Media Release - 28 July 2023
Electricity lines company Network Tasman Limited reported an operating surplus after tax of
$11.9 million for the year ended 31 March 2023 (2021/22 $12.4 million).
Consumer connections increased by 695 for the year bringing the total number of connections to 43,073.
The Chair of the company Mr John McCliskie noted that “Regional growth has continued to support strong contributions across all of the businesses and allowed us to continue to invest in the safety and reliability of our network”.
The region has been hit by a number of storms over the year. Mr McCliskie noted that “We have a robust risk management and insurance programme in place, and are confident in our restoration capability to deal with a natural disaster affecting our network”.
He noted that “We have reviewed the impacts and responses of the North Island severe storm events of early 2023, including Cyclone Gabrielle. The lessons from the affected lines companies will be used to further strengthen our resilience in future events”.
Mr McCliskie said that “Network Tasman remains in a sound financial position with no term debt and good operating cash flows funding the ongoing capital investment plans for the business. Enabling and supporting decarbonisation remains the most significant contribution the company can make to the region’s future sustainability initiatives along with investing in our network to support growth in the region”.
• Operating revenue: $55.8 million (2021: $55.3 million)
• Operating surplus: $11.9 million (2021: $12.4 million)
• Total assets: $293 million (2021: $281 million)
• Net operating cash flow: $15.8 million (2021: $17.1 million)
• Cash operating costs per consumer: $304 (2021: $284)
• Total consumer connections: 43,073 (2021: 42,378)
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 43,000 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.