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


Transpower Well Positioned for Grid Enhancement

Transpower Well Positioned for Future Grid Enhancement

The owner and operator of the national electricity grid, Transpower New Zealand Ltd, has reported a net surplus after tax and before asset revaluation for 2002/03 of $56.5 million.

“Transpower will pay the Crown a final dividend of $16.5 million based on its full year results to 30 June 2003, making a total dividend for the year of $38.5 million,” Sir Colin Maiden, Chairman of Transpower, announced today.

In 2001/02 Transpower’s net surplus after tax and before asset revaluation was $80.2 million.

Sir Colin said that a reduction in transmission services revenue of $28.7 million was the primary factor behind the reduced profit this year. Transmission services revenue in 2001/02 had been higher than normal due to the one-off impact of a settlement with Meridian over disputed charges.

In commenting on the 2002/03 performance, Sir Colin said that the year was characterised by good operational results and increased capital expenditure.

“Operational performance was strong, with Transpower meeting or exceeding both the targets set out in its Statement of Corporate Intent and results achieved last year against system security objectives.

“During the year, Transpower undertook a number of initiatives to get more capacity out of existing grid assets. This focus was reflected in an increase in capital expenditure of $14.6 million to $104.0 million, up 16% on the previous year.

“Looking further ahead, substantial new investment is required in the national grid by the end of the decade.

“A combination of higher demand for electricity driven by economic and population growth and an ageing national grid make new investment essential sooner rather than later. Planning for grid investment will be a key priority for Transpower over the coming year.”

Sir Colin said that in addition to its focus on meeting operational and commercial targets, Transpower was an active participant in the ongoing industry reform process.

“Transpower supports the establishment of the Electricity Commission and believes that the new regulatory environment provides the opportunity for much needed certainty and clarity of accountabilities for the company and other industry participants.

“We anticipate working closely with the Electricity Commission during the coming year on a range of issues related to Transpower’s core functions of managing the national grid and providing System Operation services,” concluded Sir Colin.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>

Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>

Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>