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

 


One-off transaction boosts half-yearly result

31 March 2005

One-off transaction boosts half-yearly result

A one-off benefit from a cross-border lease transaction has boosted Transpower’s half-yearly surplus, chairman David Gascoigne announced today.

For the six months ended 31 December 2004 Transpower achieved a surplus after tax of $77.3 million, compared with $31.5 million in the same period a year ago.

This includes a one-off $34.6 million benefit from a cross border lease transaction over the majority of South Island High Voltage Alternating Current (HVAC) assets. Most of the tax and costs involved in this transaction were met by Transpower in 2003/04. (Similar cross-border lease agreements were signed in 1996 for the Cook Strait cables and the High Voltage Direct Current (HVDC) converter stations).

With continued strong growth in the demand for electricity, transmission revenue of $255.3 million was $34.9 million higher than for the previous period. In December 2004 Transpower announced that overall transmission charges for the new pricing year effective 1 April 2005 would be maintained at the existing level.

David Gascoigne said that operationally the national grid continued to perform well in spite of a number of weather-related challenges. “The HVAC grid met its availability target as set out in the Statement of Corporate Intent. The availability of the HVDC link between the South and North Islands was less satisfactory, with a fault occurring in one of the three cables under Cook Strait in October 2004. A $12 million repair job has just been completed with the cable returning to service last week.”

“A key focus during the six month period was progressing plans for new investment in the national grid to ensure it meets New Zealand’s needs into the future”, said David Gascoigne.

“In October 2004 public consultation began on two route options for a proposed 400 kV transmission line in the upper North Island. The consultation process will continue until June 2005, at which point Transpower intends to make a decision on a preferred route. During this period Transpower is also intending to seek approval from the Electricity Commission.

“The process to date has highlighted the difficulties of balancing national need against local impacts. There is a real challenge to get the balance right, so that necessary investment takes place, while respecting the rights of landowners and the interests of communities.

“Transpower must continue with its programme of significant grid investment, because New Zealand’s future economic prosperity relies heavily on having a secure, reliable supply of electricity,” David Gascoigne said.

ENDS

© 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>>

ALSO:

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>>

Earlier:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news