Annual Report

This report describes Transpower’s financial and operational performance for the financial year ending 30 June 2011.

The earnings after tax, prior to net changes in the fair value of financial instruments, were $126 million (2010: $142 million), a decrease of $16 million (11 per cent).  The underlying operating performance was very sound, but the result was impacted below the EBITDAIF line (earnings before interest, tax, depreciation, amortisation, impairment and changes in the fair value of financial instruments) by adverse one-off impacts.

This report describes Transpower’s financial and operational performance for the financial year ending 30 June 2010.

The principal reasons for this rise are the increase in transmission revenue to $653.4 million (from $629.9 million), recognition of the remaining cross border lease income in advance and $20.2 million less in HVDC reserve charges (allocated to Transpower as the owner of the HVDC link). HVDC reserve charges totalled $7.3 million, down from $27.5 million in the previous year. These gains were offset by an increased impairment in respect of the North Island Grid Upgrade property purchased by Transpower.

This report describes Transpower’s financial and operational performance for the financial year ending 30 June 2009.

The surplus after tax and before net changes in fair value gain/(loss) for the year ended 30 June 2009 was $135.8 million compared with the equivalent 2007/2008 surplus of $107.7 million. The principal reasons for the rise in profit from last year, were an increase in transmission revenue and a lower impairment charge on System Operator assets.