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New Zealand Gazette – 1997 – No. 126

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✨ Financial Statements

15 SEPTEMBER NEW ZEALAND GAZETTE 2973

BAY OF PLENTY ELECTRICITY LIMITED

Financial Statements for the purposes of
Electricity (Information Disclosure) Regulations 1994

Notes to the Financial Statements
for the 12 months ended 31 March 1997

23 Related Party Transactions

The Company conducts business predominantly in the Eastern Bay of Plenty and undertakes transactions for shareholders, company officers and other related parties that reside in the region. All transactions with related parties have been carried out on a commercial and "arms length" basis.

The Company has a 20.24% (20.24% in 1996) interest in PowerBuy Group Limited at balance date, and transacts with that company to purchase and sell electricity. All hedging positions are undertaken by PowerBuy Group Limited.

On 17 July 1996 Power New Zealand Limited acquired a 52.3% interest in Bay of Plenty Electricity Limited.

Transactions	Network		Generation		Energy Trading
	1997	1996	1997	1996	1997	1996
	$000	$000	$000	$000	$000	$000
Purchases from PowerBuy Group Limited	-	-	-	-	23,693	4,556
Sales to PowerBuy Group Limited	-	-	8,436	8,497	-	-
Purchases from Power New Zealand Limited	393	317	-	-	-	-

Balance

Amounts owed to PowerBuy Group Limited - - - - 2,190 2,094
Amounts owed by PowerBuy Group Limited - - 632 482 - -
Amounts owed to Power New Zealand Limited 97 26 - - - -
Amounts owed by Kapuni Energy Limited - - 418 - - -

24 Capital Contributions

The Company has commitments for future capital expenditure amounting to $12,579,147 ($3,800,000 in 1996). The 1997 commitment is the expected expenditure in respect of the Kapuni Energy Joint Venture.

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✨ LLM interpretation of page content

🏭 Financial Statements for Bay of Plenty Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Related Party Transactions, Capital Contributions, PowerBuy Group Limited, Power New Zealand Limited, Kapuni Energy Limited, Electricity Generation, Electricity Trading

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