Contact Energy says new power generation and storage facilities are already helping its bottom line.
Chairman Grant King told the company's annual meeting in Rotorua on that gas-fired peaker units at Stratford and its Ahuroa gas storage facility give it more flexibility and will continue to support earnings even in wet years.
In recent years the company's earnings have been hit by high hydro levels, dampened wholesale prices and increased competition for customers.
Contact did not issue a trading update or give any earnings guidance.
Shares in Contact have risen 11 cents, or 2%, to $5.74 on Wednesday.