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Transpower releases annual results

Media release 2 October 2008

Transpower releases annual results

Transpower New Zealand Ltd today released its annual financial report for the 2007/2008 year, under the new International Financial Reporting Standards (IFRS).

The surplus after tax and before net fair value gain for the year ended 30 June 2008 was $108 million compared with the 2006/2007 surplus of $134 million. Transpower Chairman Wayne Brown said that the two principal reasons for this reduction were an impairment of the value of System Operator assets and significantly higher HVDC reserve charges.

“The year was marked by advancing necessary investment in the grid and addressing key regulatory issues including reaching a final administrative settlement with the Commerce Commission. Towards the end of the financial year, Transpower took a lead role in coordinating measures to maintain security of supply during dry winter conditions.” “During 2007/08, Transpower made significance progress towards strengthening the National Grid with several major projects approved by the Electricity Commission. A large number of other projects to improve the capacity and reliability of the grid were also initiated, progressed or commissioned.”

“A $5 billion investment programme is planned over the next ten years to upgrade the National Grid in order to meet future demand and enhance Transpower’s System Operator capabilities. An extensive replacement and refurbishment programme of our ageing assets will also make up part of this investment programme.”

“Given the need to fund this extensive capital works programme, no dividends will be paid to the Government this year,” he said. Another important project established in 2007/2008 was Transmission 2040 – a project established to produce a long term, strategic vision for the National Grid. Wayne Brown said Transmission 2040 will produce a strategic plan for how we will carry out our works going forward to enable us to deliver a secure and robust grid for all New Zealanders into the future.

“The project will look at new technologies and innovative techniques for building and maintaining the grid; consult with our customers and stakeholders to ensure their transmission needs are met through our long-term vision, and ensure that New Zealand’s National Grid meets international best practice.”

“2007/08 was a year that held many challenges for us. However, the company has a clear focus and strong commitment to ensuring that the National Grid receives the level of investment needed to meet New Zealand’s electricity needs looking out several decades.”

ENDS

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