✨ Financial Statements Notes
30 NOVEMBER NEW ZEALAND GAZETTE 3841
NOTES TO THE FINANCIAL STATEMENTS
- LONG TERM CONTRACTS
Take or pay gas purchase contract
The Corporation has entered into a contract with the Crown whereby the Corporation is committed to purchase gas in annual contract quantities from 1 July 1994 to 27 June 2009. Under the terms of the contract the Corporation is required to pay for a minimum quantity of gas in each contract year, whether or not the Corporation takes that quantity of gas. Prepayments for gas not taken entitle the Corporation to gas in subsequent years without further payments. As at 30 June 1994 the aggregate amount of the minimum take or pay payments was as follows:
June 1995 $000
June 1996 96,030
June 1997 103,420
June 1998 103,420
June 1999 96,030
Later years 975,120
Total 1,470,050
In addition, under the terms of the contract the Corporation is required to pay the Crown a margin based on the minimum quantity of gas in each contract year until 27 June 2009, whether or not the Corporation takes that quantity or takes more than the minimum quantity of gas. However the Crown will refund the margin under certain specified circumstances. As at 30 June 1994 the aggregate amount of the Crown margin payments was as follows:
June 1995 $000
June 1996 43,270
June 1997 44,520
June 1998 44,520
June 1999 42,340
Later years 255,120
Total 474,290
As at 30 June 1994 all gas paid for had been taken.
Other gas purchase contracts
The Corporation has entered into a contract with Petrocorp Exploration Ltd (PEL), whereby the Corporation is committed to purchase a minimum quantity of gas each year from 1 July 1994 to 31 March 2005. As at 30 June 1994 the minimum amounts to be purchased were as follows:
June 1995 $000
June 1996 8,460
June 1997 10,912
June 1998 18,270
June 1999 18,270
Later years 124,338
Total 199,535
Take or pay electricity supply contracts
The Corporation has entered into a contract with Comalco Power New Zealand Limited (Comalco) whereby the Corporation is committed to supply electricity in annual contract quantities from 1 July 1994 to 31 December 2022. Under the terms of the contract the Corporation will receive payment for a minimum quantity of electricity, whether or not Comalco has taken that quantity of electricity. As part of this electricity supply contract with Comalco, the Corporation has entered into a contract with Trans Power New Zealand Limited (Trans Power) for the transmission of the contracted quantities of electricity to Comalco at a current annual charge of $38 million. This contract with Trans Power expires on 31 December 2022. The total amount payable to maturity at current prices amounts to $1,064 million.
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VUW Te Waharoa —
NZ Gazette 1994, No 128
NZLII —
NZ Gazette 1994, No 128
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Electricity Corporation of New Zealand Limited Financial Statements
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🌾 Primary Industries & ResourcesFinancial statements, Long-term contracts, Gas purchase, Electricity supply