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Transpower announces half-year results

Media release

28 February 2014

Transpower announces half-year results

Transpower New Zealand today released its financial results for the six months ended 31 December 2013.

Earnings after tax, prior to net changes in the fair value of financial instruments, were $99.7 million (December 2012: $111.5 million). Operating revenue for the first six months of the year increased by 10 per cent to $493.8 million (December 2012: $448.4 million).

An interim dividend of $60 million (December 2012: $92 million) will be paid to the shareholder in March.

Transpower Chairman, Mark Verbiest said that the company had performed well in the first half of the year, with an increase in transmission revenue principally reflecting the full operation of the North Island Grid Upgrade and commissioning of the HVDC Pole 3 project.

“The first half of this year has been focused on completing the remainder of our large capital programme. We saw the final piece of the HVDC project completed in December which involved the upgrade of the Pole 2 control system, enabling power transfer of 1200 MW between the islands, up from 1000 MW. The North Auckland and Northland Project was also commissioned this week.”

“These projects will ensure a reliable and secure supply of electricity for New Zealand and importantly, also support enhanced competition in the electricity market, which puts downward pressure on end consumer bills.”

“Our focus going forward will shift from big build projects to optimising our, still significant, capital and operating expenditure, to ensure cost effectiveness for the end consumer while maintaining the integrity of the grid. We will continue to develop new technology initiatives that will improve security and reliability of the grid.” said Mr Verbiest.

Transpower’s full half year accounts will be published once they are tabled in Parliament, which is expected to be in April 2014.

ENDS

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