Diverse renewables portfolio serves Mighty River Power

In New Zealand, Mighty River Power posted an interim result of $73.9 million net profit, crediting its success on a diversified generation strategy and geothermal development. Revenue of $521.8 million was down only slightly compared to $581.1 million in the same period last year, but the company said this reflected lower wholesale prices due to improved national hydro conditions. Mighty River has operated geothermal plants since 2000 and has an additional 140 MW (Nga Awa Purua) plant in construction. First production from the Nga Awa Purua is expected in the last quarter. Mighty River CEO Doug Heffernan said the company would remain focused on geothermal energy.