New Zealand Gazette – 2003 – No. 160

Page 4406

✨ Gas Distribution Financial Statements

4406

NEW ZEALAND GAZETTE

No. 160

Avoidable Cost Allocation Methodology

In November 2002 the Cabinet reaffirmed its May 2000 decision to mandate the use of the avoidable cost allocation methodology (ACAM) in the Gas (Information Disclosure) Regulations 1997. The Gas Control Inquiry being conducted by the Commerce Commission has provided a further driver as it will not be possible for the Commission to accurately assess NGC’s returns unless the gas transportation businesses are modelled as stand alone entities. Recently, NGC has initiated a project to develop ACAM for the financial information disclosed in the Transmission and Distribution businesses Gas (Information Disclosure) financial statements. The completion of this project will likely result in future presentation of these Gas (Information Disclosure) financial statements to be under an ACAM methodology which may produce results different to those presented in these financial statements.

Related Parties Transactions

NGC Management Limited provides management services in respect of the gas distribution activities. Management fees were paid to NGC Management Limited of $4.1 million (30 June 2002: $4.1 million).

Sales of distribution services to NGC Retail were $6.3 million (30 June 2002: $26.5 million). Amounts outstanding from related parties as at 30 June 2003 totalled $0 million (30 June 2002: $3 million)

Purchases of maintenance services from NGC Transmission were $0 (June 2002: $0.1 million). Amounts owing to related parties as at 30 June 2003 totalled $0 million (30 June 2002: $0 million).

Transactions with related parties are settled in the ordinary course of business. No amounts have been written off or forgiven during the year ended 30 June 2003 (2002: Nil).

VUW Te Waharoa — NZ Gazette 2003, No 160

Gazette.govt.nz — NZ Gazette 2003, No 160

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Gas Distribution Financial Performance Statement (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsGas, Financial Statements, Avoidable Cost Allocation Methodology, Related Party Transactions, Management Fees, Distribution Services, Maintenance Services

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