New Zealand Gazette – 1998 – No. 142

Page 3458

✨ Electricity Company Financial Performance



3458 NEW ZEALAND GAZETTE No. 142

Wairarapa Electricity Limited and Subsidiary Companies

1) Regulations 13 and 14

(i) Financial Performance Measures

1998 1997 1996 1995
Accounting Return on Total Assets 11.22% 10.66% 7.00% 5.66%
Accounting Return on Equity 7.88% 8.00% 5.45% 4.35%
Accounting Rate of Profit
Accounting Rate of Profit (excluding revaluations) 9.06% 9.18% 5.46% 4.06%
Accounting Rate of Profit (per the regulations) 14.56% 28.20% 5.46% 4.06%

The 1998 and 1997 Accounting Rate of Profit (ARP) calculation as defined in Part 1 to the First Schedule of The Electricity (Information Disclosure) Regulations 1994 includes the item "Revaluations". The inclusion of this item in the calculation of ARP, has in the view of the Company, distorted this performance measure so that no reliable comparison can be made with prior or future periods. In order to provide users of these statements with consistency in performance measures, the ARP has been restated as to exclude the item "Revaluations" from the calculation. This item is stated as the "Accounting Rate of Profit (excluding revaluations)" above.

(ii) Efficiency Performance Measures

1998 1997 1996 1995
$ $ $ $
(a) Direct Line Costs per kilometre 2,318 2,179 1,614 1,626
(b) Indirect Line Costs per Electricity Customer 41.10 57.58 48.78 37.03

(iii) Optimized Deprival Valuation

The Optimized Deprival Valuation (established as at 30 November 1997) is $64.278 million (1997 $60.117 million)

2) Regulation 15

(i) Energy Delivery Efficiency Performance Measures

1998 1997 1996 1995
(a) Load Factor 62.97% 63.20% 62.98% 63.50%
(b) Loss Ratio 6.59% 6.46% 5.40% 5.20%
(c) Capacity Utilisation 23.33% 24.70% 25.60% 25.70%

The loss ratio has been calculated using a 24 month rolling average. The actual loss ratio would be 7.28% for the 12 months if no rolling averages were utilised.

(ii) Statistics

See table below for the following statistics:

(a) Overhead circuitry length (kms) and breakdown by nominal line voltage.
(b) Underground circuit length (kms) and breakdown by nominal line voltage.
(c) System Length (Kms) and breakdown by nominal line voltage.

(a) Overhead Circuit (b) Underground Circuit
1998 1997 1996 1995 1998 1997 1996 1995
33kV 192.3 189.2 171.1 171.1 1.6 1.6 1.6 1.6
11kV 1537.6 1527.2 1506.3 1521.2 41.2 35.5 34.9 34.2
3.3kV 3.4 3.4 3.4 3.4 0.0 0.0 0.0 0.0
400V 587.5 587.5 586.3 586.3 75.7 74.4 73.5 73.3
2320.8 2307.3 2267.1 2282.0 118.5 111.5 110.0 109.1


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