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

Charlotte Graham: Empowering Communities To Act In A Disaster

The year of record-breaking natural disasters means that in the US, as in New Zealand, there’s a conversation happening about how best to run the emergency management sector and what philosophies best engage and protect communities in the event of a crisis.

How much of the responsibility for a community’s safety in a natural disaster is the Government’s, and how much can be left up to the community themselves? And how do we ensure none of our most vulnerable residents are left behind? More>>

 

CPAG Report: The Further Fraying Of The Welfare Safety Net

New Zealand’s welfare system has undergone a major transformation during the past three decades. This process has seriously thwarted the original intent of the system, which was to provide a decent standard of living for all New Zealanders in times of need... More>>

ALSO:

Signage, Rumble Strips, Barriers: Boost For State Highway Road Safety

Boost for road safety this summer Associate Transport Minister Julie Anne Genter today announced a short term boost in road safety funding this summer and signalled a renewed focus from the Government on introducing safer speed limits. More>>

ALSO:

Risks & Adaptation: Cheaper To Cut Emissions Than Deal With Climate Change

The cost of climate change to New Zealand is still unknown, but a group of experts tasked with plugging the country's information gaps says it will likely be significant and it would be cheaper to cut greenhouse emissions than simply adapting to those changes. More>>

ALSO:

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages