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Highlights 2011

Earnings before interest, tax, depreciation, amortisation and fair value movements of financial instruments was $274.4 million.

Underlying earnings after tax of $116.5 million.

Completion of 36MW Stage 1 Mahinerangi Wind Project ahead of schedule and under budget.

Completion of Highbank pumping project on schedule. Fifth pump added in response to increased demand from irrigators.

Awarded Energy Retailer of the Year at the 2010 Deloitte Energy Excellence Awards.

Strategic Focus 2012

Replacement of customer information system.

Protect and grow TrustPower’s premium retail brand.

Progress hydro scheme enhancement opportunities to provide additional peaking capacity for the Group’s generation portfolio.

Progress Canterbury hydro / irrigation opportunities.

Progress wind development opportunities in Australia including Stage II expansion of the Snowtown Wind Farm.

Complete Bream Bay 9MW diesel plant to enhance North Island peaking generation capacity.