PowerNet Reaches $1 Billion in Assets Under Management

PowerNet's CEO, Jason Franklin, is proud of the key highlights outlined in the company's annual report.

John Hawkins / Stuff

PowerNet’s CEO, Jason Franklin, is proud of the key highlights outlined in the company’s annual report.

Southland company PowerNet reported an after-tax profit of $2.3 million for the 2021-22 fiscal year.

Earnings are up from the $2.05 million posted for fiscal 2020-21. At the start of the year, it reached the milestone of $1 billion in shareholder assets and investments under management.

PowerNet CEO Jason Franklin and President Bob Taylor in the annual report say that despite the challenges of an ongoing global pandemic playing out in the background, the company has made significant progress.

“Ensuring that we have up-to-date management agreements in place for an asset base of this scale is critical.”

*Covid-19 had a minor impact on Electricity Invercargill Ltd’s year-end result
* Tasman Network starts with $11.8m surplus and 704 new connections
* Power cuts increase at Invercargill during substation upgrade

The company has focused on how it can support the electrification and decarbonisation of New Zealand’s economy due to the country’s response to climate change and New Zealand’s commitments under the the Paris 2019 amendment law and the government’s first emissions reduction plan, which launched in May 2022.

It led to the commissioning of a heat inventory for all the industries in its networks.

The company’s shareholders, Electricity Invercargill Limited and The Power Company Limited, continue to diversify and support renewable energy development across the country.

Through the Southern Generation Limited Partnership, three hydroelectric power stations have been purchased in the North Island.

The stations were Speedy’s Road, Mangapehi and Matawai; and in addition the new Mariti hydroelectric plant was commissioned near Murchison.

PowerNet CEO Jason Franklin said he was proud of the top 10 highlights outlined in the annual report.

“Achieving the major milestone of having $1 billion in assets and investments under PowerNet’s management is entirely on point, especially as we are an Invercargill-headquartered company.

“However, we cannot overlook the significant and sustained improvements in workplace safety in recent years. We operate in a dangerous industry, but with leadership, systems and culture, we operate safely,” he said.

Being able to send the company’s team home unharmed every day was vital to the day-to-day business, Franklin said.

Franklin also highlighted how proud he was of how the team responded to the pandemic.

While there have been ongoing challenges throughout the pandemic, the team has risen to those challenges throughout and especially over the past year, Franklin said.

PowerNet is Aotearoa’s fourth largest electricity management company and manages most of New Zealand’s southern electricity assets.

The company employs 310 people, has 73,952 customers and has annual sales of $85.3 million.


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