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

Gordon Campbell: On Whether We’re Punching Above Our Weight, And Should We Care?

According to Pierre De Coubertin, founder of the modern Olympic Games, the Olympic ideal was not about “winning, but fighting well. Life is not conquering, but fighting well.” True to that ideal, young people from all over the world do still congregate together once every four years to compete peacefully against each other... More>>



 
 


Finance: Finance Minister And RBNZ Governor Agree To Update MOU On Macro-prudential Policy

Finance Minister Grant Robertson and Reserve Bank Governor Adrian Orr have updated the Memorandum of Understanding (MoU) on macro-prudential policy to further protect the financial system and support the Government’s housing objectives... More>>

Government: Offers Formal Apology For Dawn Raids
Prime Minister Jacinda Ardern has today formally apologised to Pacific communities impacted by the Dawn Raids in the 1970s.

Between 1974 and 1976, a series of rigorous immigration policies were carried out that resulted in targeted raids on the homes of Pacific families... More>>


Government: Bill Introduced To Protect Against Conversion Practices

Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression... More>>

ALSO:




Human Rights Commission: Successive Governments Responsible For Massive Breaches Of The Right To A Decent Home

Te Kahu Tika Tangata / Human Rights Commission has today launched Framework Guidelines on the Right to a Decent Home in Aotearoa and announced that it will hold a national inquiry into housing... More>>



NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels