New Zealand Gazette – 1998 – No. 134

Page 3265

✨ Financial Statements

4 SEPTEMBER NEW ZEALAND GAZETTE 3265

5.0 CONTINGENT LIABILITIES

PowerNet Limited has a contingent liability of $50,000 in respect of potential liabilities arising from use of system agreements.

PowerNet Limited also has a number of contingent liabilities in respect of guarantees given to contractors. The maximum exposure ranges from $20,000 to $164,000 totalling $1,338,000. PowerNet Limited holds second debenture over the contractors assets.

The Power Company Limited’s exposure would amount to two thirds of these liabilities.

Metering Systems Limited has a contingent liability of $100,000 in respect of potential liabilities arising from Lease, Datahandling and Service Agreements.

The Power Company Limited has a guarantee of $6,250,000 in favour of United Electricity Limited. This has been given to support the guarantees provided by United Electricity Limited in relation to facilities entered into by Pacific Energy Limited. Pacific Energy Limited acts as principal and agent in negotiating and purchasing energy and also in the provision of and accounting for hedging facilities on behalf of United Electricity Limited.

6.0 UNITED ELECTRICITY LIMITED

The Power Company’s 23% interest in United Electricity Limited is $2,271,646. Being an exclusively Energy Trading activity, this amount is excluded from these accounts.

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VUW Te Waharoa — NZ Gazette 1998, No 134

NZLII — NZ Gazette 1998, No 134

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

🏭 Financial Statements for The Power Company Ltd (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsContingent Liabilities, Guarantees, PowerNet Limited, Metering Systems Limited, United Electricity Limited

🏭 United Electricity Limited Financial Details

Domain🏭 Trade, Customs & Industry
KeywordsEnergy Trading, Investment, United Electricity Limited

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