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Additional geothermal power boosts Mighty River Power profits

Nga Awa Purua geothermal power plant, New Zealand (source: Mighty River Power)
Alexander Richter 3 Mar 2011

State owned Mighty River Power reports higher net profits for second half of 2010, after having increased its geothermal power generation capacity by 69% through the commissioning of the Nga Awa Purua plant in New Zealand.

Reported from New Zealand, the country’s state owned Mighty River Power has reported higher net profits. After an increase of 15% the company now reports US$63 million for the second half of 2010, ending December 2010.

EBITDA numbers are up 22% reacing now US$172m due to increased power generation, in particular from its newly commissioned 140 MW Nga Awa Purua plant. This plant alone increased the geothermal power generation of Mighty River Power by 69%.

With geothermal representing around 30% of total electricity generation of Mighty River Power, the company can be considered one of the biggest geothermal power producers in the world. Over the last 5 years, the company has spent US$735m on the construction of new geothermal power plants.

Source: Stuff NZ