✨ Financial Statement Details
25 NOVEMBER 2013 NEW ZEALAND GAZETTE, No. 155 4345
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
Held for sale assets
NGL assets are properties on the North Island Grid Upgrade (NIGU) route between Whakamaru and south Auckland purchased for the purposes of establishing easements and their on-selling. While the Transpower Lines Business classifies these properties as held for sale, they are expected to be sold within 12 months and gain/losses on sale.
Low voltage assets – are substations and lines which are 11kV or less and which are not integral to Transpower’s transmission network. Transpower may sell these assets to local lines companies. When the Transpower Lines Business classifies these properties as held for sale, they are expected to be sold within 12 months.
For the low voltage assets sold to 30 June:
| 2012 | 2013 | |
|---|---|---|
| Net book value | $ 64 | $ – |
| Sale proceeds | $ – | $ 87 |
| Gain/(loss) on low voltage asset sales including impairment | $ (7) | $ 8 |
| Gain/(loss) on low voltage asset sales excluding impairment | $ (7) | $ 7 |
Ineligible assets
Easements are deemed to have an indefinite useful life because:
- Transpower is required to keep the easement indefinitely, based on past experience.
There was also impairment of easements during the year (2012: nil). The costs of easements are expected to be fully recovered from transmission customers.
Right to access assets
The access significant right to access asset relates to the 2011 purchase of access rights to the Vector Tunnel in Auckland for $50 million. The Vector Tunnel right to access asset is being amortised over the contract life of 90 years.
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NZ Gazette 2013, No 155
✨ LLM interpretation of page content
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Transpower New Zealand Limited Statement of Accounting Policies
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🏭 Trade, Customs & IndustryFinancial Statement, Capital Work, Borrowing Costs, Electricity Regulations, Property Sales