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Electricity Lines Businesses Audit Update

Electricity Lines Businesses Audit Update: Commerce Commission Approves Eight Asset Valuation Reports

The Commerce Commission has approved the asset valuation reports of eight electricity lines businesses, and is continuing to work with 21 others on their valuation reports.

The eight businesses whose reports have been approved by the Commission to date are:

* Dunedin Electricity Limited;
* Electricity Ashburton Limited;
* MainPower NZ Limited;
* Northpower Limited;
* ScanPower Limited;
* United Networks Limited;
* Waipa Networks Limited; and
* WEL Energy Group Limited.

Under Part 4A of the Commerce Act, the Commission is required to carry out a comprehensive audit of the asset valuations of every large electricity lines business. All such businesses must publicly disclose an asset valuation report that has been approved by the Commission by 31 March 2002.

The Commission is also working with Transpower which is subject to the same requirement.

Further background on this matter is available from the Commission's website, http://www.comcom.govt.nz.

Ends

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