Transpower reports revenue, surplus fall

The company has secured approvals for three new projects. Photo / Brett Phibbs

Transpower has reported a drop in operating surplus and revenue for the six months to last December.

Transpower owns and operates New Zealand's high-voltage electricity transmission grid.

Operating surplus, after tax and before movements in the fair value of financial instruments and debt, was $80.4 million, compared to $87.6 million the same time in 2009.

Operating revenue dropped 5 per cent to $360 million, from last year's $379.6 million. But $379.6 million included a one-off inclusion of remaining income from a 2003 cross-border lease of $27.8 million.

Transpower chairman Mark Verbiest said that operating surplus would be reinvested in its capital investment programme.

The company had secured approvals for three new projects, estimated to cost more than $350 million.

Over the next six months, Transpower would continue to focus on maintaining its assets, using new technologies that will help make the most of New Zealand's investment in the grid, and the delivery of its capital works programme.

The full half-year result will be reported in early March.

This month, the company released its Transmission Tomorrow document, which considers how it will continue to develop and operate the national grid.

- NZPA