Sharechat Logo

Transpower runs $30 million over budget on North Island upgrade

Friday 18th May 2012

Text too small?

Transpower New Zealand, the state-owned operator of the national power grid, has run $30 million over budget on its North Island grid upgrade, which is now forecast to cost $894 million.

The increase is largely due to the cost of construction of the overhead transmission line and the acquisition of associated property rights, the company said in a statement. The projected cost of $864 million had been previously disclosed in the Wellington-based company's half year report to Dec. 31.

The upgrade involves the construction of a 186km 400 kV capable overhead transmission line from Whakamaru, north of Lake Taupo, to Pakuranga in east Auckland. It's designed to provide a more secure and diverse power supply to the Auckland region.

In a separate Auckland project, Transpower is building a transmission ring around the City to reinforce the security of the power supply through to Northland. That project is forecast to come in below the set budget of $473 million, according to the company's annual report in April.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar falls on news RBNZ is looking at "unconventional" policy
Wrightson capital return gets shareholder approval
Morrison & Co eyes asset sales from first PIP Fund
Improved transmission pricing may save $2.7 bln - Electricity Authority
Precision Foundry receivers say no money for unsecured creditors
23rd July 2019 Morning Report
NZ dollar tad weaker, ECB, Federal Reserve in focus
MARKET CLOSE: NZ shares outperform Asia as exporters gain; Sky leads market higher
Significant shortfall for subbies in Ebert receivership
Transpower sees no risk to credit metrics from incentive change

IRG See IRG research reports