The consumer-owned electricity network company Network Waitaki has turned in a $1.356 million surplus, despite paying out a $2.67 million discount to its 12,157 consumers.
The company has just released its 2010-11 annual report for the network and its contracting division, showing operating revenue of $14.28 million and operating expenses of $6 million for an operating profit of almost $8.2 million before the discount, taxation and other expenses.
After they were deducted, the company had a retained surplus of $1.356 million, compared with $2.588 million in the previous financial year.
Company chairwoman Clare Kearney said Network Waitaki continued to deliver benefits to its consumer owners.
Apart from the annual discounts, these included the low cost, efficient, reliable and safe distribution of electricity in the greater Waitaki area and among the lowest line charges in New Zealand.
The company had also invested in improving the security of its network, along with development.
Chief executive Graham Clark said the company was also undertaking some major capital projects, with the demand for new electricity supplies growing despite the economic recession.
Total network capital expenditure last financial year was $4.9 million, major projects including rebuilding the Station peak feeder, upgrading the Kakanui Valley Rd line, a new 33kV line between Duntroon and Ngapara and a new substation at Duntroon. At the same time, it was investigating future business opportunities including evaluating the development of a fibre-optic network.
