✨ Financial Statements Notes
15 NOVEMBER NEW ZEALAND GAZETTE 4053
Electricity Corporation of New Zealand Limited
Notes to the Financial Statements
- Investments
| Company name | Percentage | Principal activity | Balance date |
|---|---|---|---|
| * Cobb River Power Station Limited (formerly | 100 | Property management | 30 June |
| Mangahao Power Station Limited) | |||
| * Coleridge Power Station Limited | 100 | Property management | 30 June |
| * ECNZ Insurance Limited | 100 | Insurance | 30 June |
| * ECNZ International Limited | 100 | Finance | 30 June |
| * Energy Auckland Limited | 100 | Retail electricity | 30 June |
| * Energy CHB Limited | 100 | Retail electricity | 30 June |
| * Energy Scanpower Limited | 100 | Retail electricity | 30 June |
| * Energy Waitaki Limited | 100 | Retail electricity | 30 June |
| * First Electric Limited (formerly Manapouri | 100 | Retail electricity | 30 June |
| Generation Company Limited) | |||
| * Genesis Energy Limited | 100 | Retail electricity | 30 June |
| * Genesis Energy No. 2 Limited | 100 | Retail electricity | 30 June |
| * Kinleith Cogeneration Limited | 100 | Construction | 30 June |
| + Kupe Development Limited | 65 | Holding company | 30 June |
| ^ Kupe Mining (No 1) Limited | 100 | Oil and gas exploration | 30 June |
| ^ Kupe Mining (No 2) Limited | 100 | Oil and gas exploration | 30 June |
| * Matahina Power Station Limited | 100 | Property management | 30 June |
| * Methven Management 1997 Limited | 100 | Dormant | 30 June |
| # PT ECNZ Services Indonesia | 100 | Geothermal power station | 31 December |
| operations and maintenance | |||
| * Rakaia Power Station Limited | 100 | Dormant | 30 June |
| * Rutherford House Limited | 100 | Property management | 30 June |
| * South Island Energy Limited | 100 | Retail electricity | 30 June |
| * Waikaremoana Power Scheme Limited | 100 | Property management | 30 June |
| * Woodville Wind Farm Limited | 100 | Wind energy | 30 June |
- wholly owned by ECNZ
- 65% owned by ECNZ Energy Limited
^ 100% owned by Kupe Development Limited99% owned by ECNZ International Limited, 1% owned by ECNZ
- Segmental information
ECNZ’s operations include the generation and wholesale marketing of electricity. Its operations are carried out predominantly in New Zealand and are therefore within one geographical segment for reporting purposes.
- Long term relationships
(a) ECNZ has entered into a contract with Contact under which ECNZ is entitled to purchase specified annual gas quantities from 1 October 1996 to 30 September 2006. The maximum amount payable under the contract up to 30 September 2006 is $90 million.
(b) ECNZ has entered into a contract with Solid Energy Limited to purchase specified quantities of coal up to 30 September 2001. The maximum amount payable under the contract up to 30 September 2001 is $20 million.
(c) ECNZ has entered into a contract with Tuaropaki Power Company Limited with respect to the Mokai geothermal field. These interrelated contracts cover electricity price hedges, investment, and operations and maintenance.
(d) ECNZ has entered into a heads of agreement with Fletcher Challenge Energy Limited which makes provision for the purchase of specified annual gas quantities from 1 October 2000 to 30 September 2017. The terms and conditions of supply have yet to be finalised.
As at 1 April 1999 all of the above contracts were assigned to the three new SOEs (refer note 26).
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VUW Te Waharoa —
NZ Gazette 1999, No 170
NZLII —
NZ Gazette 1999, No 170
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Electricity Corporation of New Zealand Limited Financial Notes
(continued from previous page)
🏗️ Infrastructure & Public WorksFinancial instruments, Fair values, Term liabilities, Currency swaps, Interest rate swaps, Debt defeasance, Land claims, Related party transactions, Investments, Segmental information, Long term relationships