Network Tasman Annual Result 2022

Electricity lines company Network Tasman Limited reported an operating surplus after tax of $12.4 million for the year ended 31 March 2022 which was an increase from the previous year ($11.8 million).

The Chairman of the company Mr John McCliskie noted that “The results for the year reflect strong contributions across all of the businesses”. Buoyant regional growth continued in Network Tasman’s electricity distribution area, with consumer connections increasing by 643 for the year bringing the total number of connections to 42,378.

Mr McCliskie noted that “Over the next ten years we expect that there will be a lift in demand across the region as initiatives to decarbonise the economy begin to impact energy use. Network Tasman is focused on ensuring that we can play a leading role as the wider community looks to decarbonise the economy”. He noted that “The growth in the region has brought forward a number of projects to provide additional capacity and to ensure the security of supply”.

Mr McCliskie said that “Network Tasman is fortunate to be in a robust financial position to meet these challenges”. He noted that “Network Tasman remains well placed to continue to invest in the reliability and safety of the network and to meet the increased demand as the regional economy looks to decarbonise”.

Key facts:

  • Operating revenue: $55.3 million (2021: $54.7 million)
  • Operating surplus: $12.4 million (2021: $11.8 million)
  • Total assets: $281 million (2021: $267 million)
  • Net operating cash flow: $17.1 million (2021: $16.2 million)
  • Cash operating costs per consumer: $284 (2021: $283)
  • Total consumer connections: 42,378 (2021: 41,735)

 

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 42,378 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.