Trustpower has reported a flat underlying profit, as it battled intense competition and lower power prices.
Excluding one-off changes in the value of financial instruments and impairment costs, its underlying profit stood at $116.5 million in the year to March.
Operating earnings were steady at $274 million.
Chief executive Vince Hawksworth says it's a solid result in what have been difficult circumstances.
Overall, Trustpower's full-year profit fell 6% to $112.4 million.