✨ Financial Statements Notes
7 SEPTEMBER NEW ZEALAND GAZETTE 3293
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
12 CONTINGENT LIABILITIES:
a) The Company has provided a guarantee of Pacific Energy Limited’s liabilities to:
(i) Bank of New Zealand Limited for letters of credit and standby cash advance facility required by the Electricity Market Company of New Zealand Limited, and,
(ii) Electricity Corporation of New Zealand Limited for entering into hedging contracts.
The total guarantees are for a maximum amount of $42,505,750 (1997: $35,166,000).
b) Performance Bonds totalling $82,296 (1997: $309,896) have been issued on behalf of Power New Zealand Limited to:
(i) Ensure completion of contract works, and
(ii) To meet board obligations under the New Zealand Stock Exchange Listing requirements.
c) Contingent liabilities exist in relation to on-going disputes, which are being defended.
d) The group has entered into a 15 year contract for the guaranteed supply of electricity from the Rotokawa power station. Should the plant cease operation for any reason the group is liable for the guaranteed base supply level specified in the contract.
13 EVENTS OCCURRING AFTER BALANCE DATE
The Directors are not aware of any significant events occurring subsequent to balance date which, if known at balance date, would have resulted in a different assessment of the amount attributable to an item in the Network, Energy or Generation Business Unit financial statements.
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VUW Te Waharoa —
NZ Gazette 1998, No 135
NZLII —
NZ Gazette 1998, No 135
✨ LLM interpretation of page content
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Notes to Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Contingent Liabilities, Guarantees, Performance Bonds, Electricity Contracts, Post-Balance Date Events