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Committee Reports On Transpower Financial Review

Select Committee Reports On Transpower Financial Review

26 March 2002

Chairperson David Cunliffe said “Today the Commerce Committee presented its report to the House on its 2000/01 financial review of the performance and current operations of Transpower’.

In summary the committee reported on the following matters:

- Transpower reported a net profit after tax of $20.6 million for the 2000/01 financial year

- Transpower reported a surplus from operations before tax and revaluation of $105 million, which was $50 million less than the 1999/2000 period

- Transpower's annual asset valuation produced a downward movement in asset values of $59.1 million

- 2000/01 saw a decrease in revenue for Transpower from $555 million in 1999/2000 to $496 million

- In 2000/01 Transpower contributed $0.727 million to operational costs for the EGEP and $2.338 million to EGEP processes

- We are very concerned about slippage in the timetable for industry self-regulatory reform and we are also concerned about the impact of continuing uncertainty on investment decisions and wholesale prices

- We urge satisfactory resolution of the industry governance arrangements before the onset of the forthcoming winter

- We are concerned that while there appears to be a body charged with ensuring grid security no one body is responsible for addressing or removing grid constraints. We consider this matter requires urgent attention by the Minister and suggest that optimising grid efficiency should be included in Transpower's SCI.

A copy of the report will be replaced on the Office of the Clerk website. www.parliament.govt.nz.

Ends

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