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TrustPower gains consent for West Coast hydro plant

Thursday 13th November 2008

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TrustPower, the utility controlled by Infratil, gained resource consent for a 46 megawatt hydroelectric that draws water from the Arnold River.

The consents granted by the Grey District and West Coast Regional Council can still be appealed in the Environment Court. The cost of the project will be about $185 million, TrustPower said in a statement.

This month, the utility reported a 4% gain in first-half profit after it increased electricity production, reducing its need to buy power on the spot market. TrustPower, New Zealand's fifth largest electricity generator with 34 power stations, said the first-half results put the company on track for a "satisfactory" full-year profit.

The shares were unchanged at $7.40 and are down 14% this year, less than half the decline of the NZX 50 Index.

By Jonathan Underhill

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