Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Winter electricity figures released

11 December 2001 Media Statement

Winter electricity figures released

The combined pre-tax profit of the three state owned electricity generators for the first quarter of the financial year was approximately 15% down on last year and 38% below budget, the Minister for State Owned Enterprises Mark Burton revealed today.

The Minister has released combined estimated profit figures for the three SOEs – Genesis Power, Meridian Energy and Mighty River Power. The figures cover the months of July, August and September.

"At my request, the three companies were asked to supply confidential financial information, which has been analysed and collated by my officials. The electricity SOEs have faced repeated and unsubstantiated accusations from opposition members. The profit summary has been released today to put the record straight," Mark Burton said.

"The figures provided by the companies for the first quarter are unaudited and therefore indicative only, but they do give an accurate reflection of the period when there was a shortage of water in the hydro lakes and a higher than usual reliance on thermal generation."

The combined pre-tax profit of the three companies for the three-month period was an estimated $78.4 million, compared to a budgeted profit of $126.1 million for the period.

"Unusual circumstances prevailed this winter, with a significant water shortage and wholesale spot prices reaching high levels. The companies responded by encouraging customers to conserve power. They are also taking steps to underpin New Zealand's future security of supply through new generation projects, " Mark Burton said.

Collated figures for Genesis Power, Meridian Energy and Mighty River Power, for the period July 01-September 30.
Quarter Ending 30 September 2001
Indicative Budget Previous Year
Pre Tax Profit ($M) 78.4 126.1 92.4
Net Profit ($M) 58.4 94.7 61.6


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Rebuilding: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General.

“The aim of the inquiry is to learn from the experience of the Canterbury earthquakes and ensure that the Earthquake Commission is fit for purpose in future events.

“The insurance system as a whole, including EQC’s role in that system, needs to be ready to deliver services to those affected by the next big event – whenever or wherever that happens." More>>

 

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

Govt Loses In Supreme Court: Call For Debate On Prisoners' Right To Vote

The court earlier this week upheld a High Court decision which found that a law restricting a prisoner's right to vote was inconsistent with the Bill of Rights. More>>

ALSO:

Shenanigans: NZ First Accepts Jami-Lee Ross Proxy Vote

The New Zealand First caucus strongly believes that in terms of the Electoral Integrity Amendment Act, that someone in Mr Ross’ position should resign his seat... the New Zealand First Whip will use Mr Ross’ proxy–to be exercised at all times in support of the vote of the National Party... More>>

ALSO:

Call For Conversation: Do You Know What Data Is Being Collected About You?

New Zealand Maori Council has called on a national conversation when it comes to data sovereignty asking the question “just how many people know what data is being collected, why and how is it being used?” More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels