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Network Tasman Ltd owns and operates the electricity distribution network in the northwest of the South Island covering an area of 10,800 km², including these lines over the Waimea Inlet.
Power utility Network Tasman Ltd has reported an after-tax operating surplus of $12.4 million for the year ended March 31, increased from $11.8 million in 2020-21.
The company continued to grow in its 10,800 km² distribution area at the top of the South Island with the addition of 643 consumer connections, bringing the total to 42,378.
In the 2022 Annual Report, the directors and chief executive say that growth in the region has “promoted a number of projects to ensure security of supply”.
“That’s why we’ll be upgrading both the Motueka and Motupipi substations over the next two years.”
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Marion van Dijk/Stuff
Network Tasman’s chairman, John McCliskie, says the company is fortunate to be in a solid financial position to meet the challenges it faces.
Board Chairman John McCliskie said Network Tasman expects an increase in demand in the region over the next 10 years “as initiatives to decarbonise the economy begin to affect energy consumption”.
The annual report points to the risk of “significantly increased loads” due to the electrification of transport and industrial heat processes.
“Although the speed at which this will happen remains uncertain.”
Network Tasman had modeled the potential load of electric vehicles under a series of recording scenarios.
“We are currently reviewing our network design standards to ensure that networks built in the future will provide sufficient capacity to meet expected loads in a range of scenarios.”
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In addition to its core distribution business, Network Tasman operates a fiber optic network and commercial and industrial properties. It also has 50% shares in On Metering Ltd and Nelson Electricity Ltd, which supply electricity to approximately 9,292 consumers in the Nelson urban area.
The company budgets $170 million in capital expenditures for the next decade, reflecting continued regional growth and inflationary pressures.
“Network Tasman is fortunate to be in a solid financial position to meet these challenges,” McCliskie said.
The annual accounts of the company and the group in the annual report show that it is in a healthy position.
JOHN BISSET/STUFF
A new EV hypercharger has been officially unveiled at Orari in South Canterbury. Video first published in June 2022.
Network Tasman closed the year 2021-22 with $232.7 million in shareholder funds, up from just over $222 million at the end of March 2021. $211.95m end of March 2020 and $202.92 million at the end of March 2019.
Total assets stood at $281 million at the end of March 2022, up from $267 million in the same time a year earlier.
Network Tasman paid a total of $13.3 million in line discounts to consumers in the year 2021-22. It also spent $13.1 million on capital expenditures.
Network Tasman paid a fully imputed dividend of $1.8 million to its shareholder, Network Tasman Trust. The trust owns Network Tasman on behalf of consumers.