Trustpower has reported a 10.5% lift in net profit to $77.2 million for the six months to the end of September.
However, the Tauranga-based electricity generator and retailer says when the effects of the exchange rate are stripped out underlying earnings fell 8% to $69.9 million due to lower generation and sales.
Generation production fell 6%, with its North Island hydro production falling 28% due to the severe drought. This was partly offset by a 14% increase in wind production.
Chief executive Vince Hawksworth says a major step for the company was to progress its Snowtown 2 windfarm in South Australia to a month ahead of schedule.
The company has put up a third of the wind turbines and 14 of them are running.
Mr Hawksworth says when the windfarm is completed it will significantly increase Trustpower's revenues and profit.
He says the acquisition of Energy Direct by Trustpower means its customers are now able to get gas.
Mr Hawksworth says Trustpower will make a decision by the end of April whether to invest up to $60 million in the Ruataniwha Water Storage Scheme in Hawke's Bay.