Electricity retailer default costs Manawa $17m
Power generator warns of $35m hit to profits, half caused by bad debt from customer and half from forced power purchases at ‘extremely elevated’ prices.
Manawa owns 25 small hydro power stations in the North and South Islands.
Electricity generator Manawa Energy has revealed a likely $35 million hit on its profit from a combination of bad debt and abnormal market conditions.
In a statement to the NZX, Manawa said an electricity retailer it supplied was in default of payment terms, forcing it to take a provision for the
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