Transpower is to pay a full-year dividend of $315 million to the Government, following a rise in full year profit.
Profit for the national gride operator rose 8% to $84.8 million in the year to June, compared to the previous year.
But after excluding unrealised one-off items, underlying profit jumped by 33% to $167 million.
Chief executive Patrick Strange says the grid operator earned more from users of the network, and kept costs down.
Now the company is through the peak of its investment programme.
"We kept the costs down pretty flat," he says. "Now revenue has increased because we've commissioned some of the assets we've been building".
"It was a result that was on-plan, with no pot-holes to fall into", Mr Strange says.