Hydro Tasmania today (Friday) published its 2024-25 Annual Report, outlining significant benefits to the State and prudent water management in the face of extended drought conditions.

Despite two of the driest years on record, storages remained above the Prudent Storage Level and well above the High Reliability Level for the duration of the financial year.

Hydro Tasmania delivered a $284 million capital works program to maintain and upgrade hydropower infrastructure, with $196 million going to local services and contractors.

The business ensured sufficient energy in the system to meet peak demand, continued core work with irrigators, community organisations and Tasmanian businesses, and managed recreational sites and waterways for the public to enjoy.

Low rainfall and conservative management of storages impacted revenue, with the business reporting an annual profit of $7.5 million. A dividend of $4.7 million will be returned to the Tasmanian Government.

Hydro Tasmania CEO Rachel Watson said the business had prioritised medium-and-long-term water management to ensure energy security and deliver lasting benefits for Tasmania in the long-term.

“As a hydropower business, our ability to generate power and revenue is tied to the rain, so year-on-year variability is unavoidable,” said Ms Watson.

“I’m incredibly proud of how our staff have managed our storages and delivered for Tasmanians. It’s a complex system that requires careful management, and we are in a good long-term position as a result.”

Ms Watson said rainfall in October this year had boosted Hydro Tasmania’s multi-season storages even further.

“The recent rain has been a very welcome addition to our storages and we will be carefully managing the water in the system as we head into summer.”

Highlights from the 2024-25 Annual Report include:

• $284 million spent on capital works to maintain and upgrade infrastructure including:
• Upgrades to power stations including Cethana, Lemonthyme, Mackintosh, Bastyan, Reece, Rowallan, Poatina and Gordon
• Upgrades to Edgar and Murchison dams
• Statewide dam safety assessments
• Replacement of the remote control and monitoring system
• Redevelopment of Pedder Wilderness Lodge
• 1,462 people employed across Hydro Tasmania, Entura and Momentum Energy, with 77% of staff based in Tasmania.
• Close attention to safety and low injury rates, with a 2.29 total recordable injury frequency rate, down from 2.51 in the previous year.
• Board approval of the updated Tarraleah redevelopment project business case.
• Key terms finalised with TasRex for an offtake agreement to buy power from the 288MW Northern Midlands Solar Farm.
• $260,000 provided through partnerships and grants for community benefit.
• 3,755 Tasmanian primary and secondary students participated in education programs.

To view the Annual Report, visit here.

Ends.