and industrial markets and expands to the small to medium enterprise (SME) segment during 2013.

“We are well positioned for development opportunities in the medium-term that we anticipate in Queensland and Western Australia, driven by electricity demand from liquefied natural gas and mining projects,” says St Baker.

“As a rapidly growing vertically integrated energy company, we are also well positioned to play a role in government electricity-generation asset sales in New South Wales and Queensland – or other assets sales if they arise.”

EPW shares increased slightly today to $1.88 per unit.


Latest News

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

ACCC GIVES GO-AHEAD FOR NEWS CORP TO BUY ARM

NEWS Corporation (ASX: NWS) has been given the green light to acquire Australian Regional Media (ARM) from APN New...

ENTREPRENEUR'S NEW VENTURE SWEET AS 'HONEE'

A MELBOURNE entrepreneur hailing from the food tech scene has launched a new venture to change the face of beauty....

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter