✨ Financial Provisions Summary
28 NOVEMBER 2011 NEW ZEALAND GAZETTE, No. 184 5331
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
15. Provisions
| LINES BUSINESS | |
|---|---|
| Employee benefits | |
| $M | |
| ---------------------- | ------------------- |
| Balance at 30 June 2010 | 4.5 |
| Provisions made during the period | 7.6 |
| Provisions used during the period | (5.6) |
| Balance at 30 June 2011 | 6.5 |
| Current portion of provisions | 6.5 | 1.2 | 4.5 | 12.2 |
| Non current portion of provisions | - | - | 9.1 | 9.1 |
| Balance at 30 June 2011 | 6.5 | 1.2 | 13.6 | 21.3 |
Employee benefits
The Transpower Lines Business has a constructive obligation with regard to certain employee benefits. This provision is expected to be used within one year.
Restructuring
Staff redundancy provision. This provision is expected to be used within one year.
Dismantling
In September 2007, the Transpower Lines Business removed from service the HVDC Pole 1 (Pole 1) due to the low probability, high consequence risks posed by continuing operation of the aging technology. Following additional risk mitigation measures including decommissioning one half of Pole 1, the remaining half was made available for limited operation from September 2009.
The Transpower Lines Business recognises site restoration and rehabilitation liabilities where the Transpower Lines Business believes an obligation exists. Pole 1 contains mercury and the Transpower Lines Business has estimated the decommissioning cost based on engineering advice. Decommissioning of the remaining half of Pole 1 is planned to be completed by June 2014. Actual decommissioning costs may vary from the figures indicated.
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NZ Gazette 2011, No 184
✨ LLM interpretation of page content
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Provisions for Transpower New Zealand Limited
(continued from previous page)
💰 Finance & RevenueEmployee benefits, Restructuring, Dismantling, Financial provisions, Transpower, HVDC Pole 1