Integrated Report

The report describes a difficult FY25 operating environment, including record-low hydro inflows and gas availability challenges, while highlighting progress on renewable development such as Harapaki Wind Farm and Ruakākā BESS. It revises the Scope 3 Half by 30 target to a 51.6 percent reduction in emissions per megawatt of installed capacity by 2030. The report also adopts an explicit double materiality approach that considers environmental and social impacts alongside financial impacts.