State-owned national grid operator Transpower has made an annual profit of $142 million, an increase of $6.6 million on last year.
The rise is due to an increase in transmission revenues, as the new Drury switching station and the second Otahuhu substation came online during the year, and lower reserve charges for the High Voltage Direct Current link which runs between the North and South Islands.
Transpower chairman Wayne Brown says the focus over the past year has been to deliver projects under the $3.8 billion investment programme that will secure the national grid.
Because of the need to fund the extensive capital works programme, Transpower will not pay the Government a dividend this year.
Payments are expects to resume in 2012-13 financial year after the peak of the investment cycle.