New Zealand Gazette – 1998 – No. 115

Page 2829

✨ Financial Statements Notes

17 AUGUST

NEW ZEALAND GAZETTE

2829

(b) Fair Values

The Directors estimate that the carrying amounts of financial instruments in the Statement of Financial Position equal their fair values except as noted below.

(i) Electricity Price Hedging Contracts

The fair value of electricity price hedging contracts is determined by the difference between "face value" and spot price. As at balance date the secondary market for electricity price hedging contracts was not sufficiently active to reliably measure the spot price and thereby calculate the fair value of the Group’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 "face value" of the electricity hedging activity amounted to $96,838,000, ranging for periods of one to five years. The risk associated with these purchase contracts is partially mitigated by long term customer sales contracts.

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VUW Te Waharoa — NZ Gazette 1998, No 115

NZLII — NZ Gazette 1998, No 115

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements by WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Fair Values, Electricity Price Hedging, Financial Instruments

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