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Commerce Commission sets maximum revenues for Transpower

Tuesday 1st November 2011

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The Commerce Commission has set maximum revenue levels for state-owned national grid operator Transpower for the three years from April 2012.

Transpower has been regulated under Part Four of the Commerce Act since April this year. The forecast revenues announced today are based on capital expenditure already approved by the commission or the Electricity Commission.

Transpower can have maximum revenue of $783.8 million in the year to June 30, 2013, $906.4 million in the year to June 2014 and $958.9 million in the year to June 2015.

The 2012/13 revenue allowance is 21.7 percent higher than the current revenue allowance.

Transpower is forecasting $1.5 billion of capital expenditure in the 2012/13 year, up from $349 million in the current year.

The company had earnings after tax, prior to net changes in the fair value of financial instruments, of $126 million in the year to June 30, 2011, down 11 percent on the previous year.

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