Power company Meridian's underlying profit has jumped as full hydro lakes increased generation and the company sold more power to big firms.
The electricity generator and retailer made an underlying profit of $251.9 million in the year to June, an increase of 29% on the same period the previous year.
The state-owned company made $251.9 million in the year to June, an increase of 29% on the same period a year ago.
Strong hydro lake inflows and near full storage levels helped push up generation revenue, along with the commissioning of the company's wind farm near Wellington.
The increase in power sold to large firms offset weaker household sales.
The company is focused on developing renewable generation projects, in New Zealand and Australia, including spending $500 million to help develop the Southern hemisphere's largest windfarm in Victoria.
Meridian will pay the government a dividend of $68.5 million, taking the total amount collected by the Crown this financial year to $158 million.