No divided for state government as Aurora Energy takes a massive profit hit from coronavirus pandemic

Aurora Energy has posted a shock financial result for 2019-20, with its annual report detailing its troubles. SEE WHERE THE MONEY WAS LOST >>

• Labor calls for power price relief for struggling households
• Power bill relief for Tasmanian businesses

GIVING Tasmanian small businesses a power bill holiday has slashed Aurora Energy’s bottom line with the state-owned company posting its first loss since it became a stand-alone retailer in 2014.

Aurora Energy posted a $5.4 million loss and pointed to the Tasmanian government waiving power bills to small business during the pandemic as the driver of that loss.

Residential customers had also had a “reduced ability” to pay their bills during the health emergency, the company said in its annual report.

Aurora Energy will not provide a dividend to the state this year and in June the government provided a guarantee of its borrowings.

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Power generator Hydro Tasmania recorded an operating result of $172 million in the 2019-20 financial year, which was well above budget.

It listed its highlights for the year as its investigation of three sites considered suitable for pumped hydro development – Lake Cethana, Lake Rowallan and near the Tribute Power Station on the West Coast.

It will announce its preferred site by the end of this year.

Hydro Tasmania also struck an energy supply deal with Norse Skog to lock in supply until 2030 and its dam storages currently sit at 40 per cent.

Hydro Tasmania’s mainland electricity and gas retailer Momentum Energy grew its customer base by 11.9 per cent and is relocating customer service staff to Cambridge, it said in its annual report.