Trustpower says rainfall in the last three months helped strengthen its half year result.
The electricity generator and retailer posted a profit of $66.8 million for the six months to September, a rise of 4% on the same period last year.
The company paid a weighted average spot price of $185 per megawatt hour over the half year - nearly three times the price from the same period a year earlier.
However Trustpower says that spot price was actually kept in check as rainfall in late winter boosted hydro catchment areas.
Seperately the company also announced it is considering an offer of unsecured subordinated bonds, worth up to $100 million.
