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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

ENDS

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