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

 

Planes: Jetstar Launches Regional Network With $9 Fares, Five Routes

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news