New Zealand Gazette – 1997 – No. 133

Page 3131

✨ Financial Instruments Notice

19 SEPTEMBER NEW ZEALAND GAZETTE 3131

Note 16 Financial Instruments

CHB Power Holdings Limited has entered into electricity price hedges which establish a fixed price for a significant percentage of its estimated electricity needs.

Credit Risk:
Electricity price hedge exposure is on any potential difference between the spot price and the hedge price, where on maturity the spot price is greater than the hedge price. CHB Power Holdings Limited does not anticipate any non-performance of any obligations which may exist on maturity of these agreements.

Fair Value:
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 CHB Power Holdings Limited's hedging contracts. On maturity of these agreements, there is potentially an asset or liability in relation to the electricity price hedges which has not been recognised in the Financial Statements. As at balance date the contract amount of the electricity hedging activity amounted to $13,829,936.

The Company has no off-balance sheet financing
The Company has no foreign exchange exposure
The Company is not exposed to any concentrations of credit risk

The Company has provided the following financial guarantee:

A guarantee of the contract between Pacific Energy and the Electricity Corporation of New Zealand to the level of the expected share of CHB Power Holdings Limited purchases.

CHB Power Holdings Limited has financial energy commitments with Pacific Energy, Contact Energy Limited and ECNZ totalling $7,581,791 until March 2001.

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VUW Te Waharoa — NZ Gazette 1997, No 133

NZLII — NZ Gazette 1997, No 133

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✨ LLM interpretation of page content

💰 Financial Instruments and Risk Management

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Electricity Price Hedges, Credit Risk, Fair Value, Financial Guarantee

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