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New Zealand Gazette – 1997 – No. 117

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✨ Financial Statements Continuation

MercuryEnergy

Mercury Energy Limited and Subsidiaries

Notes to and forming part of the financial statements for the year ended 31 March 1997 continued

22. FINANCIAL INSTRUMENTS continued

Electricity price hedging contracts

The fair value of electricity price hedging contracts can vary from day to day as the spot market price for electricity varies. As at balance date the secondary market for electricity price hedging contracts was not sufficiently active in order to obtain a reliable measure of the fair value of the group's hedging contracts. As at balance date the contract amount of the electricity hedging activity amounted to $916,156 million. Of this amount, $893,604 million relates to hedge contracts from six months to twelve years.

23. COMMITMENTS

	1997				1996
	Line Activities	Electricity Retailing	Generation Activities	Other Activities	Total Activities	Line Activities	Electricity Retailing	Other Activities
	$000	$000	$000	$000	$000	$000	$000	$000

Capital expenditure commitments

Estimated capital expenditure contracted for at balance date but not provided for:

Stratford power station | - | - | 120,000 | - | 120,000 | - | - | - | -
Other commitments | 33,195 | - | - | - | 33,195 | 4,303 | - | 28,269 | 32,572

Total | 33,195 | - | 120,000 | - | 153,195 | 4,303 | - | 28,269 | 32,572

Operating lease commitments

On land and buildings were:

Within one year | - | - | - | 55 | 55 | - | - | 333 | 333
One to two years | - | - | - | 71 | 71 | - | - | 247 | 247
Two to five years | - | - | - | 14 | 14 | - | - | 625 | 625
Beyond five years | - | - | - | - | - | - | - | 541 | 541

Total | - | - | - | 140 | 140 | - | - | 1,746 | 1,746

8 SEPTEMBER

NEW ZEALAND GAZETTE

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VUW Te Waharoa — NZ Gazette 1997, No 117

NZLII — NZ Gazette 1997, No 117

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✨ LLM interpretation of page content

🏭 Mercury Energy Limited and Subsidiaries Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Electricity Price Hedging Contracts, Commitments, Capital Expenditure, Operating Lease, 1997, 1996

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