New Zealand Gazette – 1997 – No. 141

Page 3276

✨ Financial and Electricity Contracts

exchange rates on the purchase of specific plant and equipment items from overseas suppliers. Total cover under forward exchange contracts at balance date was $241,920 (1996 - $869,731)

16.4 ELECTRICITY PURCHASING

The company has entered into electricity price hedging contracts with supplying generators.

Under these contracts the company agrees with the generator a fixed price (a hedge price) for a percentage of its estimated electricity needs. The company does not enter into any speculative position in relation to electricity price hedging contracts. On maturity of these agreements any difference between the hedge price and the spot price is settled between the parties. Settlement occurs irrespective of the amount of electricity supplied.

If the spot market price is greater than the hedge price the generator must settle the difference with the company. Alternatively if the spot price is less than the hedge price the company must settle the difference with the electricity generator.

The total value of electricity price hedging contracts at balance date was $44.119m (1996 $5.365m).

16.5 FAIR VALUES

The carrying amount of cash, short term deposits and trade receivables reflect their fair values.

The fair value of electricity price hedging contracts will vary from day to day as the spot market for electricity varies. As at balance date the secondary market for electricity price hedging contracts was not sufficiently active to obtain a reliable measure of the fair value of the company’s hedging contracts.

The fair value of foreign currency forward exchange contracts represents the estimated amount the company would receive on termination of the contract at balance date, thereby taking into account the unrealised gain or loss of open contracts.

Contracts in place at 31 March 1997:

Due Date	Rate Fixed Forward	Commitment $NZ	Rate at 31.3.97
30 April 1997	Aud 0.8755/$NZ	241,920	Aud 0.8837/$NZ

17. RELATED PARTIES

17.1 SHAREHOLDERS

The company may from time to time advance funds of a short term nature to the Marlborough Electric Power Trust. The company dividend is also paid to the same trust.

	1997 $	1996 $
Dividends paid to the trust	1,425,000	1,200,000
Secretarial costs charged to the trust	6,750	6,750
Amounts owed by the trust to the company as at 31 March	18,270	19,475

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VUW Te Waharoa — NZ Gazette 1997, No 141

NZLII — NZ Gazette 1997, No 141

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✨ LLM interpretation of page content

💰 Forward Exchange Contracts

Domain💰 Finance & Revenue
KeywordsForward Exchange Contracts, Currency Risk, Plant and Equipment

💰 Electricity Price Hedging Contracts

Domain💰 Finance & Revenue
KeywordsElectricity Price Hedging, Hedging Contracts, Spot Price, Settlement

💰 Fair Values of Financial Instruments

Domain💰 Finance & Revenue
KeywordsFair Values, Cash, Short Term Deposits, Trade Receivables, Hedging Contracts, Foreign Currency Forward Exchange Contracts

💰 Related Parties Transactions

Domain💰 Finance & Revenue
KeywordsRelated Parties, Shareholders, Dividends, Secretarial Costs, Trust

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