25 July 2025
Electricity lines company Network Tasman Limited reported an operating surplus after tax of $23.1 million for the year ended 31 March 2025, boosted by a non-cash gain on its recent purchase of the remaining 50% shareholding in Nelson Electricity Limited. Excluding that one-off, non-cash gain, the operating surplus for the year was $11.9 million (2024: $10.0 million).
Network Tasman Chair Ms Smith noted, "During the year, Network Tasman purchased the remaining 50% shareholding in Nelson Electricity for a purchase price of $23.9 million. The purchase was fully funded through a debt facility, with settlement occurring on 31 March 2025. As part of the purchase, we are required to revalue our existing shareholding in line with the purchase price. This revaluation resulted in a one-off, non-cash, gain of $11.2 million being recorded in this year’s accounts.”
The company paid $14.0 million in discounts to our consumers and a fully imputed dividend of $2.0 million to the Network Tasman Trust. Returns have been supported by its non-regulated investment activities, which continue to increase shareholder returns and generate value for the company.
Significant capital works this year include commencing the upgrade to the Motueka substation. This is a $9 million investment that will provide additional capacity to meet the growing demand in the area.
Enabling and supporting decarbonisation remains the most important contribution the company can make to the region’s future sustainability initiatives, along with investing in our network to support growth in the area.
Ms Smith noted, “The recent storms have had a major impact on large parts of our community. The storm caused significant damage to parts of our network, and our teams have worked to restore supply to those affected as soon as possible”. Ms Smith thanked consumers for their patience while our contractors worked in often challenging conditions.
Finally, Ms Smith noted, “The regional economy will take time to recover from the damage caused by the recent storm events. However, Network Tasman remains well-positioned to fund the ongoing investment required to deliver a safe and reliable network for our consumers.”
Key facts:
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 network that distributes power to approximately 43,966 consumer connections in the wider Nelson and Tasman area. Nelson Electricity supplies 9,324 consumer connections in Nelson City.
In addition to its principal activity, the company has interests in complementary businesses of fibre optic networks, property, On Metering Limited and advanced metering on the Network Tasman network.
Network Tasman itself is wholly owned by the Network Tasman Trust.
