Security of power supply was a priority for PowerNet Ltd, although that focus saw its 2008-09 profit fall compared with the previous result.
The Invercargill-based company, which includes Electricity Invercargill Ltd, The Power Company Ltd, OtagoNet (the former Otago Power entity) and the Stewart Island Electrical Supply Authority, reported a post-tax surplus of $264,000 for the year ending March 31, 2009, compared with a $856,000 result the previous year.
The company, which manages networks on behalf of more than 66,000 consumers, continued to spend significant amounts on improving infrastructure and connections throughout its Otago and Southland catchments, including more than $6.2 million in the OtagoNet area.
In the report, chief executive Martin Walton and chairman Cam McCulloch said the southern networks continued to experience strong growth, although there were indications of a slowing in the latter months of the period.
Growth in the dairy sector and the zero fees scheme at the Southern Institute of Technology continued to contribute to increased activity in Invercargill.
"Towards the end of the [financial] year, there were some signs of the economic downturn beginning to impact on the South, but the more favourable exporting situation, the underlying diverse agricultural economy and the energy development potential have tended to dampen the adverse effects."
For the first time in its annual report, the environmental and social impacts of the company's business were also outlined.
Its proposed new headquarters building in Invercargill will employ environmentally friendly technology, including low-flow shower heads, energy-efficient dishwashers and smaller-volume water cisterns.
The firm is also looking at new ways of recycling old power poles with just 10% of them being sent to landfill.
