Media release
28 February 2014
Transpower announces half-year results
Transpower New Zealand today released its financial results for the six months ended 31 December 2013.
Earnings after tax, prior to net changes in the fair value of financial instruments, were $99.7 million (December 2012:
$111.5 million). Operating revenue for the first six months of the year increased by 10 per cent to $493.8 million
(December 2012: $448.4 million).
An interim dividend of $60 million (December 2012: $92 million) will be paid to the shareholder in March.
Transpower Chairman, Mark Verbiest said that the company had performed well in the first half of the year, with an
increase in transmission revenue principally reflecting the full operation of the North Island Grid Upgrade and
commissioning of the HVDC Pole 3 project.
“The first half of this year has been focused on completing the remainder of our large capital programme. We saw the
final piece of the HVDC project completed in December which involved the upgrade of the Pole 2 control system, enabling
power transfer of 1200 MW between the islands, up from 1000 MW. The North Auckland and Northland Project was also
commissioned this week.”
“These projects will ensure a reliable and secure supply of electricity for New Zealand and importantly, also support
enhanced competition in the electricity market, which puts downward pressure on end consumer bills.”
“Our focus going forward will shift from big build projects to optimising our, still significant, capital and operating
expenditure, to ensure cost effectiveness for the end consumer while maintaining the integrity of the grid. We will
continue to develop new technology initiatives that will improve security and reliability of the grid.” said Mr
Verbiest.
Transpower’s full half year accounts will be published once they are tabled in Parliament, which is expected to be in
April 2014.
ENDS