New Zealand Gazette – 1998 – No. 161

Page 3883

✨ Financial Report Continuation

28 SEPTEMBER NEW ZEALAND GAZETTE 3883

Horowhenua Energy Limited Line and Energy Businesses - Annual Report 1998

Fair value - electricity price hedging contracts

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 measure for electricity price hedging contracts was such that the fair value of the Company’s hedging contracts could not be determined with sufficient certainty. Hence fair values cannot be calculated for these contracts.

7. Contingent liabilities

a) NZ Wholesale Electricity Market holds a letter of guarantee from the company’s bankers for payments. The guarantee provides assurance of payment by the Company to the Wholesale Electricity Market. The amount of guarantee is $3.21 million (1997 - $1.62 million).

b) At any point in time the Company will be investigating complaints or queries about various aspects of the service it provides to customers. In a number of these, action may be taken against the Company. At 31 March 1998 and 1997 there was legal action being taken against the former Horowhenua Electric Power Board that remains unresolved. The directors have been advised that the Company has good defence against the action being taken against it and that no provision for loss is required in the financial statements.

c) The Group has not fully provided for a liability to some employees which would be payable on their retirement upon reaching the age of 65. The Group begins providing for this liability when the employees concerned attain 50 years of age.

8. Commitments

Capital commitments

At balance date, there was no un-accrued expenditure contracted for and approved by the Group (1997 - $112,270).

At balance date the company was committed to taking up a 50% interest in the share capital of Javelin Limited at an amount of $700,000. This is to be met mainly by the transfer to Javelin Limited of assets recorded in Fixed Assets held by Horowhenua Energy Limited at balance date.

9. Transactions with related parties

During part of the year the Company purchased some of its electricity requirements through PowerBuy Group Limited, associate company, prior to the sale of the investment in that company. Total purchases and fees amounted to $10.76 million (1997 - $15.89 million).

During the year the Company purchased construction and maintenance services from a subsidiary, Linework Limited, to an amount of $4.55 million (1997 - $4.79 million).

PDF embedding disabled (Crown copyright)

View this page online at:

VUW Te Waharoa — NZ Gazette 1998, No 161

NZLII — NZ Gazette 1998, No 161

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Horowhenua Energy Limited Line and Energy Businesses - Annual Report 1998 (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated29 May 1998
KeywordsFinancial Instruments, Credit Risk, Electricity Hedge Contracts, Bank Balances, Receivables, Fair Values, Electricity Price Hedging, Credit Evaluations

As the Gazette has been published for more than 185 years, copyright status depends on the publication date of each issue:

1840–1925 (Public Domain): Issues of the New Zealand Gazette and Provincial Gazettes from this period are in the public domain, as the term of Crown copyright (100 years) has expired. Mechanical reproductions (e.g., scanned PDFs) of these public domain documents do not attract new copyright.
1926–1999 (Crown Copyright): Issues from this period remain subject to Crown copyright. Usage of these issues in this project is "Fair Dealing" for research purposes and consistent with the spirit of the open-access principles championed by NZGOAL, ie, "The default licensing position under ... NZGOAL is the Creative Commons Attribution 4.0 International licence ... [t]o the greatest extent possible, agencies should apply this licence to copyright material on their websites"
2000–Present (CC-BY 3.0 NZ): Gazette issues published on gazette.govt.nz are Crown copyright but are explicitly licensed by the Department of Internal Affairs under the Creative Commons Attribution 3.0 New Zealand licence (CC-BY 3.0 NZ). This project redistributes this content in accordance with those terms.

Nothing in this project is intended to infringe copyright, trademark law or personal privacy. Please contact me immediately if you have any concerns.

Third-Party Content

Where third-party content (e.g., notices submitted by external organisations) is identified within the Gazette, users should satisfy themselves regarding the copyright status of that specific content, as it may be subject to different ownership terms than the Gazette itself.

Sources and Attribution

NZ Gazette Sources

The primary sources for the issues of the NZ Gazette indexed by this project are:

New Zealand Gazette Archive, provided by Victoria University Library, copyright 2008 LexisNexis NZ Limited, Crown Copyright of New Zealand Gazette Office
- Issues from 1841-2008, including the New Munster, New Ulster, and Provincial Gazettes
New Zealand Gazettes by New Zealand Legal Information Institute (note: "NZLII is not the copyright owner in the source documents published on NZLII")
- Issues from 1913-1999
Gazette.govt.nz, Crown copyright / licensed by the Department of Internal Affairs under CC-BY 3.0 NZ
- Issues from 2000-2017

Additional Sources

Wellington City Recollect have made available a comprehensive and excellent-quality scan of the Wellington Provincial Gazette which was used to fill in a number of issues missing from Victoria University's Gazette Archive; in particular, all 1856 issues, issues 22-34 for 1864 and issues 9-19 for 1870.
27 issues of The New Zealand Advertiser and Bay of Islands Gazette (1840) were sourced from Papers Past (public domain).
Gazette Extraordinary No. 1 (1840), held at the Alexander Turnbull Library, Wellington, New Zealand. Imaged by Luke Howison at the National Library reading rooms; PDF released into the public domain.

PDF Icon

The PDF PDF Icon was made by Good Ware, CC BY-SA 4.0.

Masthead

The logo in the header is an edited version of “Winning Coat of Arms Competition Entry, 1908” by Archives New Zealand, CC BY 2.0 (found via Wikipedia).

Who made this?

I'm Luke Howison, a freelance web developer with an interest in genealogy. I have created several websites for genealogical research, such as NZ Ancestor Search Helper.