Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Transpower records strong performance

04 November 2004

Sir Colin Maiden Chairman

Transpower records strong performance

The owner and operator of the national electricity grid, Transpower New Zealand Ltd, has reported a net surplus after tax and before asset revaluation for 2003/04 of $64.7 million.

“Transpower will pay the Crown a dividend of $40 million,” Sir Colin Maiden, Chairman of Transpower, announced today.

In 2002/03 Transpower’s net surplus after tax and before asset revaluation was $56.5 million.

Sir Colin said that Transpower’s strong financial performance was achieved by a combination of increased transmission revenue and a significant reduction in operating costs.

“Operational performance was strong, with both HVDC and HVAC availability exceeding targets set out in the Statement of Corporate Intent. Unplanned supply interruptions were also well within the target.”

Sir Colin said that Transpower is focused on delivering a range of short and long term grid investment initiatives.

“Transpower will ensure that the grid continues to meet present demand, while planning for a strong future grid. During the year the board approved short term grid investments in the order of $25 million. At the same time, substantial progress was made on developing major projects, which will require an estimated $1.5 billion to be spent or committed by the end of the decade. “I believe Transpower is well positioned for the future,” Sir Colin said. “The company has a clear focus on ensuring that the national grid receives the investment necessary to meet New Zealand’s future needs.”

2003/04 Highlights
Financial Performance 2003/04 2002/03

Transmission Revenue

Total Revenue $455 million

$534 million $440 million

$529 million
Net surplus after tax and before revaluation $64.7 million $56.5 million
Net surplus after tax and after revaluation $59 million $23 million
Total Dividend $40 million $38.5 million

System Reliability Measures Actual 2003/04 Target 2003/04
High Voltage alternating current (HVAC) availability 99.0% 98.9%
High Voltage direct current (HVDC) availability 95.5% 94.5%
Unplanned supply interruptions 3.6 minutes Less than 9.0


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news