The Company remains challenged by the ongoing drought conditions being experienced across south-eastern Australia which drove reduced hydro generation in 2019.

Market and regulatory intervention and elevated levels of competition in retail markets will also have an impact on performance. Delivery of customer growth will require innovation with our partners, sales channels and products as well as maintaining the focus on customer service and people engagement.

Snowy Hydro remains well positioned with its unique asset portfolio as the largest provider of peak energy in NSW and Victoria, critical to contributing to system security. Focus in the coming period remains on operational and portfolio risk management in light of a dry outlook.