New Zealand Gazette – 1998 – No. 138

Page 3353

✨ Financial Instruments

9 SEPTEMBER NEW ZEALAND GAZETTE 3353

price and the hedge price, where on maturity the spot price is greater than the hedge price. CHB Power Holdings Limited does not anticipate any non-performance of any obligations which may exist on maturity of these agreements.

Fair Value:
The fair value of electricity price hedging contracts can vary from day to day as the spot market price for electricity varies. As at balance date, the secondary market for electricity price hedging contracts was not sufficiently active in order to obtain a reliable measure of the fair value of CHB Power Holdings Limited’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 contract amount of the electricity hedging is $16,952,959 (1997 $13,829,936).

The Company has no off-balance sheet financing.
The Company has no foreign exchange exposure.
The Company is not exposed to any concentrations of credit risk.

The Company has provided the following financial guarantee:

A guarantee of the contract between Pacific Energy and the Electricity Corporation of New Zealand to the level of the expected share of CHB Power Holdings Limited purchases.

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VUW Te Waharoa — NZ Gazette 1998, No 138

NZLII — NZ Gazette 1998, No 138

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💰 Financial Instruments (continued from previous page)

Domain💰 Finance & Revenue
KeywordsElectricity Price Hedges, Credit Risk

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