INFORMATION FOR DISCLOSURE
PURSUANT TO SECTION 57T OF THE COMMERCE ACT 1986
COUNTIES POWER LIMITED - LINES BUSINESS
ELECTRICITY INFORMATION DISCLOSURE
REQUIREMENTS 2004
Counties Power Limited's electricity business for the year ended 31 March 2006 consisted of lines business activities, electrical contracting and other business activities. To provide the best service to customers these activities were undertaken as a single operation. Accordingly statutory financial reporting and management reporting do not distinguish between lines business and other activities. For the purposes of these financial statements the reporting entity has been established using the prescribed allocation methodology to provide accounting separation.
Note that the accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements. The Financial Statements have been prepared solely for the purpose of complying with Requirement 6 (1) of the Electricity Information Disclosure Requirements 2004 and are not intended for any other purpose.
CERTIFICATION OF FINANCIAL STATEMENTS, PERFORMANCE MEASURES, AND STATISTICS DISCLOSED BY DISCLOSING ENTITIES (OTHER THAN TRANSPOWER)
We, Keith Ross Familton and Paul Corbett Brown, directors of Counties Power Limited certify that, having made all reasonable enquiry, to the best of our knowledge, -
a) The attached audited financial statements of Counties Power Limited Lines Business prepared for the purposes of requirement 6 of the Commerce Commission's Electricity Information Disclosure Requirements 2004, comply with those Requirements; and
b) The attached information, being the derivation table, financial performance measures, efficiency performance measures, energy delivery efficiency performance measures, statistics, and reliability performance measures in relation to Counties Power Limited's Lines Business, and having been prepared for the purposes of requirements 14, 15, 20 and 21 of the Electricity Information Disclosure Requirements 2004, comply with the requirements of those Requirements.
The valuations on which those financial performance measures are based as at 31 March 2006.
K. R. Familton P. C. Brown
Chairman Director
16 November 2006
PricewaterhouseCoopers
REPORT OF THE AUDITOR-GENERAL
TO THE READERS OF THE FINANCIAL STATEMENTS OF COUNTIES POWER LIMITED - LINES BUSINESS FOR THE YEAR ENDED 31 MARCH 2006
We have audited the financial statements of Counties Power Limited - Lines Business on pages 4 to 20. The financial statements provide information about the past financial performance of Counties Power Limited - Lines Business and its financial position as at 31 March 2006. This information is stated in accordance with the accounting policies set out on pages 8 to 11.
Directors' Responsibilities
The Commerce Commission's Electricity Information Disclosure Requirements 2004 made under section 57T of the Commerce Act 1986 require the Directors to prepare financial statements which give a true and fair view of the financial position of Counties Power Limited - Lines Business as at 31 March 2006, and results of operations and cash flows for the year ended on that date.
Auditor's responsibilities
Section 15 of the Public Audit Act 2001 and Requirement 30 of the Electricity Information Disclosure Requirements 2004 require the Auditor-General to audit the financial statements. It is the responsibility of the Auditor-General to express an independent opinion on the financial statements and report that opinion to you.
The Auditor-General has appointed Graeme Pinfold of PricewaterhouseCoopers to undertake the audit.
Basis of opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:
· the significant estimates and judgements made by the Directors in the preparation of the financial statements; and
· whether the accounting policies are appropriate to Counties Power Limited' - Lines Business's circumstances, consistently applied and adequately disclosed.
We conducted the audit in accordance with the Auditing Standards published by the Auditor-General, which incorporate the Auditing Standards issued by the Institute of Chartered Accountants of New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.
PricewaterhouseCoopers
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:
· proper accounting records have been maintained by Counties Power Limited - Lines Business as far as appears from our examination of those records; and
· the financial statements of Counties Power Limited - Lines Business on pages 4 to 20:
(a) comply with generally accepted accounting practice in New Zealand; and
(b) give a true and fair view of Counties Power Limited - Lines Business's financial position as at 31 March 2006 and the results of its operations and cash flows for the year ended on that date; and
(c) comply with the Electricity Information Disclosure Requirements 2004.
Our audit was completed on 16 November 2006 and our unqualified opinion is expressed as at that date.
Graeme Pinfold
PricewaterhouseCoopers
On behalf of the Auditor-General
Auckland, New Zealand
Counties Power Limited - Lines Business
STATEMENT OF FINANCIAL PERFORMANCE
For the Year ended 31 March 2006
Notes 31 March2006$000 31 March2005$000
TOTAL OPERATING REVENUE (2) 30,663 28,627
TOTAL OPERATING EXPENDITURE (3) (23,859) (22,404)
OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX 6,804 6,223
INTEREST EXPENSE (3) - -
OPERATING SURPLUS BEFORE INCOME TAX 6,804 6,223
INCOME TAX CREDIT/(CHARGE) (4) (1,620) (2,085)
NET SURPLUS AFTER TAX 5,184 4,138
STATEMENT OF MOVEMENTS IN EQUITY
For the Year Ended 31 March 2005
31 March2006$000 31 March2005$000
Net surplus for Year 5,184 4,138
Increase in Revaluation Reserve (6) - -
Total Recognised Revenues and Expenses 5,184 4,138
Dividend (300) (250)
Movements in Equity for Year 4,884 3,888
Equity at Beginning of Year 109,241 105,353
EQUITY AT END OF YEAR 114,125 109,241
Counties Power Limited - Lines Business
STATEMENT OF FINANCIAL POSITION
As at 31 March 2006
Notes 31 March 2006 31 March 2005
$000 $000
CURRENT ASSETS
Cash and bank balances 3 82
Short-term investments - -
Inventories - -
Accounts receivable (7) 2,656 3,004
Other current assets - -
TOTAL CURRENT ASSETS 2,659 3,086
FIXED ASSETS (10) 120,775 113,025
OTHER TANGIBLE ASSETS - -
TOTAL TANGIBLE ASSETS 123,434 116,111
INTANGIBLE ASSETS
Goodwill - -
Other Intangibles - -
TOTAL INTANGIBLE ASSETS - -
TOTAL ASSETS 123,434 116,111
CURRENT LIABILITIES
Bank Overdraft - -
Borrowings - -
Payables and accruals (9) 5,373 2,740
Provision for dividend payable - -
Provision for income tax (9) 2,179 1,155
Other current liabilities - -
TOTAL CURRENT LIABILITIES 7,552 3,895
NON-CURRENT LIABILITIES
Payables and accruals - -
Borrowings (8) 1,757 2,975
Deferred taxation - -
Other non-current assets - -
TOTAL NON-CURRENT LIABILITIES 1,757 2,975
SHAREHOLDERS' EQUITY
Share capital (5) 29,311 29,311
Retained earnings 32,458 27,574
Dividend proposed - -
Asset revaluation reserve (6) 52,356 52,356
TOTAL SHAREHOLDERS' EQUITY 114,125 109,241
MINORITY INTERESTS IN SUBSIDIARIES - -
CAPITAL NOTES - -
TOTAL CAPITAL FUNDS 114,125 109,241
TOTAL EQUITY AND LIABILITIES 123,434 116,111
Counties Power Limited - Lines Business
STATEMENT OF CASH FLOWS
For the Year Ended 31 March 2006
31 March 2006$000 31 March 2005$000
CASHFLOW FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 30,926 28,001
Interest from cash management 50 17
30,976 28,018
Cash was applied to:
Payments to suppliers and employees (10,102) (9,860)
Discounts credited (7,408) (6,873)
Income tax paid (597) (930)
Interest Paid - -
Net GST paid (758) (1,168)
(18,865) (18,831)
Net Cashflows from operating activities 12,111 9,187
CASHFLOW FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of plant & property 46 -
46 -
Cash was applied to:
Purchase and construction of fixed assets (10,718) (5,415)
(10,718) (5,415)
Net cash (used)/generated by investing activities (10,672) (5,415)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was applied to:
Term Loan repayments (1,218) (3,599)
Dividend Paid (300) (250)
(1,518) (3,849)
Net cash (used)/generated by financing activities (1,518) (3,849)
Net increase/(decrease) in cash held (79) (77)
Add opening cash/(borrowings) brought forward 82 159
Ending cash/(overdraft) carried forward 3 82
31 March 2006$000 31 March 2005$000
RECONCILIATION OF NET OPERATING PROFIT AFTER TAXATION WITH CASH INFLOW FROM OPERATING ACTIVITIES
Reported surplus after taxation 5,184 4,138
Add non-cash items:
Depreciation 4,440 4,370
4,440 4,370
Add item classified as investing activity
Net (gain)/loss on disposal of fixed assets 21 3
21 3
Movement in working capital:
(Decrease)/Increase in accounts payable 1,094 130
(Increase)/Decrease in taxation receivable 1,024 1,155
(Increase)/Decrease in accounts receivable 348 (609)
2,466 676
Net cash inflow/(outflow) from operating activities 12,111 9,187
Counties Power Limited - Lines Business
STATEMENT OF ACCOUNTING POLICIES
For the Year Ended 31 March 2006
1. STATEMENT OF ACCOUNTING POLICIES
ENTITY REPORTING
Counties Power's electricity business for the year ended 31 March 2006 consisted of lines business activities, electrical construction, garage workshop services and other related activities. To provide the best service to customers these activities were undertaken as a single operation. Accordingly statutory financial reporting and management reporting do not distinguish between lines business and other business activities. For the purposes of these financial statements the reporting entity has been established using the prescribed allocation methodology to provide accounting separation.
STATUTORY BASE
These financial statements are presented in accordance with Requirement 6 of the Commerce Commission's Electricity Information Disclosure Requirements 2004.
MEASUREMENT BASE
The financial statements have been prepared on the historic cost basis, modified by the revaluation of certain assets, as identified in specific accounting policies below.
ACCOUNTING POLICIES
The financial statements are prepared in accordance with New Zealand generally accepted accounting practice. The accounting policies that materially affect the measurement of financial performance, financial position and cash flows are set out below.
Revenue
Goods and Services
Sales comprise the amounts received and receivable for goods and services supplied to customers in the ordinary course of business.
Lines revenue is charged to customers based mainly upon the volume of energy transmitted through lines. The volume of energy upon which invoicing is based, is advised to the company by electricity retailers. This information is in turn based upon a combination of actual meter reads and assessments.
Investment Income
Interest and rental income are accounted for as earned.
Goods and Services Tax (GST)
The statement of financial performance and statement of cash flows have been prepared so that all components are stated exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and payables, which include GST invoiced.
Foreign Currencies
Transactions denominated in a foreign currency are converted to New Zealand dollars at the exchange rates in effect at the date of the transaction, except when forward currency contracts have been taken out to cover short-term forward currency commitments. Where short-term forward currency contracts have been taken out, the transaction is translated at the rate contained in the contract.
Accounts Receivable
Accounts receivable are stated at expected net realisable value after providing against debts where collection is doubtful.
Employee Entitlements
Employee entitlements to salaries and wages, annual leave, long service leave and other benefits are recognised when they accrue to employees.
Fixed Assets
Initial Recording
The cost of purchased fixed assets is the value of the consideration given to acquire the assets and the value of other directly attributable costs that have been incurred in bringing the assets to the location and condition necessary for their intended service.
The cost of self-constructed assets includes the cost of all materials used in construction, costs of obtaining Resource Management Act consents, financing costs that are directly attributable to the project and an appropriate proportion of variable and fixed overheads. Costs cease to be capitalised as soon as the asset is ready for productive use and do not include any inefficiency costs.
Revaluations
Distribution system assets, excluding meters and relays, are normally revalued to depreciated replacement cost at intervals of three years. A revaluation was undertaken as at 31 March 2004. The next revaluation is anticipated to occur in the year ending 31 March 2007.
Impairment
Annually, the Directors assess the carrying value of major assets. Where the estimated recoverable amount of the asset is less than its carrying amount, the asset is written down. The impairment, if any, is recognised in the statement of financial performance.
Depreciation
Fixed assets have been depreciated, so as to write off cost less estimated residual value over their estimated useful lives, on the following basis:
Electricity Distribution System 1.4% to 2.2% (45 to 70 years) straight line (SL) for lines, cables & zone substations2.2% to 2.9% (35 to 45 years) SL for switchgear, distribution transformers, distribution substations, service connection equipment and most other distribution equipment other than voltage regulators (which are depreciated at 1.8%, 55 years SL)
Buildings 1% to 4% SL for the majority of buildings
Plant & Equipment 40% diminishing value (DV) for computer hardware and software20% and 25% DV for other items
Motor Vehicles 20% and 25% DV for majority of vehicles
Estimated useful lives of Distribution System fixed assets were reviewed in conjunction with their revaluation to Depreciated Replacement Cost on 31 March 2004.
Intangible Assets - Research and Development
All research costs are recognised as an expense when incurred.
When a project reaches the stage where it is reasonably certain that further expenditure can be recovered through the processes or products produced, development expenditure is recognised as a development asset. The asset is amortised from the commencement of commercial production of the product or service to which it relates over the period of the expected benefit, which generally ranges from 5 to 10 years.
Taxation
The tax expense recognised for the year is based on the accounting surplus, adjusted for permanent differences between accounting and tax rules, and timing differences between accounting and tax rules that are not expected to crystallise in future periods. This is the partial basis for the calculation of deferred tax under the liability method.
A deferred tax asset, or the effect of losses carried forward that exceed the deferred tax liability, is recognised in the financial statements only where there is virtual certainty that the benefit of the timing differences, or losses, will be utilised.
Statement of Cash Flows
The following are the definitions of the terms used in the statement of cash flows:
a) Cash is considered to be cash on hand, current accounts in banks net of bank overdrafts and short term deposits with banks.
b) Investing activities are those activities relating to the acquisition, holding and disposal of fixed assets and investments. Investments can include securities not falling within the definition of cash.
c) Financing activities are those activities that result in changes in the size and composition of the capital structure. Dividends paid in relation to the capital structure are included in financing activities.
d) Operating activities include all transactions and other events that are not investing or financing activities.
Financial Instruments
Counties Power Limited Lines Business had no financial instruments with off-balance sheet risk during or at the end of the year (2005 Nil).
CHANGES IN ACCOUNTING POLICY
During the year there have been no changes in accounting policies.
Counties Power Limited - Lines Business
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2006
2. OPERATING REVENUE
2006$000 2005$000
Revenue from lines/access charges 27,890 26,961
Revenue from "Other" Business for services carried out by the lines business - -
Interest on cash, bank balances and short-term investments 50 17
AC loss-rental rebates 1,128 493
Other operating revenue 1,595 1,156
Total Operating Revenue 30,663 28,627
3. OPERATING EXPENDITURE
2006$000 2005$000
Transmission charges 5,343 5,043
Transfer payments to the "Other" business for -
Asset maintenance 1,598 1,379
Consumer disconnection/reconnection services - -
Meter data - -
Consumer based load control services - -
Royalty and patent expenses - -
Avoided transmission charges on account of own generation - -
Other goods and services provided by "Other" business - -
Total transfer payment to the "Other" business 1,598 1,379
Expense to entities that are not related parties for -
Asset maintenance 806 751
Consumer disconnection/reconnection services 69 73
Meter data - -
Consumer based load control services - -
Royalty and patent expenses - -
Total of specified expenses to non-related parties 875 824
Employee salaries, wages and redundancies 2,079 1,762
Consumer billing and information system expense - -
Depreciation on -
System fixed assets 3,796 3,692
Other assets not listed 644 678
Total depreciation 4,440 4,370
Amortisation of -
Goodwill - -
Other intangibles - -
Total amortisation of intangibles - -
Corporate and administration 782 650
Human resource expenses 138 143
Marketing/advertising 73 53
Merger and acquisition expenses - -
Takeover defence expenses - -
Research and development expenses - -
Consultancy and legal expenses 343 362
Donations - -
Directors' fees 201 116
Auditors' fees -
Audit fees paid to principal auditors 77 40
Audit fees paid to other auditors - -
Fees paid for other services provided by the principal & other auditors 20 35
Total auditors' fees 97 75
Cost of offering credit -
Bad debts written off 109 41
Increase in estimated doubtful debts - -
Total cost of offering credit 109 41
Local authority rates expense 193 167
AC loss-rental rebates (distribution to retailers/customers) expense
Customer discounts 7,422 7,056
Subvention payments - -
Unusual expenses - -
Loss on disposal of fixed assets 21 3
(Gain) on disposal of fixed assets (46) -
Other expenditure not listed 191 360
Total Operating Expenditure 23,859 22,404
Interest Expense:
Interest expense on borrowings - -
Financing charges related to finance leases - -
Other interest expense - -
Total Interest Expense - -
4. TAXATION
2006$000 2005$000
Accounting profit before taxation 6,804 6,223
Prima facie taxation @ 33% 2,245 2,054
Plus/(less) taxation effect of:
(Over)/Under estimation in prior year (201) 215
Other items treated as permanent differences (424) (184)
Income Tax Charge/(Credit) to Net Operating Surplus 1,620 2,085
The taxation charge is represented by:
Current Taxation 1,620 2,085
Deferred Taxation - -
1,620 2,085
The Lines Business has a potential deferred tax liability net of future tax benefits of $15,507,000 (2005: $15,266,000). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business's accounting policy.
Imputation credit account: 2006$000 2005$000
Balance as at 1 April 2005 4,080 3,273
Overestimation in prior year -
Income tax payments/(benefit from operating deficit) during the period:
Lines Business 1,623 1,988
Other Business (1,026) (1,058)
Imputation credits attached to dividends paid to shareholders:
Lines Business (148) (123)
Other Business -
Balance as at 31 March 2006 4,529 4,080
Imputation credits are recorded for both the Lines and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.
5. SHARE CAPITAL
2006$000 2005$000
Issued and Paid In Capital: 15,000,000 Ordinary Shares 29,311 29,311
6. ASSET REVALUATION RESERVE
2006$000 2005$000
BALANCE AT BEGINNING OF YEAR 52,356 52,356
Revaluation - -
BALANCE AT END OF YEAR 52,356 52,356
7. ACCOUNTS RECEIVABLE
2006$000 2005$000
Trade Debtors 2,439 2,647
Prepayments 217 357
Other Debtors - -
Tax Refund Due - -
2,656 3,004
8. BORROWINGS
2006$000 2005$000
NON-CURRENT
Multi-Option Credit Facility 1,757 2,975
1,757 2,975
None of the borrowings are secured over the assets of the Company, although a negative pledge agreement exists. The Multi-Option Credit Facility is a five-year revolving credit facility for $17.0 million expiring in December 2007. The facility reduces by $2.0 million per annum.
The weighted average interest rate on external borrowings was 7.12% (2005: 6.4%). There was no loan provided by the Other Business during 2006 and therefore no interest has been charged (2005: nil).
9. PAYABLES AND ACCRUALS
2006$000 2005$000
Accounts Payable 5,123 2,493
GST Payable - 94
Accrued Payroll 250 153
Provision For Income Tax 2,179 1,155
7,552 3,895
10. FIXED ASSETS
Cost/Valuation$000 AccumulatedDepreciation$000 Net BookValue$000
2006
System fixed assets:
At cost - - -
At valuation 120,114 7,488 112,626
Capital works under construction 2,849 - 2,849
Motor vehicles 657 255 402
Consumer billing & information systems 601 597 4
Office equipment 5,897 4,737 1,160
Land 1,561 - 1,561
Buildings 3,122 949 2,173
Other fixed assets
134,801 14,026 120,775
Cost/Valuation$000 AccumulatedDepreciation$000 Net BookValue$000
2005
System fixed assets:
At cost - - -
At valuation 111,490 3,691 107,799
Capital works under construction 459 - 459
Motor vehicles 451 204 247
Consumer billing & information systems 601 594 7
Office equipment 5,419 4,259 1,160
Land 1,481 - 1,481
Buildings 2,771 899 1,872
Other fixed assets - - -
122,672 9,647 113,025
Valuation Information
Distribution System Assets
Distribution system assets, excluding meters and relays, were revalued to $106,860,000 at 31 March 2004. As the fair value of the assets is not able to be reliably determined using market based evidence the valuation was prepared on a depreciated replacement cost basis. The valuation was prepared by Sinclair Knight Merz Limited.
Land and Buildings
The major property holding of the Company comprises the depot complex at Glasgow Road and Nelson Street, Pukekohe. Other property held mainly comprises electricity substation sites. The majority of properties were valued as at 1 July 2003 by Value and Management Services Limited as part of a General Revaluation by the Franklin District Council. Quotable Value New Zealand also completed two valuations on behalf of the Papakura District Council.
The values of these properties were:
2006$000 2005$000
Net Book Value
Glasgow Road Complex 1,625 1,698
Other Land & Buildings 2,109 1,655
3,734 3,353
Valuation
Glasgow Road Complex 2,785 2,785
Other Land & Buildings 2,276 2,014
5,061 4,799
11. OPERATING LEASE COMMITMENT
Counties Power Limited Lines Business had no operating lease commitments (2005: Nil).
12. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
Counties Power Limited Lines Business had Capital Commitments at 31 March 2006 totaling $751,932 (2005: nil).
There were no contingent liabilities (2005: $10,000).
13. FINANCIAL INSTRUMENTS
(A) Nature of activities and management policies with respect to financial instruments.
(i) The company incurs credit risk from transactions with trade debtors and financial institutions in the normal course of business. At balance date the company had a significant concentration of credit risk relating to the amount receivable from Electricity Retailers. The company has a programme to manage this risk concentration, including monitoring the credit status of the major debtor, adhering to specific credit policy requirements and having the contractual ability to require security to be provided by these customers under certain circumstances.
The maximum estimated credit exposure in respect of trade debts is:
· Total asset class - $2.4 million (2005: $2.6 million)
· Debts subject to significant debt concentration risk - $1.7 million (2005: $1.8 million)
The company does not generally require collateral or security to support financial instruments other than as outlined above, due to the quality of the financial institutions dealt with.
(ii) The company does not generally undertake any transactions denominated in foreign currencies apart from the purchase of distribution system equipment and does not hold any long term borrowings.
(B) Fair Values
Cash and Liquid Deposits, Short and Long Term Loans, Accounts Payable and Receivable.
The carrying value of these items is equivalent to their fair value.
14. RELATED PARTY TRANSACTIONS
(a) The Lines business enters into transactions with the "Other" Business. The relationship is managed on an arms length basis, with significant contracts generally awarded by the Lines business on a competitive tendering basis.
(b) & (c)
The services provided by the "Other" Business generally include normal electrical construction, maintenance and fault response services related to the Lines business electrical network.
(d) Services provided were in the following categories and at total prices as indicated in $000:
2006$000 2005$000
Construction of subtransmission assets 66 67
Construction of zone substations - -
Construction of distribution lines and cables 821 633
Construction of medium voltage switch gear - -
Construction of distribution transformers 775 344
Construction of distribution substations 49 38
Construction of low voltage reticulation 442 341
Construction of other system fixed assets 38 6
Maintenance of assets 1,598 1,379
(e) Services were provided throughout the financial year.
(f) There were no outstanding trade balances owing at year-end for services performed by the other business for the Lines business, as payment is effected by way of accounting entry at the end of each month. Loan funding was provided by the Other business to the Lines Business, as disclosed in Note 8. As the Lines and Other Businesses operate as a single legal entity no formal loan documentation is prepared in respect of loans between them. The loan has been treated in the Lines Business financial statements as being on-call.
(g) No debts arising from related party transactions have been written off or forgiven during the year.
(h) No transactions were undertaken at a nil or nominal value, other than minor items as would occur in a normal arms length relationship.
15. OPTIMISED DEPRIVAL VALUE VALUATION
The ODV valuation of Counties Power Limited Lines Business Distribution System assets was calculated as $115,580,000 at 31 March 2006. This is based on comprehensive valuation undertaken by Sinclair Knight Merz Limited, at 31 March 2004, updated for additions and depreciation occurring in 2005 and 2006. This valuation has been used as the basis for calculation of financial performance measures on pages 22 and 23.
PricewaterhouseCoopers
AUDITOR-GENERAL'S OPINION ON THE PERFORMANCE MEASURES OF COUNTIES POWER LIMITED
We have examined the information on pages 22 to 23 being:
(a) the derivation table in requirement 15;
(b) the annual ODV reconciliation report in requirement 16;
(c) the financial performance measures in clause 1 of Part 3 of Schedule 1; and
(d) the financial components of the efficiency performance measures in clause 2 of Part 3 of Schedule 1, -
that were prepared by Counties Power Limited and dated 16 November 2006 for the purposes of the Commerce Commission's Electricity Information Disclosure Requirements 2004.
In our opinion, having made all reasonable enquiry, and to the best of our knowledge, that information has been prepared in accordance with those Electricity Information Disclosure Requirements 2004.
Graeme Pinfold
PricewaterhouseCoopers
On behalf of the Auditor-General
Auckland, New Zealand
16 November 2006
Counties Power Limited - Lines Business
Derivation Table of Financial Performance Measures from Financial Statements
Pursuant to Requirement 15 of the Electricity Information Disclosure Requirements 2004 Schedule 1 Part 7
For the Year Ended 31 March 2006
Derivation Table Input and Calculations Symbol in formula ROF ROE ROI
Operating surplus before interest and income tax from financial statements 6,804
Operating surplus before interest and income tax adjusted pursuant to requirement 18 (OSBIIT) 6,804
Interest on cash, bank balances, and short-term investments (ISTI) 50
OSBIIT minus ISTI 6,754 A 6,754 6,754
Net surplus after tax from financial statements 5,184
Net surplus after tax adjusted pursuant to requirement 18 (NSAT) 5,184 n 5,184 0
Amortisation of goodwill and amortisation of other intangibles 0 g add 0 add 0 add 0
Subvention payment 0 S add 0 add 0 add 0
Depreciation of SFA at BV (x) 3,796
Depreciation of SFA at ODV (y) 3,761
ODV depreciation adjustment 35 D add 35 add 35 add 35
Subvention payment tax adjustment 0 s*t deduct 0 deduct 0
Interest tax shield 0 Q deduct 0
Revaluations 0 R add 0
Income tax charge 1,620 P deduct 1,620
Numerator 6,789 5,219 5,169
OSBIITADJ = a+g+s+d NSATADJ = n+g+s-s*t+d OSBIITADJ = a+g-q+r+s+d-p-s*t
Fixed assets at end of previous financial year (FA0) 113,025
Fixed assets at end of current financial year (FA1) 120,775
Adjusted net working capital at end of previous financial year (ANWC0) 264
Adjusted net working capital at end of current financial year (ANWC1) (2,717)
Average total funds employed (ATFE) 115,674 C 115,674 115,674
(or requirement 32 time-weighted average)
Total equity at end of previous financial year (TE0) 109,241
Total equity at end of current financial year (TE1) 114,125
Average total equity 111,683 K 111,683
(or requirement 32 time-weighted average)
WUC at end of previous financial year (WUC0) 459
WUC at end of current financial year (WUC1) 2,849
Average total works under construction 1,654 E deduct 1,654 Deduct 1,654 deduct 1,654
(or requirement 32 time-weighted average)
Revaluations 0 R
Half of revaluations 0 R/2 deduct 0
Intangible assets at end of previous financial year (IA0) 0
Intangible assets at end of current financial year (IA1) 0
Average total intangible asset 0 M add 0
(or requirement 32 time-weighted average)
Subvention payment at end of previous financial year (S0) 0
Subvention payment at end of current financial year (S1) 0
Subvention payment tax adjustment at end of previous financial year 0
Subvention payment tax adjustment at end of current financial year 0
Average subvention payment & related tax adjustment 0 V add 0
System fixed assets at end of previous financial year at book value (SFAbv0) 107,799
System fixed assets at end of current financial year at book value (SFAbv1) 112,626
Average value of system fixed assets at book value 110,213 F deduct 110,213 deduct 110,213 deduct 110,213
(or requirement 32 time-weighted average)
System Fixed assets at year beginning at ODV value (SFAodv0) 110,717
System Fixed assets at end of current financial year at ODV value (SFAodv1) 115,580
Average value of system fixed assets at ODV value 113,149 H add 113,149 add 113,149 add 113,149
(or requirement 32 time-weighted average)
Denominator 116,956 112,965 116,956
ATFEADJ = c-e-f+h Ave TEADJ = k-e-m+v-f+h ATFEADJ = c-e-½r-f+h
Financial Performance Measure: 5.8 4.6 4.4
ROF = OSBIITADJ/ATFEADJ x 100 ROE = NSATADJ/ATEADJ x 100 ROI = OSBIITADJ/ATFEADJ x 100
t = maximum statutory income tax rate applying to corporate entities bv = book value ave = average odv = optimised deprival valuation subscript '0' = end of the previous financial year subscript '1' = end of the current financial year ROF = return on funds ROE = return on equity ROI = return on investment
Counties Power Limited - Lines Business
1 April 2005 to 31 March 2006
1. Financial Performance Measures
2006 2005 2004 2003 2002
(a) Return on funds, being operating surplus before interest and income tax (as adjusted), divided by average total funds employed (as adjusted). 5.8% 5.9% 4.4% 3.7% 5.2%
(b) Return on equity, being net surplus after tax (as adjusted), divided by average total equity (as adjusted) 4.6% 4.2% 3.7% 3.2% 7.5%
(c) Return on investment 4.4% 4.1% 18.5% 3.2% 6.8%
2002 Return on Equity and Return on Investment measures increased as a result of a one time tax credit being recorded. This was caused by changing from the comprehensive to the partial method of accounting for income tax.
2. Efficiency Performance Measures
2006 2005 2004 2003 2002
(a) Direct line costs per kilometre $1,157 $1,055 $1,080 $1,099 $926
(b) Indirect line cost per consumer (excluding customer discounts as an indirect cost) $81 $74 $72 $75 $68
3. Annual Valuation Reconciliation Report - Year Ending 31 March 2006
$000
System fixed assets at ODV - end of the previous financial year 110,717
Add system fixed assets acquired during the year at ODV 8,624
Less system fixed assets disposed of during the year at ODV -
Less depreciation on system fixed assets at ODV (3,761)
Add revaluations of system fixed assets 0
Equals system fixed assets at ODV - end of the financial year 115,580
2006 2005 2004 2003
(a) Load Factor (= [a/bc]*100/1) 62.13% 62.98% 63.50% 63.02%
where -
a = Kwh of electricity entering system during the financial year 474,039,007 470,310,314 446,959,536 441,116,412
b = Maximum Demand 87,098 85,260 80,128 79,902
c = Total number of hours in financial year 8,760 8,759 8,784 8,760
2006 2005 2004 2003
(b) Loss Ratio (= a/b*100/1) 6.23% 6.38% 6.49% 7.21%
where -
a = losses in electricity in kWh 29,553,724 30,014,262 28,987,536 31,789,933
b = Kwh of electricity entering system during the financial year 474,039,007 470,310,314 446,959,536 441,116,412
2006 2005 2004 2003
(c ) Capacity Utilisation (= a/b*100/1) 34.78% 33.03% 31.97% 30.96%
where -
a = Maximum Demand 87,098 85,260 80,128 79,902
b = Transformer Capacity 250,418 258,060 250,657 258,069
Statistics Nominal Voltage 2006 2005 2004 2003
(a) System Length (Total) (kms)
110kV 17.57 17.60 17.60 17.29
66kV 0 0 0 0
50kV 0 0 0 0
33kV 167.57 154.12 150.20 158.11
22kV 245.02 221.44 212.70 227.55
11kV 1,627.40 1,644.87 1,681.40 1,620.62
6.6kV 0 0 0 0
3.3kV 0 0 0 0
230/400 V 1,202.90 1,195.01 1,184.10 1,282.94
Other 0 0
Total 3,260.464 3,233.04 3,246.00 3,306.51
(b) Circuit Length (Overhead) (kms)
110kV 17.57 17.60 17.60 17.29
66kV 0 0 0 0
50kV 0 0 0 0
33kV 165.81 152.35 148.70 156.64
22kV 237.90 215.59 205.50 171.45
11kV 1,504.97 1,528.45 1,542.90 1,562.33
6.6kV 0 0 0 0
3.3kV 0 0 0 0
230/400 V 860.82 864.99 887.00 991.42
Other 0 0 0 0
Total 2,787.07 2,778.98 2,801.70 2,899.13
(c ) Circuit Length (Underground) (kms)
110kV 0 0 0 0
66kV 0 0 0 0
50kV 0 0 0 0
33kV 1.76 1.77 1.50 1.47
22kV 7.12 5.85 7.20 56.10
11kV 122.43 116.42 138.50 58.29
6.6kV 0 0 0 0
3.3kV 0 0 0 0
230/400 V 342.08 330.02 297.10 291.52
Other 0 0 0 0
Total 473.39 454.06 444.30 407.38
(d) Transformer Capacity (kVA) 250,418 258,060 250,657 258,069 258,069
(e) Maximum Demand (kWh) 87,098 85,260 80,128 79,902 79,902
(f) Total Electricity Entering the System (before losses of electricity) in kilowatt hours 474,039,007 470,310,314 446,959,536 441,116,412
Statistics Name of retailer/ generator 2006 2005 2004 2003
(g) Total amount of electricity (in kilowatt hours) supplied from the system, (after losses of electricity) on behalf of each person that is an electricity generator or electricity retailer or both: Retailer A 277,942,659 302,550,268 299,662,441 300,384,317
Retailer B 21,218,845 19,273,156 14,319,594 16,263,280
Retailer C 62,614,078 41,287,792 30,712,143 21,967,606
Retailer D 22,273,868 14,873,867 17,629,477 18,752,772
Retailer E 17,129,545 16,682,472 12,892,876 13,824,325
Retailer F 1,225,148 1,386,660 1,440,000 1,440,000
Retailer G 9,760,493 10,413,204 8,158,740 6,827,215
Retailer H 32,320,647 33,828,632 33,156,729 29,866,964
Other
in kWh TOTAL 444,485,283 440,296,051 417,972,000 409326,479
(h) Total number of consumers Number 34,813 33,931 32,781 31,214
DISCLOSURE OF RELIABILITY PERFORMANCE MEASURES PURSUANT TO REQUIREMENT 21 OF THE ELECTRICITY INFORMATION DISCLOSURE REQUIREMENTS 2004 SCHEDULE 1 PART 5
Interruptions Average Interruption Targets Interruption Targets Actual Interruptions
Class 2007/11 2007 2006 2005 2004 2003
1 to 3
Class A
Planned Interruptions Class B 32 32 63 43 33 48
Unplanned Interruptions Class C 100 100 120 136 162 132
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
Total 132 132 183 179 195 180
4 Proportion of Total Class C Interruptions not restored: (= a/b*100/1) Within 3 Hours Within 24 Hours
where -
a = No. of interruptions not restored within 12 0
b = Total number of Class C interruptions 120 120
Proportion expressed as a percentage 10.00% 0%
Faults Average Faults Targets Faults Targets Actual number of faults
5 2007/11 2007 2006 2005 2004 2003
Faults per 100 circuit kilometres of prescribed voltage electric line
Input faults for eachnominal voltage Nominal Voltage
110kV 0 0 0 0 0 0
66kV 0 0 0 0 0 0
50kV 0 0 0 0 0 0
33kV 6.0 6.0 1.2 5.8 8.7 7.0
22kV 6.5 6.5 5.7 6.8 8.9 4.0
11kV 7.2 7.2 6.4 6.8 7.7 7.2
6.6kV 0 0 0 0 0 0
3.3kV 0 0 0 0 0 0
230/400 V 0 0 0 0 0 0
Other 0 0 0 0 0 0
Other 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total 7.0 7.0 5.8 6.7 7.9 6.8
Actual number of faults
6 2006 2005 2004 2003
Faults per 100 circuit kilometres of underground prescribed voltage electric line
Nominal Voltage
110kV 0 0 0 0
66kV 0 0 0 0
50kV 0 0 0 0
33kV 0 0 0 0
22kV 0 0 0 0
11kV 0 0 0 2.7
6.6kV 0 0 0 0
3.3kV 0 0 0 0
230/400 V 0 0 0 0
Other 0 0 0 0
Other 0 0 0 0
Other 0 0 0 0
Total 0 0 0 1.4
Actual number of faults
7 2006 2005 2004 2003
Faults per 100 circuit kilometres of overhead prescribed voltage electric line
Nominal Voltage
110kV 0 0 0 0
66kV 0 0 0 0
50kV 0 0 0 0
33kV 1.2 5.9 8.7 7.0
22kV 5.9 7.0 9.3 5.2
11kV 6.9 7.3 8.4 7.3
6.6kV 0 0 0 0
3.3kV 0 0 0 0
230/400 V 0 0 0 0
Other 0 0 0 0
Total 6.2 7.1 8.5 7.0
SAIDI Class Average SAIDI Targets SAIDI Targets Actual SAIDI
2007/11 2007 2006 2005 2004 2003
SAIDI for total number of interruptions (= a/b) 61.73 59.60 96.45 92.03
where -
a = sum of interruption duration factors for all interruptions
b = Total consumers
SAIDI Targets (=a/b)
Planned Interruptions Class B 8 8
Unplanned Interruptions Class C 66 66
where-
Planned Interruptions (pi) Class B
api = sum of interruption duration factors for all interruptions 304,592 286,856
Unplanned Interruptions (ui) Class C
aui = sum of interruption duration factors for all interruptions 2,512,884 2,366,562
b = Projected total consumers 38,074 35,857
SAIDI for total number of interruptions within each interruption class (= a/b)
Class A 0 0 0 0
Class B 8.16 4.40 3.39 12.59
Class C 53.57 55.20 93.06 79.44
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
SAIDI for total of interruptions 61.73 59.60 96.45 92.03
where -
a = sum of interruption duration factors for all interruptions within the particular interruption class
Class A 0 0 0 0
Class B 284,074 149,296 111,128 392,984
Class C 1,864,932 1,872,991 3,050,600 2,479,640
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
b = Total consumers 34,813 33,931 32,781 31,214
SAIFI Class Average SAIFI Targets SAIFI Targets Actual SAIFI
2007/11 2007 2006 2005 2004 2003
SAIFI for total number of interruptions (= a/b) 1.65 2.13 2.72 2.64
Where -
a = sum of electricity consumers affected by each of those interruptions
b = Total consumers
SAIFI Targets (=a/b)
Planned Interruptions Class B 0.06 0.06
Unplanned Interruptions Class C 2.17 2.17
Where-
Planned Interruptions (pi) Class B
api = projected number of electricity consumers affected by each of those interruptions 2,284 2,151
Unplanned Interruptions (ui) Class C
aui = projected number of electricity consumers affected by each of those interruptions 82,621 77,810
b = Projected total consumers 38,074 35,857
SAIFI for total number of interruptions within each interruption class (= a/b)
Class A 0 0 0 0
Class B 0.06 0.04 0.03 0.09
Class C 1.59 2.09 2.69 2.55
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
SAIFI for total of interruptions 1.65 2.13 2.72 2.64
where -
a = sum of electricity consumers affected by each of those interruptions within that interruption class
Class A 0 0 0 0
Class B 2,089 1,357 983 2,809
Class C 55,353 70,916 88,181 79,596
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 3 3
b = Total consumers 34,813 33,931 32,781 31,214
CAIDI Class Average CAIDI Targets CAIDI Targets Actual CAIDI
2007/11 2007 2006 2005 2004 2003
CAIDI for total number of interruptions (= a/b) 37.41 27.98 35.46 34.86
where -
a = sum of interruption duration factors for all interruptions
b = sum of electricity consumers affected by each of those interruptions
CAIDI Targets (=a/b)
Planned Interruptions Class B 133 133
Unplanned Interruptions Class C 30 30
where-
Planned Interruptions (pi) Class B
a = sum of interruption duration factors for all interruptions 304,592 286,856
b = projected number of electricity consumers affected by each of those interruptions 2,284 2,151
Unplanned Interruptions (ui) Class C
a = sum of interruption duration factors for all interruptions 2,512,884 2,366,562
b = projected number of electricity consumers affected by each of those interruptions 82,621 77,810
CAIDI Class Average CAIDI Targets CAIDI Targets Actual CAIDI
2007/11 2007 2006 2005 2004 2003
CAIDI for total number of interruptions within each interruption class (= a/b)
Class A 0 0 0 0
Class B 135.99 110.02 113.00 139.89
Class C 33.69 26.41 34.59 31.15
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
CAIDI for total of interruptions 37.41 27.98 35.46 34.86
Where -
a = sum of interruption duration factors for all interruptions
Class A 0 0 0 0
Class B 284,074 149,296 111,128 392,984
Class C 1,864,932 1,872,991 3,050,600 2,479,640
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
Total 2,149,006 2,022,287 3,161,728 2,872,624
b = sum of electricity consumers affected by each of those interruptions within that interruption class
Class A 0 0 0 0
Class B 2,089 1,357 983 2,809
Class C 55,353 70,916 88,181 79,596
Class D 0 0 0 0
Class E 0 0 0 0
Class F 0 0 0 0
Class G 0 0 0 0
Class H 0 0 0 0
Class I 0 0 0 0
Total 57,442 72,273 89,164 82,405
COUNTIESPOWER
CURRENT TARIFFS
DISCLOSURE FOR YEAR ENDING 31/3/2007
The Electricity Information Disclosure Requirements 2004 require Counties Power Ltd to disclose the existing line charges and any changes to these charges. Our prices will be changed on the 1 May 2006. These new prices are disclosed as follows:
Note:
· All prices are GST exclusive.
· Summer is from Oct 1 to Apr 30.
· Winter is from May 1 to Sep 30.
· Delivery price (excludes discount) is the combination of both the Transmission price and Distribution price where the Transmission price represents payment towards the use and supply of the national network owned by Transpower New Zealand and the Distribution price represents payment toward the use and supply of the local network.
· In addition to the Delivery price (excludes discount) - we have also disclosed a Delivery price (including discounts). This is to reflect Counties Power's policy to guarantee a total annual discount of at least $2,000,000 for 2006/07 (as we did in 2004/05 and 2005/06). In addition, we will add to this amount any rental rebate income received from Transpower New Zealand. However, we may exceed these amounts at our discretion.
· To qualify for the discount this year a customer must be connected to our network on the 11th November 2006. The size of a discount is determined by a customer's consumption over the previous 12 months (i.e. 12/11/2005 to the 11/11/2006). Discounts will then be credited to customer's retailer accounts around December 2006.
· Customers that use less than a 1000kWh per year will not receive a discount and therefore should ignore the Delivery price, which includes a discount when calculating their total line charge.
· The following categories of electricity supply are "closed" (which means that these tariff types are no longer offered - please contact us for further information if required):
Special Time Of Use (TOU schedule VII), Special Day Night and Priority Econopower, Dairy Irrigation, Contracted 3 Rate, 3 Rate Special 1 and 3 Rate Special 2.
STANDARD TARIFFS
No Of Customers1 Previous Delivery Price (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Component Delivery Price(Excl. of Discount) Delivery Price(Incl. of Discount)
As at 28/2/2006 Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective 1/5/2006 Effective 1/5/2006
Supply Charge Domestic 24,824 14.2 c/day 13.1 c/day N/A 15.0 c/day 13.87 c/day
Domestic Anytime Power 24,262 7.06 c/kWh 6.57 c/kWh 2.49 c/kWh 7.68 c/kWh 7.17 c/kWh
Domestic Econopower 22,217 3.58 c/kWh 3.27 c/kWh 2.49 c/kWh 3.90 c/kWh 3.57 c/kWh
Supply Charge Business 6,409 30.0 c/day 27.7 c/day N/A 32.6 c/day 30.25 c/day
Supply Charge (Consolidated Account)* 991 30.0 c/day 27.7 c/day N/A 32.6 c/day 30.25 c/day
Meter Charge 31,576 12.0 c/day 11.1 c/day N/A 12.0 c/day 11.1 c/day
Peak Saver Power 213 1.98 c/kWh 1.85 c/kWh 1.00 c/kWh 2.15 c/kWh 2.02 c/kWh
Thrifty Night Power 616 0.95 c/kWh 0.87 c/kWh 0.29 c/kWh 1.03 c/kWh 0.95 c/kWh
Pin Power 1,108 6.04 c/kWh 5.55 c/kWh 2.80 c/kWh 6.55 c/kWh 6.06 c/kWh
Business Anytime Power 5,907 8.08 c/kWh 7.40 c/kWh 2.80 c/kWh 8.77 c/kWh 8.09 c/kWh
Business Econopower 1,555 4.13 c/kWh 3.86 c/kWh 2.80 c/kWh 4.48 c/kWh 4.21 c/kWh
Priority Econopower (closed) 20 5.16 c/kWh 4.67 c/kWh 2.80 c/kWh 5.60 c/kWh 5.11 c/kWh
* Customers with consolidated accounts are now charged a supply charge of 32.6c. In addition, they are charged a 12.0c meter charge for each account that has been consolidated.
OTHER BUSINESS TARIFFS
Reactive Power
If the average power factor of a Customer's Installation is below 0.95 lagging a charge of 3.43 cents per kVArh applies for all reactive energy supplied the Distribution Network in excess of a power factor of 0.95 lagging.
3 Rate
Previous Delivery Price (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Component Delivery price(Excl. of Discount) Delivery price(Incl. of Discount)
Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
Supply Charge 0.30 $/day 0.277 $/day N/A 0.326 $/day 0.3025 $/day
Meter Charge 0.760 $/day 0.706 $/day N/A 0.760 $/day 0.706 $/day
Weekday Off Peak 1100-1700 & 2100-2300 5.73 c/kWh 5.10 c/kWh 1.64 c/kWh 6.22 c/kWh 5.59 c/kWh
Weekend Off Peak 0700-2300 5.73 c/kWh 5.10 c/kWh 1.64 c/kWh 6.22 c/kWh 5.59 c/kWh
Night 2300-0700 2.11 c/kWh 1.87 c/kWh 0.77 c/kWh 2.29 c/kWh 2.05 c/kWh
Weekday Peak 0700-1100 & 1700-2100
Summer
First 2000kWh per month 6.78 c/kWh 6.02 c/kWh 1.71 c/kWh 7.35 c/kWh 6.60 c/kWh
Next 1250 kWh per month 7.50 c/kWh 6.67 c/kWh 1.71 c/kWh 8.14 c/kWh 7.31 c/kWh
Remainder 10.84 c/kWh 9.63 c/kWh 1.71 c/kWh 11.76 c/kWh 10.55 c/kWh
Winter
First 2000kWh per month 13.65 c/kWh 12.13 c/kWh 6.42 c/kWh 14.81 c/kWh 13.29 c/kWh
Next 1250 kWh per month 14.90 c/kWh 13.25 c/kWh 6.42 c/kWh 16.17 c/kWh 14.52 c/kWh
Remainder 20.95 c/kWh 18.63 c/kWh 6.42 c/kWh 22.73 c/kWh 20.41 c/kWh
Number of Customers: 142
1Customer number definition changed from number of meters on tarifff to number of ICP's on tariff.
Contracted 3 Rate (Closed)
Previous Delivery Price (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Component Delivery price(Excl. of Discount) Delivery price(Incl. of Discount)
Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
Supply Charge 1.054 $/day 0.971 $/day N/A 1.144 $/day 1.060 $/day
Weekday Off Peak 1100-1700 & 2100-2300 5.67 c/kWh 5.04 c/kWh 1.64 c/kWh 6.15 c/kWh 5.52 c/kWh
Weekend Off Peak 0700-2300 5.75 c/kWh 5.13 c/kWh 1.64 c/kWh 6.24 c/kWh 5.62 c/kWh
Night 2300-0700 1.69 c/kWh 1.50 c/kWh 0.77 c/kWh 1.83 c/kWh 1.64 c/kWh
Weekday Peak 0700-1100 & 1700-2100
Summer
First 2000kWh per month 8.80 c/kWh 7.82 c/kWh 1.71 c/kWh 9.55 c/kWh 8.57 c/kWh
Next 1250 kWh per month 9.75 c/kWh 8.77 c/kWh 1.71 c/kWh 10.58 c/kWh 9.60 c/kWh
Remainder 14.07 c/kWh 13.09 c/kWh 1.71 c/kWh 15.27 c/kWh 14.29 c/kWh
Winter
First 2000kWh per month 9.75 c/kWh 8.67 c/kWh 6.42 c/kWh 10.58 c/kWh 9.50 c/kWh
Next 1250 kWh per month 10.65 c/kWh 9.56 c/kWh 6.42 c/kWh 11.55 c/kWh 10.46 c/kWh
Remainder 14.97 c/kWh 13.88 c/kWh 6.42 c/kWh 16.24 c/kWh 15.15 c/kWh
Number of Customers: 4
3 Rate Special II (Closed)
Previous Delivery Price(Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Component Delivery price(Excl. of Discount) Delivery price(Incl. of Discount)
Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
Supply Charge 0.30 $/day 0.284 $/day N/A 0.326 $/day 0.3025 $/day
Meter Charge 0.76 $/day 0.706 $/day N/A 0.76 $/day 0.706 $/day
Off Peak 1100-1700 & 2100-2300 2.81 c/kWh 2.50 c/kWh 1.64 c/kWh 3.05 c/kWh 2.74 c/kWh
Weekend Off Peak 0700-2300 2.81 c/kWh 2.50 c/kWh 1.64 c/kWh 3.05 c/kWh 2.74 c/kWh
Night 2300-0700 1.39 c/kWh 1.24 c/kWh 0.77 c/kWh 1.51 c/kWh 1.36 c/kWh
Summer Weekday Peak 0700-1100 & 1700-2100 4.82 c/kWh 4.28 c/kWh 1.71 c/kWh 5.23 c/kWh 4.69 c/kWh
Winter Weekday Peak 0700-1100 & 1700-2100 7.81 c/kWh 6.94 c/kWh 6.42 c/kWh 8.47 c/kWh 7.60 c/kWh
Number of Customers: 1
Special Day Night (Closed) and Dairy Irrigation - Option B (Closed)
Previous Delivery Price (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Component Delivery price(Excl. of Discount) Delivery price(Incl. of Discount)
Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
Supply Charge 30.0 c/day 28.4 c/day N/A 32.6 c/day 30.25 c/day
Meter Charge 12.0 c/day 11.1 c/day N/A 12.0 c/day 11.1 c/day
Winter Day 0700-2300 7.27 c/kWh 6.41 c/kWh 3.86 c/kWh 7.89 c/kWh 7.03 c/kWh
Winter Night 2300-0700 1.75 c/kWh 1.54 c/kWh 0.89 c/kWh 1.90 c/kWh 1.69 c/kWh
Summer Day 0700-2300 2.74 c/kWh 2.41 c/kWh 1.42 c/kWh 2.97 c/kWh 2.64 c/kWh
Summer Night 2300-0700 1.58 c/kWh 1.39 c/kWh 0.74 c/kWh 1.72 c/kWh 1.52 c/kWh
Number of Customers: 50 and Number of Customers: 8, respectively.
Community Lights Previous Delivery Charges (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Delivery Charges (Excl. of Discount) Delivery Charges (Incl. of Discount)
Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
COMLTA 2.82 $/month 2.59 $/month 0.27 $/month 3.06 $/month 2.83 $/month
COMLTB 3.21 $/month 2.95 $/month 0.33 $/month 3.49 $/month 3.22 $/month
COMLTC 3.70 $/month 3.39 $/month 0.40 $/month 4.01 $/month 3.70 $/month
COMLTD 3.90 $/month 3.57 $/month 0.44 $/month 4.23 $/month 3.90 $/month
COMLTE 4.10 $/month 3.76 $/month 0.46 $/month 4.45 $/month 4.10 $/month
COMLTF 4.47 $/month 4.10 $/month 0.52 $/month 4.85 $/month 4.78 $/month
COMLTG 5.18 $/month 4.78 $/month 0.62 $/month 5.62 $/month 5.22 $/month
COMLTH 5.21 $/month 4.81 $/month 0.62 $/month 5.65 $/month 5.25 $/month
COMLTI 5.54 $/month 5.08 $/month 0.68 $/month 6.02 $/month 5.55 $/month
COMLTJ 6.17 $/month 5.69 $/month 0.77 $/month 6.69 $/month 6.21 $/month
COMLTK 7.37 $/month 6.75 $/month 0.95 $/month 7.99 $/month 7.38 $/month
COMLTL 7.43 $/month 6.86 $/month 0.97 $/month 8.06 $/month 7.49 $/month
COMLTM 7.93 $/month 7.32 $/month 1.05 $/month 8.60 $/month 7.99 $/month
COMLTN 8.14 $/month 7.46 $/month 1.08 $/month 8.83 $/month 8.15 $/month
COMLTO 9.18 $/month 8.42 $/month 1.23 $/month 9.96 $/month 9.20 $/month
COMLTP 15.06 $/month 13.81 $/month 2.14 $/month 16.34 $/month 15.09 $/month
COMLTQ 18.22 $/month 17.60 $/month 2.76 $/month 20.84 $/month 19.23 $/month
Number of Customers: 7
Motorway Lighting
Previous Delivery Charges (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Delivery Charges (Excl. of Discount) Delivery Charges (Incl. of Discount)
Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
7.60 c/kWh 7.01 c/kWh 1.44 c/kWh 8.25 c/kWh 7.66 c/kWh
Number of Customers: 8
Street Lights - Including Maintenance
Previous Delivery Charges (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Transmission Delivery Charges (Excl. of Discount) Delivery Charges (Incl. of Discount)
STREETLIGHTS Effective19/7/2004 Effective19/7/2004 Effective 1/5/2006 Effective1/5/2006 Effective 1/5/2006
(Excl. Maintenance) (Excl. Maintenance) (Excl. Maintenance) (Excl. Maintenance) (Excl. Maintenance)
80W MV 3.26 $/month 3.01 $/month 0.86 $/month 3.53 $/month 3.29 $/month
125W MV 4.21 $/month 3.88 $/month 1.35 $/month 4.56 $/month 4.24 $/month
250W MV 8.76 $/month 8.09 $/month 2.68 $/month 9.50 $/month 8.84 $/month
400W MV 12.68 $/month 11.70 $/month 4.30 $/month 13.76 $/month 12.78 $/month
3 x 250W MV 26.80 $/month 24.74 $/month 8.05 $/month 29.08 $/month 27.00 $/month
3 x 400MW MV 36.84 $/month 34.00 $/month 12.49 $/month 39.97 $/month 37.13 $/month
160W BL 4.75 $/month 4.39 $/month 1.72 $/month 5.16 $/month 4.79 $/month
135W SOX 6.62 $/month 6.30 $/month 1.56 $/month 7.18 $/month 6.86 $/month
70W SON 3.78 $/month 3.49 $/month 0.75 $/month 4.11 $/month 3.81 $/month
110W SON 5.07 $/month 4.68 $/month 1.18 $/month 5.50 $/month 5.11 $/month
250W SON 9.60 $/month 8.86 $/month 2.93 $/month 10.42 $/month 9.68 $/month
2 x 30W FL 2.59 $/month 2.39 $/month 0.65 $/month 2.81 $/month 2.61 $/month
2 x 40W FL 3.05 $/month 2.73 $/month 0.85 $/month 3.30 $/month 2.99 $/month
80W MV PT 3.84 $/month 3.54 $/month 0.86 $/month 4.16 $/month 3.87 $/month
125W MV PT 4.41 $/month 4.07 $/month 1.35 $/month 4.78 $/month 4.44 $/month
250W MV PT 8.76 $/month 8.18 $/month 2.67 $/month 9.50 $/month 8.92 $/month
150W SON 6.94 $/month 6.40 $/month 1.61 $/month 7.52 $/month 6.99 $/month
110MW 2.39 $/month 2.20 $/month 0.66 $/month 2.60 $/month 2.40 $/month
110W SON PT 2.35 $/month 2.17 $/month 0.59 $/month 2.55 $/month 2.37 $/month
3 x 110W SON 5.33 $/month 4.92 $/month 1.24 $/month 5.79 $/month 5.37 $/month
2 x 125W MV 5.25 $/month 4.84 $/month 1.23 $/month 5.69 $/month 5.29 $/month
Misc 1 3.52 $/month 3.25 $/month 0.79 $/month 3.82 $/month 3.55 $/month
Misc 2 4.91 $/month 4.54 $/month 1.15 $/month 5.33 $/month 4.96 $/month
Number of Customers: 7
TOU Schedule II
Previous Delivery Charges (Excl. of Discount) Previous Delivery Price (Incl. of Discount) Delivery Charges (Excl. of Discount) Delivery Charges (Incl. of Discount)
Effective 1/4/2005 Effective 1/4/2005 Effective 1/4/2006 Effective 1/4/2006
Connection charge (Transmission) $5,546.42per month $5,218.27per month $5,410.32Per month $5,082.17per month
Distribution charge $27,890.00per month $26,713.52per month $27,890.00per month $26,713.52per month
Interconnection charge (Transmission) $35,594.42per month $34,208.94per month $40,985.80per month $34,670.96per month
Reactive Power charge (Transmission) $2,512.17per month $1,879.64per month $2,675.84per month $2,043.31per month
Metering charge $611.00per month $585.23per month $611.00per month $585.23per month
Number of customers: 1
TOU Schedule Special
Previous Delivery priceExcl. Of Discount Previous Delivery priceIncl. Of Discount Delivery priceExcl. Of Discount Delivery priceIncl. Of Discount
Effective 1/4/2005 Effective 1/4/2005 Effective 1/4/2006 Effective 1/4/2006
Connection charge (Transmission) $165,532 p.a. $154,184 p.a $165,532 p.a. $154,184 p.a
Interconnection charge (Transmission) $61.2 per kW p.a. $61.2 per kW p.a. $61.2 per kW p.a. $61.2 per kW p.a.
Reactive Power charge (Transmission) 3.0 Cents per kVArh 3.0 Cents per kVArh 3.0 Cents per kVArh 3.0 Cents per kVArh
Metering charge Meter Removed Meter Removed Meter Removed Meter Removed
Frequency Charge N/A N/A N/A N/A
Number of customers: 1
TOU Schedule V - Standard Time of Use
Effective from 1/5/2006
Variable charges:
Summer (1 Oct - 30 Apr)
Price before 1/5/06 New Price from 1/5/06
Time Band Delivery Price Excl. Discount Delivery Price Incl. Discount Transmission Price Delivery Price Excl. Discount Delivery Price Incl. Discount
Weekday 2400-0700 1.13 0.98 0.36 1.22 1.08
0700-1100 2.54 2.20 0.81 2.76 2.42
1100-1700 1.97 1.70 0.63 2.14 1.87
1700-2100 2.71 2.34 0.86 2.94 2.57
2100-2200 2.39 2.07 0.73 2.60 2.27
2200-2300 2.39 2.07 0.76 2.60 2.27
2300-2400 1.55 1.34 0.49 1.68 1.47
Weekend 2400-0700 0.99 0.86 0.31 1.07 0.94
0700-1100 1.74 1.50 0.55 1.89 1.65
1100-1700 1.56 1.35 0.49 1.69 1.48
1700-2100 2.11 1.82 0.68 2.29 2.00
2100-2200 1.81 1.57 0.58 1.97 1.72
2200-2300 1.81 1.57 0.58 1.97 1.72
2300-2400 1.38 1.19 0.43 1.50 1.31
Winter (1 May - 30 Sep)
Price before 1/5/06 New Price from 1/5/06
Time Band Delivery Price Excl. Discount Delivery Price Incl. Discount Transmission Price Delivery PriceExcl. Discount Delivery PriceIncl. Discount
Weekday 2400-0700 1.38 1.19 0.43 1.50 1.31
0700-1100 6.42 5.55 2.04 6.96 6.10
1100-1700 2.40 2.08 0.77 2.61 2.28
1700-2100 11.59 10.03 3.70 12.58 11.02
2100-2200 7.10 6.14 2.27 7.71 6.74
2200-2300 4.95 4.28 1.58 5.37 4.70
2300-2400 1.92 1.66 0.62 2.08 1.82
Weekend 2400-0700 1.21 1.05 0.39 1.32 1.15
0700-1100 2.34 2.02 0.75 2.54 2.22
1100-1700 1.98 1.71 0.64 2.15 1.88
1700-2100 7.31 6.33 2.33 7.94 6.95
2100-2200 4.06 3.51 1.29 4.40 3.85
2200-2300 3.00 2.60 0.97 3.26 2.86
2300-2400 1.69 1.46 0.53 1.83 1.60
Maximum Demand $5.43 per KVA (Previously, $5.00 per KVA) - APPLY FROM 1/5/2006
Monitored 0700-2300 daily and charged at the average of the 3 highest demands per calendar month, with a maximum of one demand per day.
Meter Charge (APPLY FROM 1/10/99)
A monthly charge depending on the metering equipment installed.
Standard two channel meter $56.00 per month
Standard two channel meter with cell site $98.00 per month
Connection Charge (APPLY FROM 1/5/2006)
A monthly charge depending on capacity available:
EXISTING AND NEW TOU CONNECTIONS
Capacity Pre 1/5/06 From 1/5/06
KVA $ Per month Excl. Discount $ Per month Incl. Discount $ Per month Excl. Discount $ Per month Incl. Discount
50 158.10 150.00 171.54 163.44
100 190.77 188.00 206.99 204.22
150 221.34 218.00 240.15 236.81
200 243.47 240.00 264.17 260.70
300 271.93 268.00 295.05 291.11
400 310.93 306.00 337.36 332.43
500 347.82 342.00 377.38 371.56
750 374.17 368.00 405.97 399.80
1000 474.30 467.00 514.62 507.32
HT CHG 181.29 178.00 196.70 193.41
SPECIAL ICP CONNECTIONS*
Misc. 1* 0.00 0.00 0.00 0.00
Misc. 2* 31.62 31.00 34.31 33.69
Misc. 3* 695.64 685.00 754.77 744.13
Misc. 4* 748.34 737.00 811.95 800.61
Misc. 5* 948.60 934.00 1029.23 1014.63
Number of Customers: 123
TOU Schedule VII- Special Time Of Use (Closed)
Effective from 1/5/2006
Variable charges:
Summer (1 Oct - 30 Apr)
Price before 1/5/06 New Price from 1/5/06
Time Band Delivery Price Excl. Discount Delivery Price Incl. Discount Transmission Price Delivery Price Excl. Discount Delivery Price Incl. Discount
Weekday
2400-0700 0.82 0.74 0.27 0.89 0.81
0700-1100 1.86 1.68 0.60 2.01 1.84
1100-1700 1.44 1.31 0.46 1.57 1.43
1700-2000 1.98 1.79 0.64 2.15 1.96
2000-2200 1.76 1.59 0.55 1.91 1.74
2200-2400 1.13 1.02 0.36 1.22 1.12
Weekend
2400-0700 0.71 0.64 0.23 0.77 0.70
0700-1100 1.79 1.62 0.58 1.94 1.77
1100-1700 1.15 1.04 0.36 1.25 1.14
1700-2000 1.55 1.40 0.49 1.68 1.53
2000-2200 1.34 1.21 0.42 1.45 1.32
2200-2400 1.00 0.91 0.33 1.09 1.00
Winter (1 May - 30 Sep)
Price before 1/5/06 New Price from 1/5/06
Time Band Delivery Price Excl. Discount Delivery Price Incl. Discount Transmission Price Delivery Price Excl. Discount Delivery Price Incl. Discount
Weekday
2400-0700 1.00 0.91 0.33 1.09 1.00
0700-1100 4.52 4.09 1.45 4.91 4.47
1100-1700 1.76 1.59 0.55 1.91 1.74
1700-2000 8.13 7.35 2.59 8.82 8.04
2000-2200 4.43 4.01 1.41 4.80 4.39
2200-2400 1.38 1.25 0.43 1.50 1.37
Weekend
2400-0700 0.89 0.80 0.29 0.96 0.88
0700-1100 1.71 1.55 0.54 1.85 1.70
1100-1700 1.44 1.31 0.46 1.57 1.43
1700-2000 4.51 4.08 1.45 4.89 4.46
2000-2200 2.72 2.46 0.87 2.95 2.69
2200-2400 1.23 1.12 0.40 1.34 1.22
METER CHARGE OF $47/MONTH WILL APPLY FROM 1/10/99
Maximum Demand (APPLY FROM 1/5/2006)
Winter $3.03 per kW (previously, $2.79 per kW)
Summer $0.89 per kW (previously, $0.82 per kW)
Monitored 0700-2300 daily and charged at the average of the 3 highest demands per calendar month, with a maximum of one demand per day.
Connection Charge (APPLY FROM 1/5/2006)
A monthly charge depending on capacity available:
EXISTING AND NEW TOU CONNECTIONS
Capacity Pre 1/5/06 From 1/5/06
KVA $ Per month Excl. Discount $ Per month Incl. Discount $ Per month Excl. Discount $ Per month Incl. Discount
50 158.10 155.76 171.54 169.20
100 190.77 187.95 206.99 204.17
150 221.34 218.02 240.15 236.83
200 243.47 239.88 264.17 260.58
300 271.93 267.85 295.05 290.96
400 310.93 306.27 337.36 332.70
500 347.82 342.68 377.38 372.24
750 374.17 368.56 405.97 400.36
1000 474.30 467.19 514.62 507.51
SPECIAL ICP CONNECTIONS*
Misc. 1* 42.16 41.52 45.74 45.10
Misc. 2* 86.43 85.15 93.77 92.50
Misc. 3* 121.21 119.42 131.51 129.72
Misc. 4* 178.13 175.49 193.27 190.63
Misc. 5* 184.45 181.72 200.13 197.40
Number of Customers: 13