Transpower Announces Full-year Result And Releases Integrated Report

Transpower has today released its financial statements and Integrated Report for the financial year ending 30 June 2023 (FY23).

Transpower’s operating revenue increased by 3.2% to $913 million. Transmission revenue year-on-year is in line with expectations for the regulatory period. The remaining increase is due to recognition of revenue from lump sum payments received in respect of customer investment contracts in the current year.

Operating expenses were $362 million, a 16% increase from the previous year. Of that increase $8.5 million related to Cyclone Gabrielle remediation costs and the balance related to other maintenance costs and employee costs.

Net profit after tax was $127 million, a 24% decrease from the prior year, primarily due to higher operating expenses, dismantling costs and lower gains from financial instrument fair value movements.

A final dividend of 6 cents per share or $72 million has been declared. This represents the balance of the $120 million full-year dividend forecast in Transpower’s 2022/2023 Statement of Corporate Intent.

Transpower Chair, Dr Keith Turner said “Transpower has delivered solid financial performance over the last year in the face of some significant challenges including weather events and supply chain constraints. Cyclone Gabrielle was the most significant operational event for the national grid in the last 20 years and we are still considering the options for the long-term future of our Redclyffe substation which was inundated with flooding.”

“While the impacts of longer lead times and higher costs throughout the supply chain continue, Transpower has proactively worked with suppliers and service providers to deliver maintenance and capital programmes on time and as close to budget as possible.”

“Transpower continues to be in a strong position to offer significant volumes of work in the years ahead, particularly as we take steps to prepare for the electrification of New Zealand’s economy,” he said.

The work to prepare for electrification is front and centre in Transpower’s Integrated Report, which provides an in-depth look at the company’s performance including a range of environmental, social and economic metrics.The report also provides information on the impact Transpower has had on Aotearoa New Zealand and its communities over the past year.

The Integrated Annual Report which includes detailed financial statements is available to read here.

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