Network Tasman Annual Result 2021

Electricity lines company Network Tasman Limited reported an operating surplus after tax of $11.8 million for the year ended 31 March 2021 which was in line with the previous year ($11.0 million).

The Chairman of the company Mr John McCliskie noted that “The results for the year reflect strong contributions from all of the company’s businesses including the core electricity, fibre and investment property business units.” Buoyant regional growth continued in Network Tasman’s electricity distribution area, with consumer connections increasing by 704 for the year bringing the total number of connections to 41,735.

Mr. McCliskie said that “Network Tasman paid a total of $13.5 million in line discounts to consumers including a one-off discount of $950k paid immediately following the Covid-19 lockdown”. He noted that “as a consumer owned company, Network Tasman must balance our desire to maintain low line prices against the need to continue to invest in the resilience of our network”. 

Mr McCliskie noted that “The company continues to plan for the decarbonisation of the economy including the electrification of the industrial heat and transportation sectors”. He noted that “Network Tasman has the financial and technical capacity to manage the transition to a low carbon economy into the future”. 

Additional facts:

  • Operating revenue: $54.7 million (2020: $48.3 million)
  • Operating surplus: $11.8 million (2020: $11.0 million)
  • Total assets: $267.4 million (2020: $252.3 million)
  • Net operating cash flow: $16.2 million (2020: $14.9 million)
  • Cash operating costs per consumer: $283 (2020: $304)
  • Total consumer connections: 41,735 (2020: 41,031)

About Network Tasman

Network Tasman’s mission is to operate low cost, open access networks that deliver outstanding reliability and efficiency while maintaining shareholder value.

Network Tasman owns and operates the electricity distribution network in the wider Nelson and Tasman areas, excluding Nelson Electricity’s supply area in Nelson city. 

The Network Tasman electricity distribution network distributes power to approximately 41,735 consumer connections in an area of 10,800 km2 in the north-western corner of the South Island.

In addition to its principal activity, the company has interests in complementary businesses of fibre optic networks, property, 50% shareholdings in Nelson Electricity Limited and On Metering Limited and advanced metering on the Network Tasman network.

Network Tasman itself is wholly owned by the Network Tasman Trust.