Power company Genesis Energy's half year net profit is up 78 percent to $49 million, as it had a smaller fall in the value of its power stations.
Genesis Energy's Huntly power station. Photo: Genesis Energy
Revenue was up 12 percent to $1.2 billion, but underlying profit was down slightly as expenses rose.
Chief executive Marc England said the company was losing fewer customers and making more sales of power and gas.
"Across the business, we continue to see the benefits of our product-led strategy pay off in a highly price-competitive market... (the) outcomes show that investing in great service, innovative products and loyalty initiatives is right for Genesis customers."
He said Genesis also played an important role in backing up the renewable power sources, such as hydro and wind, with the use of its gas and coal fired Huntly Power Station.
"This result was achieved during a period when the electricity sector was impacted by a national fuel supply shock caused by unprecedented gas shortages, low hydrology and cyclical plant outages.
"Across the six-month period, Genesis was regularly called on to run its Rankine units to help maintain security of supply," Mr England said.
Spot power prices hit a seven year high in October when hydro lakes were low and the country's largest gas supply, the Pohokura field, had an unplanned outage.
Genesis also owns some hydro and wind power plants.
It increased its dividend to 8.45 cents per share.