Earnings before interest, tax, depreciation and amortisation were NZ$139.8 million (NZ$114.9 million in 2003).

New Zealand had above average hydro lake storage levels and inflows, so spot electricity prices were much lower than they were in 2003 when hydro storage levels were low. The 2004 weighted average price was NZ$37 per MWh compared with NZ$82 per MWh in 2003.

TrustPower's own generation assets produced 1648GWh during the last nine months of 2004 (1366 GWh in 2003) due to favourable generation conditions and the additional output from the Tararua Wind Farm.

Chairman Harold Titter said TrustPower remained focused on hydro generation and wind farm development opportunities in New Zealand and wind farm development opportunities in South Australia.

Negotiations in relation to the South Australian Wind Farm projects were continuing and TrustPower expected these to be concluded by the end of March.

New opportunities with respect to the Snowtown Wind Farm Project had been identified, which TrustPower expected would make a stronger investment case and justify a decision to proceed with development.