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

 


New information disclosure requirements for Transpower

Commission issues new information disclosure requirements for Transpower
Issued 28 February 2014

Release No. 80

The Commerce Commission has today issued information disclosure requirements for Transpower, the owner and operator of the national electricity transmission grid.

Under the new requirements, Transpower will publicly disclose information about its investment and innovation, financial performance, pricing and network management.

“These new requirements mark an important milestone for the Commission in setting the regulatory regime under Part 4 of the Commerce Act (1986). They complete the suite of regulatory instruments put in place by changes to the Commerce Act in 2008,” said Sue Begg, Commerce Commission Deputy Chair.

“The new requirements mean that people will have access to a comprehensive set of information about how Transpower is performing,” said Ms Begg.

Information will be available for people to better understand how Transpower is managing its assets, what level of service quality is being delivered to consumers, what improvements Transpower has made or is planning to make, and whether Transpower is making an appropriate return on its investments.

“We have been mindful of the additional costs to Transpower of providing information, as these can end up in prices to consumers. We have worked with Transpower, and other parties, to ensure sufficient information is provided at reasonable cost,” said Ms Begg. “We have considered what information Transpower is already required to publish and, where possible, we have provided for Transpower to use existing data sources and reports.”

Transpower’s first set of disclosures under the requirements will be in 2015.

The information disclosure requirements, and supporting reasons paper, are available on the Commission’s website at http://www.comcom.govt.nz/regulated-industries/electricity/electricity-transmission/transpower-information-disclosure/.


Background

What is the purpose of information disclosure regulation?

The purpose of information disclosure under Part 4 of the Commerce Act is to ensure that interested persons, including the Commission, have sufficient information available to assess if the purpose of Part 4 is being met. The purpose of Part 4 is to promote the long-term benefit of consumers in markets where there is little or no competition.

What services are subject to information disclosure regulation?

The new requirements for Transpower apply to its electricity transmission services and system operator services.

In addition, we have set information disclosure requirements for 29 electricity distribution businesses supplying electricity lines services across New Zealand, suppliers of gas pipeline services, and the international airports at Auckland, Wellington, and Christchurch.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news