Transpower lifts surplus

Photo / Richard Robinson.

Transpower has posted a $20 million rise in operating surplus after tax for the six months to December 31 compared to the same half-year in 2008.

The surplus was $87.6m compared to $67.5m a year ago.

Operating revenue rose 11 per cent to $379.6m, from $341.9m. It said the increase was in part due to higher transmission revenue of $326.2m, a rise of $15.5m.

Transpower chairman Wayne Brown said that the operating surplus continued to be reinvested into the capital investment programme which includes new build projects, technology platforms, and the refurbishment and replacement of existing assets.

"We will spend approximately $3.8b until the end of the 2015 financial year to help build greater capacity, reliability and capability into the national grid in order to meet future electricity demand, as well as connect new generation to the grid."

"We've made good progress over the last six months. Capital expenditure was $239m, an increase of $109m over the corresponding period in the previous year ($130m).

The rise reflects the start of the significant build programme underway with around 60 projects in various stages of development or construction. Two of our major projects - the HVDC Pole 3 project and the North Island Grid Upgrade project - are now in construction."

"In addition, we launched our Market Systems Project (MSP), a new technology platform to run the real-time power system. This will deliver wide-ranging benefits to the industry and consumers."

"Over the next six months of the financial year, our focus will continue to be on maintaining our assets and implementation and delivery of our investment programme, and we will be working closely with our customers and stakeholders on achieving this," he said.

Transpower's full half year accounts will be published once they are tabled in Parliament next month.

- NZPA