New Zealand Gazette – 1998 – No. 114

Page 2817

✨ Electricity Information Disclosure



14 AUGUST

NEW ZEALAND GAZETTE

2817

17. SUBSIDIARY

Cambie Corporation Limited was a shell company controlled by Counties Power Limited which was included in Other Business. It was wound up during the year ended 31 March 1998. Cambie Corporation had no assets or liabilities and it did not trade during the years ended 31 March 1998 and 31 March 1997.

18. ODV VALUATION

The ODV valuation of Counties Power Limited Lines Business Distribution System assets was calculated at $75,160,940 as at 31 March 1998 by Worley Consultants.

COUNTIES POWER LIMITED

DISCLOSURE OF FINANCIAL PERFORMANCE MEASURES AND EFFICIENCY PERFORMANCE MEASURES PURSUANT TO REGULATION 13 AND PART II OF THE FIRST SCHEDULE OF THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

CERTIFICATION OF PERFORMANCE MEASURES BY AUDITORS

We have examined the information appearing on page 6 being -

(a) Financial performance measures specified in clause 1 of Part II of the First Schedule to the Electricity (Information Disclosure) Regulations 1994; and

(b) Financial components of the efficiency performance measures specified in clause 2 of Part II of that Schedule, -

and having been prepared by Counties Power Limited for the year ended 31 March 1998 for the purposes of regulation 13 of those regulations.

We certify that, having made all reasonable enquiry, to the best of my knowledge, that information has been prepared in accordance with the Electricity (Information Disclosure) Regulations 1994.

D.P. Scott
COOPERS & LYBRAND
Chartered Accountants
On behalf of the Controller and Auditor-General
1 July 1998

1 April 1997 to 31 March 1998

  1. Financial Performance Measures
1998 1997 1996 1995
(a) Accounting return on total assets, being earnings before interest and tax, divided by average total funds employed 4.1% 2.2% 3.1% 3.0%
(b) Accounting return on equity, being net profit after tax, divided by average total shareholders’ funds 3.0% 1.8% 2.1% 2.1%
(c) Accounting rate of profit 18.5% 1.2% 2.3% 1.5%

The Accounting rate of profit (“ARP”) calculation specified in Part II of the First Schedule of the Electricity (Information Disclosure) Regulations 1994 requires that the fixed asset ODV revaluation gain be included as part of the calculation. If no revaluation had been undertaken, the ARP would have been 3.6% for the year ended 31 March 1998. The previous revaluation was undertaken three years prior, as at 31 March 1995.

2. Efficiency Performance Measures

1998 1997 1996 1995
(a) Direct line cost per kilometre $1,218 $1,176 $1,091 $1,067
(b) Indirect line cost per electricity customer $84 $79 $96 $87

Certificate by Auditor in Relation to ODV Valuation of Counties Power Limited Lines Business

I have examined the valuation report prepared by Worley Consultants Limited and dated 17 June 1998, this report contains valuations as at 31 March 1998.

I hereby certify that, having made all reasonable enquiry, to the best of our knowledge, the valuations contained in the report have been made in accordance with the ODV Handbook for Optimised Deprival Valuation of Electricity Line Businesses, 28 May 1998.

Yours faithfully,

WM Cook
COOPERS & LYBRAND
Chartered Accountants
1 July 1998

COUNTIES POWER LIMITED

DISCLOSURE OF ENERGY EFFICIENCY PERFORMANCE MEASURES AND STATISTICS PURSUANT TO REGULATION 15 OF THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

YEAR TO 31 MARCH:

Energy delivery efficiency performance measures 1998 1997 1996 1995
(a) Load Factor 56.8% 57.2% 57.1% 57.6%
(b) Loss ratio 7.7% 7.8% 8.2% 8.4%
(c) Capacity utilisation 35.9% 35% 37.8% 35.5%

Statistics

System length, broken down by voltage 1998 1997 1996 1995
400 V 1,297 km 1,273 km 1,262 km 1,257 km
33 kV 169 km 173 km 173 km 173 km
22 kV 78 km 76 km 78 km 22 km
11 kV 1,677 km 1,471 km 1,477 km 1,455 km
Total 3,221 km 2,995 km 2,990 km 2,897 km
Circuit length of overhead lines, broken down by voltage 1998 1997 1996 1995
400 V 1,144 km 1,110 km 1,104 km 1,104 km
33 kV 169 km 173 km 173 km 173 km
22 kV 77 km 77 km 78 km 22 km
11 kV 1,602 km 1,410 km 1,454 km 1,423 km
Total 2,992 km 2,770 km 2,809 km 2,722 km
Circuit length of underground cables, broken down by voltage 1998 1997 1996 1995
400 V 153 km 163 km 158 km 153 km
33 kV Nil Nil Nil Nil
22 kV 1 km Nil Nil Nil
11 kV 75 km 61 km 49 km 22 km
Total 229 km 224 km 207 km 175 km

| Transformer capacity | 217,405 kVA | 229,808 kVA | 197,000 kVA | 197,246 kVA |
| Maximum demand | 78,034 kW | 75,335 kW | 79,493 kW | 70,055 kW |
| Total electricity supplied from the system | 358.23 GWh | 348.06 GWh | 342.59 GWh | 324.83 GWh |



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✨ LLM interpretation of page content

🏭 Disclosure of Financial Statements for Counties Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
1 July 1998
Electricity, Financial Statements, Information Disclosure, Counties Power Limited
  • D.P. Scott, COOPERS & LYBRAND, Chartered Accountants
  • WM Cook, COOPERS & LYBRAND, Chartered Accountants