New Zealand Gazette – 1999 – No. 170

Page 4054

✨ Electricity Corporation Financial Notes

4054
NEW ZEALAND GAZETTE
No. 170

Electricity Corporation of New Zealand Limited
Notes to the Financial Statements

Sale of power stations

Pursuant to the MoU signed by ECNZ and the Crown on 8 June 1995, ECNZ agreed to sell eight small hydro stations. During the year ECNZ sold the following small hydro stations resulting in the following gains on sale:

Coleridge Power Station $m
Matahina Power Station 70
Highbank Power Station 41
26

Purchase of energy retailing businesses

During the year ECNZ purchased the following energy retailing businesses:

Scanpower CHB Power
Northpower Mercury Energy
CentralPower Powerco
Waitaki Power Wairarapa Electricity

Split of ECNZ

On 1 April 1999 ECNZ transferred all generation assets as well as shares in certain retail and other subsidiaries and liabilities to three new State Owned Enterprises (SOEs). The transfer took place at ECNZ’s book value as at 31 March 1999. Mighty River Power Limited comprises the Waikato catchment hydro power stations. Genesis Energy Limited comprises Huntly and Te Awamutu thermal power stations and the Tongariro catchment hydro power stations. Meridian Energy Limited comprises the Waitaki catchment and Manapouri hydro power stations.

From 1 April 1999, ECNZ’s main activities are to manage existing hedge and debt instruments and obligations while winding up ECNZ’s other activities in an economic and timely manner. For this purpose, ECNZ has entered into a number of back-to-back arrangements with the new SOEs. These arrangements are designed to produce a revenue neutral result for ECNZ and pass the burden and the benefit of ECNZ’s existing positions to the new SOEs.

Any assets, liabilities or contingent liabilities not transferred to the SOE’s will remain with the ECNZ Residual Company. The Company will retain sufficient assets and/or shareholder guarantees to enable it to meet all future obligations

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VUW Te Waharoa — NZ Gazette 1999, No 170

NZLII — NZ Gazette 1999, No 170

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏗️ Electricity Corporation of New Zealand Limited Financial Notes (continued from previous page)

Domain🏗️ Infrastructure & Public Works
KeywordsFinancial instruments, Power stations, Energy retailing, SOE transfers, Hydro stations, Thermal power, Debt management

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