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Information Disclosure

Electricity Regulations 1999

Electricity (Information Disclosure) Regulations 1999 (revoked on 6 April 2004)

[ Last Updated 16 January 2006 ]

Status:Archived

SR 1999/82

Consolidated with the
Electricity (Information Disclosure) Amendment Regulations 2000 (SR 2000/118) and the
Electricity (Information Disclosure) Amendment Regulations 2001 (SR 2001/178)

Disclaimer

Every effort has been taken to ensure that the Regulations set out in this webpage are accurate. However, visitors to this webpage are advised that:

The Regulations provided do not replace the official version of the Electricity (Information Disclosure) Regulations 1999 (as amended by the Electricity (Information Disclosure) Amendment Regulations 2000 and the Electricity (Information Disclosure) Amendment Regulations 2001). Copies of the Regulations can be obtained from book shops.
No responsibility or liability will be accepted for any action taken as a result of reading or relying on the information in this webpage or for any error in the information provided in this webpage.
All visitors who ignore this disclaimer do so at their own risk.

Analysis

1.	Title, commencement, and application

Part 1 Preliminary Provisions

2.	Interpretation
3.	Prescribed business relationships

Part 2 Financial Statements Disclosure by Line Owners

4.	Repealed
5.	Financial statements disclosure by Transpower
6.	Financial statements disclosure by other line owners (other than Transpower)
7.	Financial statements disclosure in cases of acquisition or merger
8.	Consolidated financial statements in cases where prescribed business relationship
9.	Transactions between related parties

Part 3 Contract Disclosure by Line Owners

10.	Contracts that line owners must disclose
11.	Contract disclosure by line owners
12.	Contract modification disclosure by line owners
13.	Provisions about disclosure of non-standard contracts

Miscellaneous Provisions

14.	Disclosure of standard contracts

Part 4 Disclosure of Performance Measures and Statistics

15.	Disclosure by line owners of financial and efficiency performance measures
16.	Derivation of financial performance measures from financial statements
16A.	Annual ODV reconciliation report
17.	Further requirements about financial and efficiency performance measures
18.	Depreciation and loss of service potential
19.	Repealed
20.	Disclosure of valuation report
21.	Disclosure by line owners of energy delivery efficiency performance measures and statistics
22.	Disclosure by line owners of reliability performance measures

Part 5 Further Disclosure by Line Owners

23.	Disclosure of pricing methodologies
24.	Contents of pricing methodology disclosures
25.	Disclosure of asset management plans by line owners (other than Transpower)

Part 6 Disclosure of Line Charges

26.	Application of Part
27.	Disclosure of existing line charges
28.	Disclosure of new line charges payable by 5 or more consumers
29.	Disclosure of new line charges for other consumers

Part 7 Miscellaneous Provisions

Exemptions

30.	Exemptions

Certificates

31.	Auditor's reports
32.	Certificates

Miscellaneous Provisions

33.	Time-weighted averages rule if entity increases or decreases by 10% or more due to mergers, etc
34.	Information relating to same financial year to be published in same Gazette
35.	Publishing on Internet
36.	Retention of information
37.	Statutory declarations
38.	Time limit for responding to requests for information
39.	Consequential revocations
40.	Savings

Schedules

Explanatory Notes

	Electricity (Information Disclosure) Regulations 1999
	Electricity (Information Disclosure) Amendment Regulations 2000
	Electricity (Information Disclosure) Amendment Regulations 2001

Regulations

1. Title, commencement, and application—(1) These regulations may be cited as the Electricity (Information Disclosure) Regulations 1999.

(2) These regulations come into force on 29 April 1999.

(3) Parts 2 and 4, and regulations 33 to 36, apply in respect of the 1998/1999 financial year and later years.

Part 1
Preliminary Provisions

2. Interpretation—(1) In these regulations, unless the context otherwise requires,—

"the Act" means the Electricity Act 1992:

"Amortisation of goodwill" means goodwill that has been charged in the statement of financial performance for the financial year:

"Amortisation of other intangibles" means other intangibles (apart from goodwill) that have been charged in the statement of financial performance for the financial year:

"Avoided transmission charge" means any expense to the line business activities of the line owner arising from generation or any other activity which substitutes for use of the transmission system:

"Contract" means a contract for the supply of goods or services, or both, whether or not the contract, or any part of the contract, is in writing; and, for the avoidance of doubt, includes—

(a) A contract under which goods or services, or both, are being supplied, although some or all of the terms and conditions in relation to the supply of those goods or services have not been settled; and

(b) Any operating agreement, side letter, or documentation that influences, adjusts, or amends the terms and conditions of that contract:

"Depreciated replacement cost" means the depreciated replacement cost as calculated in accordance with the methodology in the ODV Handbook:

"Depreciation" has the same meaning as in generally accepted accounting practice:

"Direct expenditure", in relation to the business of a line owner,—

(a) Means expenditure that is directly related to operating or maintaining that business; and

(b) Includes all expenditure that—

(i) Is directly related to managing that line owner's system; or

(ii) Is made for the purpose of maintaining, or that has the effect of maintaining, the service potential of any fixed asset that is part of that system; but

(i) Indirect expenditure, capital expenditure, depreciation, interest expense, amortisation of goodwill and amortisation of other intangibles, subvention payments, or income tax:

(ii) Any expenditure made in relation to any asset that is subject to a finance lease:

(iii) Any transmission charges:

(iv) Any avoided transmission charges

"Distributed generation" means a generator or generators that are connected to a local distribution network, or to an end-user load that is connected to a local distribution network, and not directly connected to the transmission system:
[Editorial Note: Although this definition came into force on 13 July 2001, it does not apply until the 2002/2003 and later financial years (see SR 2001/178/3(2)).]

"Electric line", in relation to any works or electrical installation, means any part of those works or that electrical installation that consists of any wire or other conductor that is capable of conveying electricity at a voltage equal to or greater than 230/400 volts, whether that wire or conductor is above or below the ground; but does not include—

(a) Fixed wiring:

(b) Street light circuits:

(d) Trolley bus lines or cables:

(e) Tram lines or cables:

"Electricity generator" means any person that has assets that, whether taken individually or as a whole, have a rated electricity generating capacity equal to or greater than 10 megawatts:

"Electricity Information Disclosure Handbook" means the handbook issued from time to time by the Secretary and entitled "Electricity Information Disclosure Handbook":

"Electricity lines business" has the same meaning as in section 4 of the Electricity Industry Reform Act 1998:

"Electricity retailer" means a person who supplies electricity to another person or persons for any purpose other than for resupply by the other person or persons; and "electricity retailing" has a corresponding meaning:

"Electricity supply business" has the same meaning as in section 5 of the Electricity Industry Reform Act 1998:

"Entity" includes, as the case may be,—

(a) Any person within the meaning of section 4 of the Acts Interpretation Act 1924:

(b) Any subsidiary of any such person:

(c) Any part or division of any such person as determined in accordance with the allocation methodology in the Electricity Information Disclosure Handbook:

"Equity security" has the same meaning as in section 2 (1) of the Securities Act 1978:

"Financial statements" means—

(a) A statement of financial position; and

(b) A statement of financial performance; and

(d) A statement of movements in equity; and

(e) Notes to the statements referred to in paragraphs (a) to (d), including information relating to transactions between related parties as required by regulation 9; and

(f) A statement of accounting policies—

prepared in accordance with generally accepted accounting practice:

"Financial year" means,—

(a) For the purposes of the application of regulations 5 and 23 and Part 4 to Transpower, a period of 12 months commencing on 1 July in any year and ending with 30 June in the following year:

(b) In any other case, a period of 12 months commencing on 1 April in any year and ending with 31 March in the following year:

"Fixed assets", in relation to the business of a line owner,—

(a) Means—

(i) Those line business assets of the business that are tangible in nature and have a relatively long useful life; and

(ii) The capitalised value of any line business assets of the business that are subject to a finance lease; and

(iii) Any works that are under construction and will be used for the purposes of any line business activity of that line owner; but

(b) Does not include—

(i) Any intangible assets; or

(ii) Any security:

"Fixed wiring" means the conductors of an electrical installation within a building, connectable installation, enclosure, or other structure:

"Generally accepted accounting practice" has the same meaning as in section 3 of the Financial Reporting Act 1993:

"Income tax" means the amount of income tax charged or credited (at current rates of income tax) in the statement of financial performance for the financial year:

"Independent auditor", in relation to any information to which regulation 31 applies, means a person who—

(a) Is qualified for appointment as auditor of a company under the Companies Act 1993; and

(b) Has no relationship with, or interest in, the person that is required, by any provision of these regulations, to publicly disclose—

(i) That information; or

(ii) In the case of a valuation to which regulation 31 (4) applies, information based on that valuation,—

being a relationship or interest that is likely to involve that first-mentioned person in a conflict of interest; and

(c) In the case of a valuation to which regulation 31 (4) applies, was not involved in the preparation of that valuation:

"Indirect expenditure", in relation to the business of a line owner,—

(a) Means expenditure that is not directly related to operating or maintaining that business; and

(b) Includes all expenditure that—

(i) Is not directly related to managing that line owner's system; or

(ii) Is made for a purpose other than maintaining, and does not have the effect of maintaining, the service potential of any fixed asset that is part of that system; but

(i) direct expenditure, capital expenditure, depreciation, interest expense, amortisation of goodwill and amortisation of other intangibles, subvention payments, or income tax:

(ii) Any expenditure made in relation to any asset that is subject to a finance lease:

(iii) Any transmission charges:

(iv) Any avoided transmission charges:

"Intangible assets" means total intangible assets (including goodwill) as shown in the statement of financial position for the financial year:

"Interest expense" means interest on debt, where that interest is treated as expenses in a statement of financial performance; but does not include any charges or fees relating to the debt that are not treated as interest:

"Line business activity" means any of the following:

(a) The provision and operation of works for the conveyance of electricity, including the control of voltage; or

(b) The conveyance of electricity; or

"Line business asset" means any asset of a line owner that is used for any line business activity of that line owner:

"Line charge" means any charge imposed in respect of the carrying out of any line business activity by any person or persons:

"Network connection point" means a point where a supply of electricity may flow between—

(a) In the case of Transpower, the transmission system and the electric lines of a line owner, or a consumer supplied directly from the transmission system:

(b) In the case of any other line owner, the electric lines of that line owner and the electrical installation of a consumer or consumers, as the case may be, but excluding points where there is no meter at that point or downstream from that point:

"Non-standard contract" means any contract that is not a standard contract:

"ODV Handbook" means the handbook issued from time to time by the Secretary and entitled 'Handbook for Optimised Deprival Valuation of Electricity Line Businesses':

"ODV method" means the method of valuation of assets known as optimised deprival valuation:

"Optimised depreciated replacement cost" means the optimised depreciated replacement cost, as calculated in accordance with the methodology in the ODV Handbook:

"Prescribed business relationship" has the meaning given to it in regulation 3:

"Prescribed terms and conditions",—

(a) In relation to a contract for the carrying out of line business activities, means those terms and conditions of the contract that—

(i) Describe the goods or services to be supplied under the contract; or

(ii) Determine, or provide for the determination of, the quantity or amount of the goods or services to be supplied under the contract; or

(iii) Specify, determine, or provide for the determination of,—

(A) The price at which those activities are to be carried out:

(B) The timing of payment for those goods or services:

(b) In relation to a contract for related services, means those terms and conditions of the contract that—

(i) Describe the goods or services to be supplied under the contract; or

(ii) Determine, or provide for the determination of, the quantity or amount of the goods or services to be supplied under the contract; or

(iii) Specify, determine, or provide for the determination of,—

(A) In relation to the goods or services to be supplied under the contract, the price at which those goods or services are to be supplied:

(B) The timing of payment for those goods or services:

"Prescribed voltage electric line" means an electric line that is capable of conveying electricity at a voltage equal to or greater than 3.3 kilovolts:

"Previously been published or publicly disclosed" means published or publicly disclosed in accordance with these regulations or the Electricity (Information Disclosure) Regulations 1994:

"Principal office" means the office used by an electricity generator, line owner, or electricity retailer, as the case may be, as its principal trading office in any particular city, town, or geographical area:

"Publicly disclose", in relation to any information required by these regulations to be made available, means to make that information available in the following ways:

(a) By making copies of that information available for inspection, during ordinary office hours, at the principal office; and

(b) At the request of any person, by providing the person with a copy of that information, either—

(i) By post; or

(ii) For collection, during ordinary office hours, from the principal office,—

whichever the person requesting the information prefers;—

and the term "public disclosure" has a corresponding meaning:

"Publish" means to publish in the Gazette and on the Internet:

"Related party" and "related party transactions" are to be determined in accordance with generally accepted accounting practice:

"Related services" means goods or services (other than the supply of electrical appliances) supplied or to be supplied under a contract in any case where—

(a) There is a linkage between that contract for the supply of the goods and services and another contract for the conveyance of electricity by reason that the consideration for the supply of those goods or services is linked to, or combined with, payment for the conveyance of that electricity; and

(b) The monetary value of the goods or services supplied, or to be supplied, amounts to or (as the case may be) will amount to more than 1% of the monetary value or projected monetary value (as the case may be) of the contract for the conveyance of electricity, in respect of either the period of 12 months immediately before, or the period of 12 months immediately after, the public disclosure of the information relating to the contract for the conveyance of electricity as required by Part 3:

"Replacement cost" means the replacement cost as calculated in accordance with the methodology in the ODV Handbook:

"Security" has the same meaning as in section 2 (1) of the Securities Act 1978:

"Service potential", in relation to an asset, means the output or service capacity of that asset, determined by reference to attributes such as physical output capacity, associated operating costs, useful life, and quality of output:

"Standard contract" means any contract (being a contract for the carrying out of line business activities) between a line owner and any other person, where—

(a) The price at which the line business activities are to be carried out under the contract is determined solely by reference to a schedule of prescribed terms and conditions, being a schedule that is publicly disclosed; and

(b) At least 4 other persons each have such contracts with the line owner, and none of those other persons is in a prescribed business relationship with the line owner or with any of the other persons:

"State enterprise"—

(a) Means a State enterprise within the meaning of section 2 of the State-Owned Enterprises Act 1986 that is a generator of electricity; and

(b) Includes any subsidiary of any such State enterprise; but

"Subsidiary" has the same meaning as in section 2 (1) of the Financial Reporting Act 1993:

"Subvention payment" means the amount paid by 1 entity to another within the same taxation group, as referred to in section IG 1 of the Income Tax Act 1994:

"System" means all works of a line owner that are used or intended to be used for the conveyance or supply of electricity:

"System fixed assets" means all fixed assets of a line owner that are used or intended to be used for the conveyance or supply of electricity; but does not include—

(a) Stores and spares over and above any levels prescribed in the ODV Handbook; or

(b) Works that are under construction:

"System length", means the total circuit length (in kilometres) of the electric lines that form part of the system:

"Time-weighted average", in relation to a value, number or length, means the number calculated as a weighted average, and taking account of any change in the business of the line owner, whether resulting from a purchase, merger, takeover, part-disposal, or other similar occurrence, during the financial year in accordance with the following formula:

Time-Weighted Average Formula

where—

a	is the value, number, or length, as the case may be, applying to that entity at the beginning of that financial year
m_a, m_x, and m_z	sum to 12, and are the rounded numbers of months in that financial year during which the value, number, or length applying to that entity was, respectively, a, x, and z
x	is the value, number, or length, as the case may be, applying to that entity following each purchase, merger, takeover, part-disposal, or other similar occurrence in cases where there were more than 1 such event during the financial year, where for each such event there is an x and an m_x
z	is the value, number, or length, as the case may be, applying to that entity at the end of that financial year.

"Total consumers" means the number of network connection points to which electricity is conveyed by means of works owned by that line owner:

"Transformer capacity", in relation to a system, means the total capacity (in kilovolt amperes) of the following transformers within the system:

(a) Those transformers with secondary voltages of 230 volts or 400 volts (using the lower continuous rating if a dual rating is applied); and

(b) Any other transformers operating at voltages higher than those specified in paragraph (a) and through which electricity consumers are directly supplied with electricity (using the lower continuous rating if a dual rating is applied):

"Transmission charge" means any payment made in respect of the use of the transmission system:

"Transmission system" means the system owned by Transpower:

"Transpower" means Transpower New Zealand Limited.

(2) For the purposes of these regulations, a line business activity is a line business activity of a line owner (including Transpower) if,—

(a) In the case of a line business activity referred to in paragraph (a) or paragraph (b) of the definition of that term in subclause (1), that activity is carried out, by that line owner or any other person, by means of assets owned by that line owner; and

(b) In the case of the line business activity referred to in paragraph (c) of that definition, that activity is carried out by that line owner.

(3) A reference in these regulations to a numbered form is a reference to a form so numbered in Schedule 3.

(4) Where any expression used in these regulations is not defined in these regulations but is defined in the Act, that expression, unless the context otherwise requires, has, in these regulations, the meaning given to it by the Act.

(5) An example used in these regulations is only illustrative of the provision to which it relates. It does not limit the provision.

(6) If an example and the provision to which it relates are inconsistent, the provision prevails.

3. Prescribed business relationships—(1) For the purposes of these regulations,—
	(a) Any 2 persons are deemed to be in a prescribed business relationship if—
		(i) One of them has an interest in more than 50% of the assets or profits of the other person; or
		(ii) One of them has a controlling interest in the other person; or
		(iii) One other person holds a controlling interest in each of those 2 persons, or has an interest in more than 50% of the assets or profits of each of those 2 persons; or
		(iv) One other person holds a controlling interest in 1 of those persons, and has an interest in more than 50% of the assets or profits of the other person:
	(b) A line owner and another person (being an electricity generator or an electricity retailer) are deemed to be in a prescribed business relationship if—
		(i) That line owner—
			(A) Has an interest in 50% or more of the assets or profits of that other person; or
			(B) Holds a controlling interest in that other person; or
		(ii) Interests in the assets or profits of that other person are held by that line owner and any 1 or more other line owners, and those interests amount, in the aggregate, to an interest in 50% or more of those assets or profits; or
		(iii) Equity securities in that other person are held by that line owner and any 1 or more other line owners, and, by virtue of those equity securities, those line owners hold, in the aggregate, a controlling interest in that other person:
	(c) Any 2 activities are deemed to be in a prescribed business relationship if—
		(i) Any person carries on any activity specified in 1 of the paragraphs of subclause (2); and
		(ii) That person also carries on an activity specified in any other paragraph of that subclause.
(2) The activities to which subclause (1) (c) applies are as follows:
	(a) The generation of electricity:
	(b) The supply of electricity (other than as an electricity retailer):
	(c) The ownership of works used for the generation of electricity:
	(d) The provision and operation (other than maintenance) of works for the conveyance of electricity, including the control of voltage:
	(e) The conveyance of electricity:
	(f) The ownership of works used for the conveyance of electricity, including the control of voltage:
	(g) Electricity retailing.
(3) For the purposes of subclause (1) (a), "to hold a controlling interest in another person" means to hold (whether directly or indirectly) equity securities in that other person that carry in the aggregate more than 50% of the voting rights at any general meeting of the other person.
(4) For the purposes of subclause (1) (b), "to hold a controlling interest in another person" means to hold (whether directly or indirectly) equity securities in that other person that carry in the aggregate 50% or more of the voting rights at any general meeting of the other person.
(5) For the purposes of subclauses (3) and (4), a person holds equity securities in another person if the first-mentioned person is beneficially entitled to, or is beneficially entitled to an interest in, any equity securities in the other person (whether or not the whole or any part of the legal ownership of the equity securities is vested in the first-mentioned person).
(6) For the purposes of subclause (1), a person has an interest in the assets or profits of another person if the first-mentioned person owns (whether directly or indirectly), or has a beneficial interest (whether directly or indirectly) in, those assets or profits.
(7) For the purposes of subclause (1), no person is deemed to be in a prescribed business relationship with another person by reason only that the Crown holds a controlling interest in each of those 2 persons.

Part 2
Financial Statements Disclosure by Line Owners

4. Repealed

5. Financial statements disclosure by Transpower—(1) Within 5 months after the end of each financial year, Transpower must publish and publicly disclose financial statements for that financial year in respect of the line business activities of Transpower.
(2) Those financial statements must—
	(a) Be prepared in accordance with the allocation methodology in the Electricity Information Disclosure Handbook in so far as that methodology is relevant to Transpower's business activities; and
	(b) Disclose the information specified in Part 2 of Schedule 1.

6. Financial statements disclosure by other line owners (other than Transpower)—(1) Within 5 months after the end of each financial year, every line owner must publish and publicly disclose financial statements for that financial year in respect of the line business activities of its electricity lines business and the transmission charges allocated to its electricity lines business.
(2) Those financial statements must—
	(a) Be prepared in accordance with the allocation methodology in the Electricity Information Disclosure Handbook; and
	(b) Disclose the information specified in Part 2 of Schedule 1.
(3) Those financial statements—
	(a) Must exclude the cost of any losses of electricity; and
	(b) May include the cost of investigating possible mergers and acquisitions where those costs are related to those line business activities.
(4) This regulation does not apply to any State enterprise or Transpower.

7. Financial statements disclosure in cases of acquisition or merger—(1) This regulation applies if a line owner that is required to disclose financial statements under regulation 6 has, during the financial year to which the financial statements relate,—
	(a) Acquired a line business or line businesses either through the acquisition of a controlling equity interest in that line business or those line businesses or the acquisition of some or all of the net assets of that line business or businesses; or
	(b) Entered into a merger with one or more line businesses.
(2) Financial statements to which this regulation applies must include information in respect of the activities of the acquired or merged line business or businesses, as the case may be, and any transmission charges allocated to the acquired or merged line business or businesses, for the period from the date of acquisition or merger up to the end of the financial year.

8. Consolidated financial statements in cases where prescribed business relationship—(1) This regulation applies if a line owner that is required to disclose financial statements under regulation 6 is in a prescribed business relationship (of the kind described in regulation 3 (1) (a)) with another person that is required to disclose financial statements under regulation 6.

(2) Financial statements required by regulation 6 must be consolidated financial statements derived from financial statements of that person and that other person (being financial statements that relate only to the activities referred to in regulation 6 that are carried out by either of those persons).

9. Transactions between related parties—(1) The notes to the financial statements required to be published and publicly disclosed under regulation 5 or regulation 6 must include the following information relating to related party transactions:
	(a) The identity of each entity and the nature of the relationship between the entities involved in the related party transactions; and
	(b) A detailed description of the good or service provided by each entity in those transactions; and
	(c) A detailed description of the good or service received by each entity in the course of those transactions; and
	(d) The unit price, quantity, and recorded revenue and expenditure amounts, as appropriate, of the transactions expressed in dollar terms of each type of good or service; and
	(e) The period during which the good or service was supplied; and
	(f) The total outstanding balances arising from all related party transactions for each entity together with an indication of the terms of settlement for these balances; and
	(g) Total debts arising from related party transactions that each entity has written off or forgiven during the financial year; and
	(h) If transactions take place at nil or nominal value, a brief description of the transactions and the fact that no charge has been made or, if made at nominal value, details of that nominal value.
(2) If the information required to be published and publicly disclosed under subclause (1) relates to the following categories, the information disclosed must separately identify each category:
	(a) Construction of subtransmission assets; and
	(b) Construction of zone substations; and
	(c) Construction of distribution lines and cables; and
	(d) Construction of medium voltage switchgear; and
	(e) Construction of distribution transformers; and
	(f) Construction of distribution substations; and
	(g) Construction of low voltage reticulation; and
	(h) Construction of other system fixed assets, as categorised in standard asset tables in the ODV Handbook; and
	(i) Maintenance of assets; and
	(j) Consumer connections and disconnections.
(3) This regulation does not apply to any State enterprise.
(4) Subclause (2) does not apply to Transpower.

Part 3
Contract Disclosure by Line Owners

10. Contracts that line owners must disclose—For the purposes of regulations 11 to 13, a prescribed contract, in relation to a line owner, is—
	(a) A contract under which the line owner carries out line business activities or imposes a charge in respect of transmission charges or both:
	(b) A contract for related services, if goods or services are to be supplied, under the contract, by—
		(i) That line owner; or
		(ii) An entity that is in a prescribed business relationship with that line owner; or
		(iii) Any person that carries out line business activities by means of works owned by that line owner; or
		(iv) Any entity that is in a prescribed business relationship with any person that carries out line business activities by means of works owned by that line owner.

11. Contract disclosure by line owners—(1) Every line owner must publicly disclose the prescribed terms and conditions of each prescribed contract.
(2) The public disclosure requirement applies not later than 1 month after entering into the contract.
(3) This regulation does not apply to—
	(a) A contract entered into before 1 August 1990; or
	(b) A standard contract that is deemed to be publicly disclosed under regulation 14 (which relates to standard contracts that contain prescribed terms and conditions that do not differ in any respect from any prescribed terms and conditions that are already publicly disclosed).

12. Contract modification disclosure by line owners—(1) Every line owner must publicly disclose any modifications made to any prescribed terms and conditions of any prescribed contract (including any prescribed contract that was entered into before 1 August 1990).

(2) The public disclosure requirement applies not later than 1 month after those modifications take effect.

(3) The disclosure must identify in each case the particular prescribed contract that has been modified.

13. Provisions about disclosure of non-standard contracts—(1) A line owner must, as part of the public disclosure of a non-standard contract under regulation 11 or regulation 12, include the following information:
	(a) The electricity supply capacity (in kilovolt amperes) of the works used for the purposes of conveying electricity under that contract—
		(i) At the point of supply, if the electricity is conveyed to a consumer; or
		(ii) At the point at which that electricity is supplied to any person other than a consumer:
	(b) The voltage at which the electricity is to be supplied or conveyed under that contract:
	(c) Where the other party to the contract is a consumer, the 2-digit ANZSIC Classification Code 1993 (if any) applicable to that consumer.
(2) However, instead of disclosing the information specified in subclause (1),—
	(a) A line owner must publicly disclose the name of the other party to the contract if the other party is an electricity retailer:
	(b) Transpower may publicly disclose the name of each non-electricity retailer party to the contract, if Transpower is the line owner and any other party to the contract (being an entity to which electricity is to be conveyed under the contract) is not an electricity retailer

Miscellaneous Provisions

14. Disclosure of standard contracts—Where any line owner is required by this Part to publicly disclose the prescribed terms and conditions of any standard contract, public disclosure of those terms and conditions is deemed to be public disclosure by that person in relation to all standard contracts with the same prescribed terms and conditions.

Part 4
Disclosure of Performance Measures and Statistics

15. Disclosure by line owners of financial and efficiency performance measures—(1) Within 5 months after the end of each financial year, every line owner must publish and publicly disclose the information specified in Part 3 of Schedule 1 in respect of the line business activities of its electricity lines business and the transmission charges allocated to its electricity lines business during that financial year.
(2) That information—
	(a) Must be compiled in accordance with the requirements of regulation 17; and
	(b) must be accompanied by such information (if any) relating to financial and efficiency performance measures as has previously been publicly disclosed by that line owner in respect of the previous 3 financial years, and that information must be adjusted so as to be consistent with accounting policies applied in the current financial year; and
	(c) Must include a statement that—
		(i) Identifies any information that has been compiled using estimated information to calculate total consumers; and
		(ii) In the case of information published in the Gazette, states that the methodology used to calculate the estimated information is publicly available; and
		(iii) In the case of information published on the Internet, or of publicly disclosed information, describes the methodology used to calculate the estimated information; and
	(d) Must, if the line owner publishes consolidated financial statements under regulation 8 with another person, be based on those consolidated financial statements (including information in respect of the line business activities of the other person).
(3) Transpower is not required to publish and publicly disclose the information specified in clause 2 (b) of Part 3 of Schedule 1.

16. Derivation of financial performance measures from financial statements

(1) Within 5 months after the end of each financial year, a line owner must publish and publicly disclose a statement in the form set out in Part 7 of Schedule 1 if required to publish and publicly disclose both financial statements under regulation 5 or regulation 6 and all or part of the information specified in Part 3 of Schedule 1 under regulation 15.

(2) Where a value for an item is required to be disclosed in the form, and where that item also appears in the financial statements disclosed under regulation 5 or regulation 6, the value disclosed in the form must be copied from the financial statements (except that the value must be adjusted in accordance with the time-weighted averages rule in regulation 33 if that applies).

16A. Annual ODV reconciliation report—(1) Within 5 months after the end of each financial year, every line owner must publish and publicly disclose a statement in the form set out in Part 8 of Schedule 1.
(2) Where the line owner has carried out a new valuation report (having a valuation date during the relevant financial year) meeting the requirements of regulation 20, the statement must be altered so that the following 3 values are reconciled with each other:
	(a) the valuation at the end of the previous financial year; and
	(b) the new valuation; and
	(c) the valuation at the end of the financial year.
(3) The figure disclosed as the value of the system fixed assets at ODV at the end of the previous financial year must be the same figure as that disclosed in the corresponding form for the previous year as the value of the system fixed assets at ODV at the year's end.
(4) Subclause (3) does not apply if the line owner had no obligation to do an ODV reconciliation report under this regulation in respect of the previous financial year.

17. Further requirements about financial and efficiency performance measures—(1) This regulation applies in respect of calculations made for the purposes of determining, in respect of any financial year ("the relevant financial year"),—
	(a) Any of the financial performance measures specified in clause 1 of Part 3 of Schedule 1:
	(b) Any financial component of any of the efficiency performance measures specified in clause 2 of that Part.
(2) Calculations to which this regulation applies must—
	(a) Be made using all relevant information included in the financial statements prepared in respect of the relevant financial year for the purposes of complying with regulation 6 (or, in the case of Transpower, regulation 5); and
	(aa) be made so that, where a value for an item enters into the calculations, and where that item also appears in the financial statements disclosed under regulation 5 or regulation 6, the value used in the calculations must be copied from the financial statements (except that the value must be adjusted in accordance with the time-weighted averages rule in regulation 33 if that applies); and
	(b) be based on valuations of line business assets from the ODV reconciliation report in Part 8 of Schedule 1 (except that the value must be adjusted in accordance with the time-weighted averages rule in regulation 33 if that applies); and
	(c) Be made so that the sum of direct expenditure and indirect expenditure used in those calculations equals the total expenses set out in the statement of financial performance prepared in respect of the relevant financial year for the purposes of complying with regulation 6 (or, in the case of Transpower, regulation 5) less—
		(i) Depreciation:
		(ii) Transmission charges:
		(iii) Avoided transmission charges:
		(iv) Subvention payments:
		(v) amortisation of goodwill and amortisation of other intangibles:
		(vi) Interest expense; and
	(d) Be made so as to adjust for—
		(i) the effect of any amortisation of goodwill and amortisation of other intangibles; and
		(ii) The effect of any subvention payment; and
		(iii) The effect of any goodwill asset; and
		(iv) The effect of any works under construction; and
		(v) The effect of any depreciation calculated in accordance with the ODV Handbook; and
		(vi) The effect of subparagraphs (i) to (v) on any income tax—
	as set out in clause 1 of Part 3 of Schedule 1.
(3) Subclause (2) (a) is subject to regulation 20(8).

18. Depreciation and loss of service potential—(1) If the financial statements referred to in regulation 17 (2) (a) have been so prepared that, in respect of any line business asset (being a fixed asset), both of the following items, namely—
	(a) Depreciation on the asset; and
	(b) Expenditure that has the effect of maintaining the service potential of the asset,—
have been accounted for as an expense, then, subject to subclause (2), the information derived from those financial statements for the purposes of this regulation must be derived on the basis that not more than 1 of those expense items is so accounted for in respect of that asset.
(2) If, in respect of any fixed asset to which subclause (1) applies, there has been a loss of service potential during the relevant financial year, nothing in that subclause applies in respect of any depreciation on that asset to the extent that the depreciation is equal to the extent of that loss.

19. Repealed

20. Disclosure of valuation report—(1) Every line owner must publicly disclose a valuation report relating to the line business system fixed assets (having a valuation date during the relevant financial year) no later than the date on which the ODV reconciliation report required by regulation 16A is published and publicly disclosed.
(2) A line owner is exempt from the requirement in subclause (1) if all of the following conditions are satisfied:
	(a) the line owner has previously publicly disclosed a valuation report (that complies with subclauses (5), (6), and (7) and with the current edition of the ODV Handbook) with a valuation date no more than 3 years before the beginning of the relevant financial year; and
	(b) the system length at the end of the relevant financial year has changed by less than 10% from the system length on the valuation date of the previous valuation report; and
	(c) the transformer capacity at the end of the relevant financial year has changed by less than 10% from the transformer capacity on the valuation date of the previous valuation report.
(3) The line owner must publicly disclose the valuation report within 5 working days of the report being carried out.
(4) Every line owner must also, within 5 working days of the valuation being carried out, publish on the Internet a notice—
	(a) stating that the valuation has been carried out; and
	(b) identifying the date at which the valuation report was prepared; and
	(c) stating the new valuation of its line business system fixed assets.
(5) The valuation report must be prepared using the ODV method as set out in the ODV Handbook.
(6) The valuation report must state the valuation date.
(7) The valuation report must disclose the following information:
	(a) the asset replacement costs and lives used, the quantity of assets in each category of asset replacement costs and lives used, and the replacement cost of the line business system fixed assets; and
	(b) details of the amount of depreciation charged, and the depreciated replacement cost of the line business system fixed assets; and
	(c) details of the components of the line business system fixed assets which were optimised, and the optimised depreciated replacement cost of the line business system fixed assets; and
	(d) details of the comparison of optimised depreciated replacement cost with economic value for those parts of the line business system fixed assets that may not be able to sustain tariffs based on optimised depreciated replacement cost (including any specific assumptions used for the purpose of calculating the economic value of that part of the line business system fixed assets); and
	(e) the optimised deprival valuation of the line business system fixed assets.
(8) If the financial statements referred to in regulation 17(2)(a) have not been prepared on the basis of valuations complying with this regulation, then information derived from those statements for the purposes of these regulations must be modified so as to comply with this regulation.
(9) If a new ODV Handbook is issued after a line owner publicly discloses a valuation report (having a valuation date during the relevant financial year) and before the line owner publishes and publicly discloses the ODV reconciliation report required by regulation 16A, the line owner must publicly disclose an updated valuation report that complies with the new ODV Handbook no later than the date of disclosure of that ODV reconciliation report.

21. Disclosure by line owners of energy delivery efficiency performance measures and statistics—(1) Within 5 months after the end of each financial year, every line owner must publish and publicly disclose, in relation to the conveyance of electricity during that financial year by means of works owned by that line owner, the information specified in Part 4 of Schedule 1.

(2) That information must be accompanied by such information (if any) relating to energy delivery efficiency performance measures and statistics as has previously been published by that line owner in respect of the previous 3 financial years.

22. Disclosure by line owners of reliability performance measures—(1) Within 5 months after the end of each financial year, every line owner must publish and publicly disclose, in relation to the conveyance of electricity during that financial year by means of works owned by that line owner, the information specified,—
	(a) In the case of Transpower, in Part 6 of Schedule 1; and
	(b) In every other case, in Part 5 of Schedule 1.
(2) In a case where the required information is not available and estimated information is used, the information must include a statement that—
	(a) Identifies any information that has been compiled using estimated information; and
	(b) In the case of information published on the Internet or of publicly disclosed information, describes the methodology used to calculate the estimated information.
(3) That information must be accompanied by such information (if any) relating to reliability performance measures as has previously been published by that line owner in respect of the previous 3 financial years.

Part 5
Further Disclosure by Line Owners

23. Disclosure of pricing methodologies—Every line owner must publicly disclose,—
	(a) Within 5 months after the beginning of each financial year, the methodology used at the beginning of that financial year to determine the line charges payable or to be payable; and
	(b) Any change in the methodology or adoption of a different methodology, within 1 month of the change or the different methodology taking effect.

24. Contents of pricing methodology disclosures—Every disclosure under regulation 23 must—
	(a) Describe the methodology used to calculate the prices charged or to be charged; and
	(b) Include the key components of the revenue required to cover costs and profits of the line owner's line business activities, including cost of capital and transmission charges, which must include the numerical value of each of the components; and
	(c) State the consumer groups used to calculate the prices charged or to be charged, including—
		(i) The rationale for the consumer grouping; and
		(ii) The method by which the line owner determines which group consumers are in; and
		(iii) For each of these consumer groups, the statistics relating to that group which were used in the methodology; and
	(d) Describe the method by which the line owner allocated the components of the revenue required to cover the costs of its line business activities amongst consumer groups, which must include the numerical values of the different components allocated to each consumer group and the rationale for allocating it in this manner; and
	(e) Describe the method by which the line owner determined the proportion of its charges which are fixed and the proportion which are variable, and the rationale for determining the proportions in this manner.

25. Disclosure of asset management plans by line owners (other than Transpower)—(1) During the 1999-2000 financial year, and within 3 months after the beginning of each subsequent financial year, every line owner (other than Transpower) must— [Editorial Note: r25(1): Although the substitution of "after the beginning" for "of the beginning" came into force on 13 July 2001, it does not apply until the 2002/2003 and later financial years (see SR 2001/178/3(2)).]
	(a) Publicly disclose a current asset management plan in relation to works owned by that line owner; and
	(b) When an asset management plan or revised asset management plan has been prepared, publish on the Internet within 5 working days a notice that—
		(i) States the asset management plan or revised asset management plan is available for public disclosure; and
		(ii) States the period to which the asset management plan applies; and
		(iii) Provides an estimate of when the next asset management plan will be prepared.
(2) The asset management plan must contain the information specified in Schedule 2.

Part 6
Disclosure of Line Charges

26. Application of Part—(1) This Part applies to line owners other than Transpower.
(2) In this Part, unless the context otherwise requires, "prescribed information" means—
	(a) Each current line charge expressed in a manner that enables individual electricity consumers to determine the total charge for line business activities for each consumer group which is applicable to them; and
	(aa) the component or components of each current line charge that is attributable to transmission charges or the line charge of any other line owner; and
	(b) The number (or estimated number) of consumers by whom each line charge is payable; and
	(c) The date at which each line charge was or will be first introduced, as the case may be; and
	(d) The line charge that was payable immediately before each current line charge (if any), expressed in the manner referred to in paragraph (a).

27. Disclosure of existing line charges—(1) Every line owner other than Transpower must, in respect of existing line charges,—
	(a) Publicly disclose the prescribed information; and
	(b) Publish on the Internet, within 3 months after the commencement of these regulations, the prescribed information.
(2) "Existing line charge" means a line charge that is current as at the commencement of these regulations.

28. Disclosure of new line charges payable by 5 or more consumers—(1) This regulation applies to a line charge if the number or estimated number of consumers by whom the line charge is to be paid is 5 or greater.
(2) Every line owner other than Transpower must, at least 20 working days before introducing a new line charge,—
	(a) Publicly disclose and publish on the Internet the prescribed information in respect of that charge; and
	(b) In addition, either—
		(i) Ensure that each consumer by whom that line charge is payable is given written notice of the prescribed information in respect of that line charge; or
		(ii) Publish in the news sections of 2 separate editions of each newspaper that is widely read by electricity consumers connected to lines of that line owner, the prescribed information in respect of that line charge.

29. Disclosure of new line charges for other consumers—(1) This regulation applies to a line charge if the number or estimated number of consumers by whom the line charge is to be paid is 4 or fewer.
(2) Every line owner other than Transpower must—
	(a) Publicly disclose and publish on the Internet the prescribed information in respect of that charge; and
	(b) Ensure that each consumer by whom that line charge is payable is given written notice of the prescribed information in respect of that line charge.

Part 7
Miscellaneous Provisions

Exemptions

30. Exemptions—(1) Nothing in Part 3 applies to any State enterprise in respect of a contract.
(2) Nothing in regulations 26 to 28 applies to any State enterprise in respect of a contract under which the State enterprise is to supply to a consumer, in a financial year, a total of less than 0.5 gigawatt hours of electricity.
(3) Nothing in Parts 4 or 5 applies to a State enterprise.
(4) Nothing in Parts 2 to 6 applies to a line owner in any case where the sum of the following is less than 25 kilometres:
	(a) The total circuit length of the prescribed voltage electric lines that form part of that line owner's system; and
	(b) The total circuit length of the prescribed voltage electric lines that form part of the system of a line owner that is in a prescribed business relationship with that first-mentioned line owner.
(5) Nothing in Parts 2 to 6 applies to a line owner in any case where the sum of the following is less than 20 gigawatt hours per annum:
	(a) The electricity conveyed by that line owner; and
	(b) The electricity conveyed by a line owner that is in a prescribed business relationship with that first-mentioned line owner.
(6) Nothing in Parts 2 to 6 applies to Chatham Islands Electricity Limited.
(7) The Secretary may from time to time, by notice in the Gazette, exempt any person or class of persons from all or any of the requirements of these regulations, and may at any time, in like manner, amend or revoke any such notice.

Certificates

31. Auditor's reports(1) An independent auditor must provide a signed auditor's report in form 1, with respect to the financial statements required by regulation 5 or regulation 6 to be published and publicly disclosed.
(2) The auditor must give a qualified audit report if, in the auditor's opinion, the financial statements—
	(a) fail to comply with these regulations or generally accepted accounting practice; or
	(b) fail to give a true and fair view of the matters to which they relate (having regard to any information or explanations that may have been added by the directors of the line owner under section 11(2) or section 14(2) of the Financial Reporting Act 1993),—
and the qualified audit report must explain the respects in which the statements so fail.
(3) An independent auditor must provide an opinion in form 2 as to the following information:
	(a) the derivation table in regulation 16:
	(b) the ODV reconciliation report in regulation 16A:
	(c) the time-weighted average calculations in regulation 33 (if they apply):
	(d) the financial performance measures in clause 1 of Part 3 of Schedule 1:
	(e) the financial components of the efficiency performance measures in clause 2 of Part 3 of Schedule 1.
(4) An independent auditor must provide an opinion in form 3 as to the valuations prepared in accordance with regulation 20.

32. Certificates

(1) Repealed

(2) If information is publicly disclosed under regulation 6 or regulation 15 or regulation 16 or regulation 21 or regulation 22 by a line owner (other than Transpower), that information must have appended to it a copy of a certificate in form 5, duly signed by 2 directors or principals of the line owner.

(3) If information is publicly disclosed under regulation 5 or regulation 15 or regulation 16 or regulation 21 or regulation 22 by Transpower, that information must have appended to it a copy of a certificate in form 6, duly signed by 2 directors of Transpower.

(4) If information to which regulation 31 (1) or (3) applies is publicly disclosed under any provision of these regulations, that information must have appended to it a copy of the certificate given in relation to that information in accordance with that regulation.

(5) Information that is publicly disclosed under regulation 20 must have appended to it a copy of the certificate given in relation to that information in accordance with regulation 31(4).

(6) If information is publicly disclosed under regulation 20 by a line owner, that information must have appended to it a copy of a certificate in form 7, duly signed by 2 directors or principals of the line owner.

Miscellaneous Provisions

33. Time-weighted averages rule if entity increases or decreases by 10% or more due to mergers, etc—(1) This regulation applies if—

(a) the entity was a line owner at the beginning of the financial year; and

(b) during the financial year, there was a change in the business of that entity, whether resulting from a purchase, merger, takeover, part-disposal, or other similar occurrence, and as a result there has been an increase or decrease of 10% or more in either total consumers or system length.

(2) The following values (when used in the derivation table in Part 7 of Schedule 1 or when used to calculate any performance measures or statistics under these regulations) must be calculated as a time-weighted average:

(a) average total funds employed:

(b) average total works under construction:

(d) average value of system fixed assets at ODV value:

(e) average total equity:

(f) average total intangible asset:

(g) total consumers:

(h) system lengths:

(i) transformer capacity:

(j) total circuit length (in kilometres) of the overhead electric lines that form part of the system:

(k) total circuit length (in kilometres) of the underground electric lines that form part of the system:

(l) circuit kilometres of prescribed voltage electric line:

(m) circuit kilometres of overhead prescribed voltage electric line:

(n) circuit kilometres of underground prescribed voltage electric line.

(3) Maximum demand must be calculated as the weighted average of maximum demand before the change in business and maximum demand after that change, and where the weights are the respective fractions of the year before and after the change.

Maximum demand example

The maximum demand measured over the network assets of AlphaCo Ltd for the first 7 months of the year is 60 000 kW. At the beginning of the eighth month, AlphaCo acquires the network assets of BetaCo Ltd. Over the final 5 months of the year, the maximum demand over the total network now owned by AlphaCo is 90 000 kW.
Maximum demand is 60 000 *7/12 + 90,000 * 5/12 =72 500 kW

(4) The line owner must publish on the Internet (but not in the Gazette) and publicly disclose all the calculations by which the time-weighted and maximum demand averages were calculated.

34. Information relating to same financial year to be published in same Gazette—If, in respect of any particular financial year, any person is required by more than 1 provision of these regulations to publish any information in the Gazette, all the information so required to be published by that person in respect of that financial year must be published together in the same issue of the Gazette.

35. Publishing on Internet—If any person is required by these regulations to publish any information on the Internet, that person is also required to publicly disclose the Uniform Resource Locator of the Internet site where that information can be found.

36. Retention of information—(1) A person who is required to publicly disclose, or publish on the Internet, any information must comply with the following rules:
	(a) Information relating to any contract that is publicly disclosed under Part 3 must be publicly disclosed for as long as that contract remains in force:
	(b) Information that is publicly disclosed or published on the Internet under Part 2 or Part 4 or any of regulations 25 or 32 must be publicly disclosed or so published for a period of at least 4 years:
	(c) Information relating to any methodology that is publicly disclosed under regulation 23 must be publicly disclosed for a period of at least 1 year or until that methodology is no longer used by that person, whichever is the longer:
	(d) Information relating to a line charge that is publicly disclosed or published on the Internet under Part 6 must be publicly disclosed or so published (as the case may be) until the line charge is neither the current line charge nor the line charge that was payable immediately before the current line charge.
(2) A period runs from the time the information is first required to be publicly disclosed or published on the Internet by that person (as the case may be) in accordance with these regulations.

37. Statutory declarations—(1) All statements and information supplied to the Secretary by any person under section 171 (1) (a) of the Act must be verified, by statutory declaration in form 8, by an authorised director or principal of that person.

(2) All further statements, reports, agreements, particulars, and other information supplied to the Secretary under section 171 (1) (b) of the Act by any person must be verified, by statutory declaration in form 9, by an authorised director or principal of that person.

38. Time limit for responding to requests for information—A person required by a provision of these regulations to publicly disclose any information must provide a copy of the disclosed information within 10 working days of receiving a request to provide any other person with a copy of that disclosed information.

39. Consequential revocations—The following regulations are consequentially revoked:
	(a) The Electricity (Information Disclosure) Regulations 1994 (S.R. 1994/143):
	(b) The Electricity (Information Disclosure) Regulations 1994, Amendment No. 1 (S.R. 1996/48):
	(c) The Electricity (Information Disclosure) Amendment Regulations 1998 (S.R. 1998/156).

40. Savings—(1) Any matter that was required to be published or publicly disclosed under the Electricity (Information Disclosure) Regulations 1994 before the commencement of these regulations must be published or publicly disclosed as if those regulations had not been revoked.

(2) The Electricity (Information Disclosure) Regulations 1994 continue to apply to information published or publicly disclosed under those regulations as if they had not been revoked.

Schedules

Schedule 1
Performance Measures and Other Information

Part 1
Interpretation

			Regs. 15 to 22
In this schedule, unless the context otherwise requires,—
	"Adjusted net working capital" means current assets (but excluding cash and bank balances, short-term investments, and interest income accruals) less current liabilities (but excluding any bank overdraft, short-term borrowings, provision for income tax, and provision for dividends payable) as shown in the statement of financial position:
	"Average total equity" means the value calculated according to the following formula:

	where—
		a	is total equity as shown in the statement of financial position at the end of the previous financial year; and
		b	is total equity as shown in the statement of financial position at the end of the financial year:
	"Average total funds employed", in relation to a financial year, means the average of the following amounts:
		(a) The amount calculated by adding, to the amount of adjusted net working capital as shown in the statement of financial position at the end of the previous financial year, the value of the fixed assets as shown in the statement of financial position at the end of the previous financial year, being the values that were included in calculating the value of average total funds employed for that line owner at the end of the preceding financial year:
		(b) The amount calculated by adding, to the amount of adjusted net working capital as shown in the statement of financial position at the end of that financial year, the value of the fixed assets as shown in the statement of financial position at the end of that year:
	"CAIDI" means the electricity consumer average interruption duration index:
	"Capitalised interest", in relation to a fixed asset, means the directly attributable finance cost component of the initial purchase or construction cost of that asset:
	"Current assets", in relation to any financial year, means—
		(a) All cash in hand at the end of that financial year, as shown in the statement of financial position for that year; and
		(b) All assets that—
			(i) Are shown in the statement of financial position; and
			(ii) May reasonably be expected to be converted to cash, consumed, sold, or otherwise disposed of, within 1 year of the balance date for that financial year:
	"Current liabilities", in relation to any financial year, means those operational obligations of a business (being obligations that relate to the supply of line business activities) that are reasonably expected to be paid or satisfied within 1 year of the balance date for that financial year as shown in the statement of financial position:
	"Energy not supplied", in relation to the transmission system, means the amount calculated by subtracting energy supplied from the amount that represents the best estimate of the amount of electricity that would have been supplied to electricity consumers from the system if there had been no interruptions:
	"Energy supplied", in relation to the transmission system, means the total amount of electricity supplied to electricity consumers from the system:
	"Equity" means the residual interest in the assets of the entity after the deduction of its liabilities:
	"Fault" means any unplanned event that causes any prescribed voltage electric line to cease to convey electricity for a period of more than 1 minute, regardless of whether or not an interruption occurs; but does not include any event that originates in a transformer or a capacitor:
	"Institute Handbook" means the most recently updated version of the document entitled 'Institute of Chartered Accountants of New Zealand—Members' Handbook', issued by the Institute of Chartered Accountants of New Zealand:
	"Interest tax shield" means the sum of interest expense and capitalised interest less interest on cash, bank balances, and short-term investments, multiplied by the maximum statutory income tax rate:
	"Interruption", in relation to the supply of electricity to an electricity consumer by means of a prescribed voltage electric line, means the cessation of supply of electricity to that electricity consumer for a period of 1 minute or longer, other than by reason of disconnection of that electricity consumer for breach of the contract under which the electricity is supplied:
	"Interruption class", in relation to a line owner that is required by regulation 22 (1) to disclose any information (in this definition called the principal line owner), means any of the following classes of interruptions:
		(a) Class A, being a planned interruption by Transpower:
		(b) Class B, being a planned interruption by the principal line owner (other than Transpower):
		(c) Class C, being an unplanned interruption originating within the works of the principal line owner, where those works are used for carrying out line business activities:
		(d) Class D, being an unplanned interruption originating within the works of Transpower, where those works are used for carrying out line business activities:
		(e) Class E, being an unplanned interruption originating within works used, by the principal line owner, for the generation of electricity:
		(f) Class F, being an unplanned interruption originating within works used, by persons other than the principal line owner, for the generation of electricity:
		(g) Class G, being an unplanned interruption caused by another line owner:
		(h) Class H, being a planned interruption caused by another line owner:
		(i) Class I, being an interruption not referred to in any of paragraphs (a) to (h):
	"Interruption duration factor", in relation to an interruption, means the sum obtained by calculating, for each electricity consumer that is affected by that interruption, the duration (in minutes) of that interruption, and adding together the results of each calculation:
	"Maximum demand", in relation to a system, means the single highest half-hourly input (in kilowatts) to the system as a whole during a particular financial year:
	"Net surplus after tax" means the amount as shown in the statement of financial performance for a financial year calculated in accordance with the following formula:

	where—
		a	is operating surplus before interest and income tax
		b	is interest expense
		c	is income tax
	"Operating surplus before interest and income tax", in relation to any financial year and as presented in a statement of financial performance, means total operating revenue minus—
		(a) direct expenditure; and
		(b) indirect expenditure; and
		(c) depreciation; and
		(d) amortisation of goodwill and amortisation of other intangibles; and
		(e) subvention payments; and
		(f) transmission charges; and
		(g) avoided transmission charges:
	"Planned interruption" means any interruption in respect of which not less than 24 hours' notice was given, either to the public or to all electricity consumers affected by the interruption:
	"Revaluations", in relation to any fixed assets that are revalued in any financial year, means the amount calculated in accordance with the following formula:

	where—
		r	is revaluations; and
		a	is the value of the fixed assets at the end of the financial year, where the system fixed assets are calculated using the ODV method (as set out in the ODV Handbook) and the fixed assets that are not system fixed assets are valued as in the statement of financial position; and
		b	is the value of the fixed assets (as so calculated) at the end of the previous financial year; and
		c	is the value of any fixed assets (as so calculated) acquired during the financial year; and includes capitalised expenditure on the replacement and refurbishment of line business assets; and
		d	is the carrying value at the date of disposal of any fixed assets (as so calculated) disposed of during that financial year; and
		e	is the total depreciation accounted for as an expense on all fixed assets in respect of that financial year, where depreciation on system fixed assets is calculated in accordance with the ODV method (as set out in the ODV Handbook) and depreciation on fixed assets that are not system fixed assets is calculated as in the statement of financial performance:
	"SAIDI" means the system average interruption duration index:
	"SAIFI" means the system average interruption frequency index:
	"System maximum demand", in relation to the transmission system, means the single highest half-hourly input (in megawatts) to that system during a particular financial year:
	"System minute" means the number calculated in accordance with the following formula:

	where—
		a	is energy not supplied (in megawatt minutes); and
		b	is system maximum demand:
	"Total customers", in relation to Transpower, for the purposes of clause 2 of Part 4, and with respect to a financial year, means the average of the following amounts:
		(a) The number of entities with which Transpower had customer contracts at the beginning of that financial year; and
		(b) The number of entities with which Transpower had customer contracts at the end of that financial year:
	"Uneconomic generation" means the amount of electricity (in kilowatt hours) generated from any source other than the most economic source:
	"Unplanned interruption" means any interruption in respect of which less than 24 hours' notice, or no notice, was given, either to the public or to all electricity consumers affected by the interruption.

Part 2
Information to Be Disclosed in Financial Statements

			Regs. 5, 6
Items required to be separately listed in financial statements required under regulation 5 (1) or regulation 6 (1):

Statement of Financial Position

1.	Current assets
	(a)	cash and bank balances:
	(b)	short-term investments:
	(c)	inventories:
	(d)	accounts receivable:
	(e)	other current assets not listed in (a) to (d):
	(f)	total current assets (sum of (a) to (e)).
2.	Fixed assets
	(a)	system fixed assets:
	(b)	consumer billing and information system assets:
	(c)	motor vehicles:
	(d)	office equipment:
	(e)	land and buildings:
	(f)	capital works under construction:
	(g)	other fixed assets not listed in (a) to (f):
	(h)	total fixed assets
3.	Other tangible assets not listed above
4.	Total tangible assets (1(f) + 2(h) + 3)
5.	Intangible assets
	(a)	goodwill:
	(b)	other intangibles not listed in (a):
	(c)	total intangible assets (sum of (a) and (b)).
6.	Total assets (4 + 5(c))
7.	Current liabilities (total assets)
	(a)	bank overdraft:
	(b)	short-term borrowings:
	(c)	payables and accruals:
	(d)	provision for dividends payable:
	(e)	provision for income tax:
	(f)	other current liabilities not listed in (a) to (e):
	(g)	total current liabilities (sum of (a) to (f)).
8.	Non-current liabilities
	(a)	payables and accruals:
	(b)	borrowings:
	(c)	deferred tax:
	(d)	other non-current liabilities not listed in (a) to (c):
	(e)	total non-current liabilities (sum of (a) to (d)).
9.	Equity
	(a)	shareholders' equity—
		(i)	share capital:
		(ii)	retained earnings:
		(iii)	reserves:
		(iv)	total shareholders' equity (sum of (i) to (iii)):
	(b)	minority interests in subsidiaries:
	(c)	total equity (sum of (a) and (b)):
	(d)	capital notes:
	(e)	total capital funds (sum of (c) and (d)).
10.	Total equity and liabilities (7(g) + 8(e) + 9(e))

Statement of Financial Performance

11.	Operating revenue
	(a)	revenue from line/access charges:
	(b)	revenue from "other" business for services carried out by the line business (transfer payment):
	(c)	interest on cash, bank balances, and short-term investments:
	(d)	AC loss-rental rebates:
	(e)	other operating revenue not listed in (a) to (d):
	(f)	total operating revenue (sum of (a) to (e)).
12.	Operating expenditure
	(a)	payment for transmission charges:
	(b)	transfer payments to the "other" business for—
		(i)	asset maintenance:
		(ii)	consumer disconnection/reconnection services:
		(iii)	meter data:
		(iv)	consumer-based load control services:
		(v)	royalty and patent expenses:
		(vi)	avoided transmission charges on account of own generation:
		(vii)	other goods and services not listed in (i) to (vi):
		(viii)	total transfer payment to the "other" business (sum of (i) to (vii)):
	(c)	expense to entities that are not related parties for—
		(i)	asset maintenance:
		(ii)	consumer disconnection/reconnection services:
		(iii)	meter data:
		(iv)	consumer-based load control services:
		(v)	royalty and patent expenses:
		(vi)	total of specified expenses to non-related parties (sum of (i) to (v)):
	(d)	employee salaries, wages, and redundancies:
	(e)	consumer billing and information system expense:
	(f)	depreciation on—
		(i)	system fixed assets:
		(ii)	other assets not listed in (i):
		(iii)	total depreciation (sum of (i) and (ii)):
	(g)	amortisation of—
		(i)	goodwill:
		(ii)	other intangibles:
		(iii)	total amortisation of intangibles (sum of (i) and (ii)):
	(h)	corporate and administration:
	(i)	human resource expenses:
	(j)	marketing/advertising:
	(k)	merger and acquisition expenses:
	(l)	takeover defence expenses:
	(m)	research and development expenses:
	(n)	consultancy and legal expenses:
	(o)	donations:
	(p)	directors' fees:
	(q)	auditors' fees—
		(i)	audit fees paid to principal auditors:
		(ii)	audit fees paid to other auditors:
		(iii)	fees paid for other services provided by principal and other auditors:
		(iv)	total auditors' fees (sum of (i) to (iii)):
	(r)	cost of offering credit—
		(i)	bad debts written off:
		(ii)	increase in estimated doubtful debts:
		(iii)	total cost of offering credit (sum of (i) to (ii)):
	(s)	local authority rates expense:
	(t)	AC loss-rental rebates (distribution to retailers/ customers) expense:
	(u)	rebates to consumers due to ownership interest:
	(v)	subvention payments:
	(w)	unusual expenses:
	(x)	other expenditure not listed in (a) to (w).
13.	Total operating expenditure (sum of 12(a) to 12(x)).
14.	Operating surplus before interest and income tax (11(f) - 13).
15.	Interest expense
	(a)	interest expense on borrowings:
	(b)	financing charges related to finance leases:
	(c)	other interest expense not listed in (a) or (b):
	(d)	total interest expense (sum of (a) to (c)).
16.	Operating surplus before income tax (14 - 15(d))
17.	Income tax
18.	Net surplus after tax (16 - 17)

Statement of Movements in Equity

Disclosures to be prepared in accordance with generally accepted accounting practice.

Statement of Cash Flows

Disclosures to be prepared in accordance with generally accepted accounting practice.

Part 3
Financial and Efficiency Performance Measures

				Reg. 15
1	Financial performance measures
	(a)	return on funds, being operating surplus before interest and income tax (as adjusted), divided by average total funds employed (as adjusted), calculated in accordance with the following formula:

	(b)	return on equity, being net surplus after tax (as adjusted), divided by average total equity (as adjusted), calculated in accordance with the following formula:

	(c)	return on investment, calculated in accordance with the following formula:

	where—
		a	is operating surplus before interest and income tax minus interest on cash, bank balances, and short-term investments
		c	is average total funds employed
		d	is the ODV depreciation adjustment, being the amount calculated according to the following formula:

			where—
			x	is the total depreciation accounted for as an expense on all system fixed assets in respect of that financial year, as presented in the statement of financial performance
			y	is the total depreciation accounted for as an expense on all system fixed assets that have been depreciated in the statement of financial performance in respect of that financial year, such depreciation having been accounted for in a manner consistent with the ODV method (as set out in the ODV Handbook)
		e	is the average total works under construction, being the amount calculated according to the following formula:

			where—
			x	is the value of those works that are under construction at the end of the previous financial year, as presented in the statement of financial position
			y	is the value of those works that are under construction at the end of the financial year, as presented in the statement of financial position
		f	is the average value of system fixed assets at net book value, calculated according to the following formula:

			where—
			x	is the value of system fixed assets (at the end of the previous financial year), as presented in the statement of financial position
			y	is the value of system fixed assets (at the end of the financial year), as presented in the statement of financial position
		g	is amortisation of goodwill and amortisation of other intangibles
		h	is the average value of system fixed assets at ODV value, calculated according to the following formula:

			where—
			x	is the value of the line business system fixed assets as at the end of the previous financial year, calculated using the ODV method (as set out in the ODV Handbook)
			y	is the value of the line business system fixed assets as at the end of the financial year, calculated using the ODV method (as set out in the ODV Handbook)
		k	is the average total equity, being the amount calculated according to the following formula:

			where—
			x	is total equity at the end of the previous financial year, as presented in the statement of financial position
			y	is total equity at the end of the financial year, as presented in the statement of financial position
		m	is the average total intangible asset, calculated in accordance with the following formula:

			where—
			x	is the value of intangible assets as at the end of the previous financial year, as presented in the statement of financial position
			y	is the value of intangible assets as at the end of the financial year, as presented in the statement of financial position
		n	is net surplus after tax
		p	is income tax
		q	is interest tax shield
		r	is revaluations
		s	is the value of the subvention payment for this financial year
		t	is the maximum statutory income tax rate applying to corporate entities
		v	is the average subvention payment and related tax adjustment, being the amount calculated according to the following formula:

			where—
			x	is the value of the subvention payment for the preceding financial year, as presented in the statement of financial performance
			s	is the value of the subvention payment for this financial year, as presented in the statement of financial performance.
2	Efficiency performance measures
	(a)	direct line costs per kilometre, calculated in accordance with the following formula:

		where—
		a	is direct expenditure (in dollars)
		b	is system length (in kilometres):
	(b)	indirect line costs per consumer, calculated in accordance with the following formula:

		where—
		a	is indirect expenditure (in dollars)
		b	is total consumers.

Part 4
Energy Delivery Efficiency Performance Measures and Statistics

			Reg. 21
1.	Energy delivery efficiency performance measures
	(a)	Load factor, calculated in accordance with the following formula:

		where—
		a	is the amount of electricity (in kilowatt hours) entering the system during the financial year; and
		b	is maximum demand; and
		c	is the total number of hours in the financial year:
	(b)	Loss ratio, calculated in accordance with the following formula:

		where—
		a	is losses of electricity (expressed in kilowatt hours); and
		b	is the amount of electricity (in kilowatt hours) entering the system during the financial year:
	(c)	Capacity utilisation, calculated in accordance with the following formula:

		where—
		a	is maximum demand; and
		b	is transformer capacity (in kilovolt amperes).
2.	Statistics
	(a)	System length, together with a breakdown of that length according to different nominal line voltages:
	(b)	The total circuit length (in kilometres) of the overhead electric lines that form part of the system (which length must be calculated on the same basis as system length is calculated), together with a breakdown of that length according to different nominal line voltages:
	(c)	The total circuit length (in kilometres) of the underground electric lines that form part of the system (which length must be calculated on the same basis as system length is calculated), together with a breakdown of that length according to different nominal line voltages:
	(d)	Transformer capacity, in kilovolt amperes:
	(e)	Maximum demand, in kilowatts:
	(f)	Total electricity entering the system (before losses of electricity), in kilowatt hours:
	(g)	The total amount of electricity (in kilowatt hours) supplied from the system (after losses of electricity) during the financial year on behalf of each person that is an electricity generator or an electricity retailer, or both:
	(h)	(i)	In the case of Transpower, total customers:
		(ii)	In the case of other line owners, total consumers.

Part 5
Reliability Performance Measures to Be Disclosed by Line Owners (Other Than Transpower)

		Reg. 22
1. Total number of interruptions, together with a breakdown of that total according to interruption class.
2. Interruption targets for the following financial year for—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
3. Average interruption targets for the following financial year and the subsequent 4 financial years for each of—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
4. The proportion (expressed as a percentage) of the total number of Class C interruptions not restored within—
	(a)	3 hours; and
	(b)	24 hours.
5. With respect to faults per 100 circuit kilometres of prescribed voltage electric line, the following information:
	(a)	The total number of faults; and
	(b)	The total number of faults targeted for the following financial year; and
	(c)	The average total number of faults for that financial year and the subsequent 4 financial years; and
	(d)	A breakdown of the fault information in accordance with paragraphs (a) to (c) by different nominal line voltages.
6. The total number of faults per 100 circuit kilometres of underground prescribed voltage electric line, together with a breakdown of that total according to different nominal line voltages.
7. The total number of faults per 100 circuit kilometres of overhead prescribed voltage electric line, together with a breakdown of that total according to different nominal line voltages.
8. The SAIDI for the total number of interruptions, which must be calculated in accordance with the following formula:

where—
	a	is the sum obtained by adding together the interruption duration factors for all interruptions; and
	b	is total consumers.
9. SAIDI targets for the following financial year for—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
10. Average SAIDI targets for the following financial year and the subsequent 4 financial years for each of—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
11. The SAIDI for the total number of interruptions within each interruption class, which must be calculated in accordance with the following formula:

where—
	a	is the sum obtained by adding together the interruption duration factors for all interruptions within the particular interruption class; and
	b	is total consumers.
12. The SAIFI for the total number of interruptions, which must be calculated in accordance with the following formula:

where—
	a	is the sum obtained by adding together the number of electricity consumers affected by each of those interruptions; and
	b	is total consumers.
13. SAIFI targets for the following financial year for—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
14. Average SAIFI targets for the following financial year and the subsequent 4 financial years for each of—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
15. The SAIFI for the total number of interruptions within each interruption class, which must be calculated in accordance with the following formula:

where—
	a	is the sum obtained by adding together the number of electricity consumers affected by each of those interruptions within that interruption class; and
	b	is total consumers.
16. The CAIDI for the total of all interruptions, which must be calculated in accordance with the following formula:

where—
	a	is the sum obtained by adding together the interruption duration factors for all interruptions; and
	b	is the sum obtained by adding together the number of electricity consumers affected by each of those interruptions.
17. CAIDI targets for the following financial year for—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
18. Average CAIDI targets for the following financial year and the subsequent 4 financial years for each of—
	(a)	Planned interruptions by the line owner (Class B); and
	(b)	Unplanned interruptions originating within the works of the line owner (Class C).
19. The CAIDI for the total number of interruptions within each interruption class, which must be calculated in accordance with the following formula:

where—
	a	is the sum obtained by adding together the interruption duration factors for all interruptions; and
	b	is the sum obtained by adding together the number of electricity consumers affected by each of those interruptions.

Part 6
Reliability Performance Measures to Be Disclosed by Transpower

Reg. 22 (1) (a)

1. The total number of unplanned interruptions.

2. Customer interruptions, calculated in system minutes.

3. The underlying customer interruptions (excluding interruptions of greater than 1 system minute), calculated in system minutes.

4. The average supply reliability (to 4 decimal places), being the energy supplied divided by the sum of energy supplied and energy not supplied, and expressed as a percentage.

5. Uneconomic generation due to planned and unplanned transmission system unavailability, divided by the energy supplied, and expressed as a percentage.

6. Uneconomic generation due to HVDC system unavailability, divided by the energy supplied and expressed as a percentage.

7. Uneconomic generation due to unplanned transmission system unavailability, divided by energy supplied, and expressed as a percentage.

8. Planned interruption restoration performance, being the number of planned interruptions where the supply of electricity is restored within the time (in minutes) notified in advance to the customers (number X 100), divided by the number of planned interruptions.

9. Unplanned interruption response, being the number of unplanned interruptions responded to within the time (in minutes) agreed with the customer (number X 100), divided by the number of unplanned interruptions.

Part 7
Form for the Derivation of Financial Performance Measures from Financial Statements

Reg. 16

Input and calculations

Symbol in formula

ROF

ROE

ROI

Operating surplus before interest and income tax from financial statements

[insert figure]

Operating surplus before interest and income tax adjusted pursuant to regulation 18 (OSBIIT)

[insert figure]

Interest on cash, bank balances, and short-term investments (ISTI)

[insert figure]

OSBIIT minus ISTI

=OSBIIT-ISTI

[insert figure]

Net surplus after tax from financial statements

[insert figure]

Net surplus after tax adjusted pursuant to regulation 18 (NSAT)

[insert figure]

Amortisation of goodwill and amortisation of other intangibles

[insert figure]

add

[insert figure]

add

[insert figure]

add

[insert figure]

Subvention payment

[insert figure]

add

[insert figure]

add

[insert figure]

add

[insert figure]

Depreciation of SFA at BV(x)

[insert figure]

Depreciation of SFA at ODV(y)

[insert figure]

ODV depreciation adjustment

= x - y

add

[insert figure]

add

[insert figure]

add

[insert figure]

Subvention payment tax adjustment

= s*t

s*t

deduct

[insert figure]

deduct

[insert figure]

Interest tax shield

[insert figure]

deduct

[insert figure]

Revaluations

[insert figure]

add

[insert figure]

Income tax

[insert figure]

deduct

[insert figure]

Numerator

OSBIIT^ADJ = a+g+s+d

NSAT^ADJ = n+g+s-s*t+d

OSBIIT^ADJ = a+g-q+r+s+d-p-s*t

Fixed assets at end of previous financial year (FA₀)

[insert figure]

Fixed assets at end of current financial year (FA₁)

[insert figure]

Adjusted net working capital at end of previous financial year (ANWC₀)

[insert figure]

Adjusted net working capital at end of current financial year (ANWC₁)

[insert figure]

Average total funds employed (ATFE)

= (FA₀ + FA₁ + ANWC₀ + ANWC₁)/2
(or regulation 33 time-weighted average)

[insert figure]

Total equity at end of previous financial year (TE₀)

[insert figure]

Total equity at end of current financial year (TE₁)

[insert figure]

Average total equity

= (TE₀ + TE₁)/2
(or regulation 33 time-weighted average)

[insert figure]

WUC at end of previous financial year (WUC₀)

[insert figure]

WUC at end of current financial year (WUC₁)

[insert figure]

Average total works under construction

= (WUC₀ + WUC₁)/2
(or regulation 33 time-weighted average)

deduct

[insert figure]

deduct

[insert figure]

deduct

[insert figure]

Revaluations

[insert figure]

Half of revaluations

= r/2

r/2

deduct

[insert figure]

Intangible assets at end of previous financial year (IA₀)

[insert figure]

Intangible assets at end of current financial year (IA₁)

[insert figure]

Average total intangible asset

= (IA₀ + IA₁)/2
(or regulation 33 time-weighted average)

add

[insert figure]

Subvention payment at end of previous financial year (S₀)

[insert figure]

Subvention payment at end of current financial year (S₁)

[insert figure]

Subvention payment tax adjustment at end of previous financial year

= s₀*t

Subvention payment tax adjustment at end of current financial year

= s₁*t

Average subvention payment and related tax adjustment

=[(s₀ + s₁) (1 - t)]/2

add

[insert figure]

System fixed assets at end of previous financial year at book value (SFA_bv0)

[insert figure]

System fixed assets at end of current financial year at book value (SFA_bv1)

[insert figure]

Average value of system fixed assets at book value

= (SFA_bv0 + SFA_bv1)/2
(or regulation 33 time-weighted average)

deduct

[insert figure]

deduct

[insert figure]

deduct

[insert figure]

System fixed assets at year beginning at ODV value (SFA_odv0)

[insert figure]

System fixed assets at end of current financial year at ODV value (SFA_odv1)

[insert figure]

Average value of system fixed assets at ODV value

= (SFA_odv0 + SFA_odv1)/2
(or regulation 33 time-weighted average)

add

[insert figure]

add

[insert figure]

add

[insert figure]

Denominator

ATFE^ADJ = c-e-f+h

Ave TE^ADJ = k-e-m+v-f+h

ATFE^ADJ = c-e-½r-f+h

Financial performance measures

ROF =
OSBIIT^ADJ/ATFE^ADJ
x 100

ROE =
NSAT^ADJ/ATE^ADJ
x 100

ROI =
OSBIIT^ADJ/ATFE^ADJ
x 100

Key:

t	=	maximum statutory income tax rate applying to corporate entities
bv	=	book value
ave	=	average
odv	=	optimised deprival valuation
subscript '0'	=	end of the previous financial year
subscript '1'	=	end of the current financial year
ROF	=	return on funds
ROE	=	return on equity
ROI	=	return on investment

Part 8
Annual Valuation Reconciliation Report

Year ending (balance date)	$000
System fixed assets at ODV—end of the previous financial year
Add system fixed assets acquired during the year at ODV²
Less system fixed assets disposed of during the year at ODV
Less depreciation on system fixed assets at ODV
Add revaluations of system fixed assets
Equals system fixed assets at ODV—end of the financial year.

² The value of system fixed assets acquired during the financial year should include capitalised expenditure on replacement and refurbishment of system fixed assets.

Schedule 2
Asset Management Plans

			Reg. 25 (2)
Asset management plans must include the following information:
	(a)	Summary of the asset management plan—
		(i)	Purpose of the plan:
		(ii)	Date the plan was completed and the period to which the plan relates:
		(iii)	Asset management systems and information:
		(iv)	Network and asset description:
		(v)	Service level objectives:
		(vi)	Lifecycle asset management and development plans:
		(vii)	Risk assessment:
		(viii)	Performance and plans for improvement.
	(b)	Details of asset management plan background and objectives, including—
		(i)	Interaction with other corporate goals, business planning processes, and other plans:
		(ii)	Planning periods adopted:
		(iii)	Stakeholder interests (owners, consumers, etc):
		(iv)	Accountabilities and responsibilities for asset management:
		(v)	Details of asset management systems and processes including asset management information systems/software and information flows.
	(c)	Details of assets covered, including—
		(i)	Description of the asset configuration:
		(ii)	Identification of assets by category:
		(iii)	Justification for asset:
		(iv)	Location, age, and condition.
	(d)	Details of proposed levels of service, including—
		(i)	Consumer oriented reliability, security, and availability performance targets:
		(ii)	Other targets relating to asset performance, asset efficiency, and effectiveness and efficiency of line company activity:
		(iii)	Justification for target levels of service based on consumer, legislative, regulatory, shareholder, and other requirements.
	(e)	Details of network development and lifecycle asset management plans, including—
		(i)	Description of planning criteria and assumptions:
		(ii)	Details of demand forecasts, network configuration analysis, reliability assessments, and the specific network locations where constraints are expected: [Editorial Note: Para. (e)(ii): Although the substitution of "reliability assessments, and . . . constraints are expected" for "and reliability assessments" came into force on 13 July 2001, it does not apply until the 2002/2003 and later financial years (see SR 2001/178/3(2)).]
		(iii)	Policies on non-asset solutions, distributed generation, redeployment and upgrade of existing assets, acquisition of new assets, adoption of new technology, and disposal of existing assets: [Editorial Note: Para. (e)(iii): Although the insertion of "distributed generation," came into force on 13 July 2001, it does not apply until the 2002/2003 and later financial years (see SR 2001/178/3(2)).]
		(iv)	Analysis of the options available and details of the decisions made to satisfy and meet target levels of service:
		(v)	Description and identification of maintenance policies, programmes and actions to be taken for each asset group, including associated expenditure projections:
		(vi)	Description and identification of the network development programme (including distributed generation) and actions to be taken, including associated expenditure projections. [Editorial Note: Para. (e)(vi): Although the insertion of "(including distributed generation)" came into force on 13 July 2001, it does not apply until the 2002/2003 and later financial years (see SR 2001/178/3(2)).]
	(f)	Details of risk policies, assessment, and mitigation, including—
		(i)	Methods, details, and conclusions of risk analysis:
		(ii)	Details of emergency response and contingency plans.
	(g)	Details of performance measurement, evaluation, and improvement, including—
		(i)	Review of progress against plan, both physical and financial:
		(ii)	Evaluation and comparison of actual performance against targeted performance objectives:
		(iii)	Gap analysis and identification of improvement initiatives.

Schedule 3
Forms

FORM 1
Auditor's Report

Reg. 31
To the readers of the financial statements of the [insert name].
I/We have audited the accompanying financial statements of the [insert name]. The financial statements provide information about the past financial performance of the [insert name] and its financial position as at [insert date]. This information is stated in accordance with the accounting policies set out on [insert appropriate cross-reference].
Directors' Responsibilities
The Electricity (Information Disclosure) Regulations 1999 require the Directors to prepare financial statements which give a true and fair view of the financial position of the [insert name] as at [insert date], and results of operations and cash flows for the year then ended.
Auditor's Responsibilities
It is my/our responsibility to express an independent opinion on the financial statements presented by the Directors and report my/our opinion to you.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing—
•	the significant estimates and judgments made by the Directors in the preparation of the financial statements; and
•	whether the accounting policies are appropriate to the [insert name] circumstances, consistently applied and adequately disclosed.
I/We conducted my/our audit in accordance with generally accepted auditing standards in New Zealand. I/We planned and performed my/our audit so as to obtain all the information and explanations which I/we considered necessary. I/We obtained sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming my/our opinion I/we also evaluated the overall adequacy of the presentation of information in the financial statements.
Other than in my/our capacity as auditor I/we have no relationship with or interests in the [insert name].
[*Insert other information including matters relating to "fundamental uncertainty". Further guidance on these matters is set out in auditing standards contained in the Institute Handbook].
*Unqualified Opinion
I/We have obtained all the information and explanations I/we have required.
In my/our opinion—
•	proper accounting records have been maintained by the [insert name] as far as appears from my/our examination of those records; and
•	the financial statements referred to above—
	(a)	comply with generally accepted accounting practice; and
	(b)	give a true and fair view of the financial position of the [insert name] as at [insert date] and the results of its operations and cash flows for the year then ended; and
	(c)	comply with the Electricity (Information Disclosure) Regulations 1999.
OR
*Qualified Opinion
[Insert the nature of the qualification together with the impact on the financial statements. Further guidance on qualified opinions is set out in auditing standards contained in the Institute Handbook].
OR
*Disclaimer of opinion
[Insert the nature of the disclaimer opinion. Further guidance on disclaimer opinions is set out in auditing standards contained in the Institute Handbook].
My/our audit was completed on [insert date] and my/our opinion is expressed as at that date.
[Signature of Auditor]
[Name of Auditor]
*Delete that which is inapplicable.

Form 2
Auditor's Opinion of Performance Measures

Reg. 31 (3)
I/We have examined the attached information, being—
	(a)	the derivation table in regulation 16; and
	(b)	the annual ODV reconciliation report in regulation 16A; and
	(c)	the time-weighted averages calculations in regulation 33 (if they apply); and
	(d)	the financial performance measures in clause 1 of Part 3 of Schedule 1; and
	(e)	the financial components of the efficiency performance measures in clause 2 of Part 3 of Schedule 1,—
that were prepared by [insert name] and dated [insert date] for the purposes of regulation 15 of the Electricity (Information Disclosure) Regulations 1999.
In my/our opinion, having made all reasonable enquiry, to the best of my/our knowledge, that information has been prepared in accordance with the Electricity (Information Disclosure) Regulations 1999.
[Signature of auditor]
[Name of auditor]
[Name of auditing firm]
[Address of auditing firm]
[Date]

Form 3
Auditor's Opinion in Relation to Valuation

Reg. 31 (4)

I/We have examined the valuation report of [name of line owner] and dated [insert date], which report contains valuations of system fixed assets as at [insert date].

In my/our opinion, having made all reasonable enquiry, to the best of my/our knowledge, the valuations contained in the report, including the total valuation of system fixed assets of [insert value], have been made in accordance with the ODV Handbook.

[Signature of auditor]

[Name of auditor]

[Name of auditing firm]

[Address of auditing firm]

[Date]

Form 4

Repealed

Form 5
Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Line Owners Other Than Transpower

Reg. 32 (2)
We, [insert full names], directors/principals* of [name of line owner] certify that, having made all reasonable enquiry, to the best of our knowledge,—
	(a)	The attached audited financial statements of [name of line owner], prepared for the purposes of regulation 6 of the Electricity (Information Disclosure) Regulations 1999 comply with the requirements of those regulations; and
	(b)	The attached information, being the derivation table, financial performance measures, efficiency performance measures, energy delivery efficiency performance measures, statistics, and reliability performance measures in relation to [name of line owner], and having been prepared for the purposes of regulations 15, 16, 21, and 22 of the Electricity (Information Disclosure) Regulations 1999, comply with the requirements of those regulations.
The valuations on which those financial performance measures are based are as at [insert date].
[Signatures of Directors/Principals*]
[Date]
* Delete that which is inapplicable.

Form 6
Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Transpower

		Reg. 32 (3)
We, [insert full names], directors of Transpower New Zealand Limited ("Transpower") certify that, having made all reasonable enquiry, to the best of our knowledge,—
	(a)	The attached audited financial statements of Transpower, prepared for the purposes of regulation 5 of the Electricity (Information Disclosure) Regulations 1999, comply with the requirements of those regulations; and
	(b)	The attached information, being the derivation table, financial performance measures, efficiency performance measures, energy delivery efficiency performance measures, statistics, and reliability performance measures in relation to Transpower, and having been prepared for the purposes of regulations 15, 16, 21, and 22 of the Electricity (Information Disclosure) Regulations 1999, comply with the requirements of the Electricity (Information Disclosure) Regulations 1999.
The valuations on which those financial performance measures are based are as at [insert date].
[Signatures of Directors]
[Date]

Form 7
Certification of Valuation Report of Line Owners

		Reg. 32 (6)
We, [insert names], directors/principals* of [name of line owner] certify that, having made all reasonable enquiry, to the best of our knowledge—
	(a)	the attached valuation report of [name of line owner], prepared for the purposes of regulation 20 of the Electricity (Information Disclosure) Regulations 1999, complies with the requirements of that regulation; and
	(b)	the replacement cost of the line business system fixed assets of [name of line owner] is [insert value]; and
	(c)	the depreciated replacement cost of the line business system fixed assets of [name of line owner] is [insert value]; and
	(d)	the optimised depreciated replacement cost of the line business system fixed assets of [name of line owner] is [insert value]; and
	(e)	the optimised deprival valuation of the line business system fixed assets of [name of line owner] is [insert value]; and
	(f)	the values in paragraphs (b) through to (e) have been prepared in accordance with the ODV Handbook.
These valuations are as at [insert date].
[Signatures of directors/principals*]
[Date]
*Delete that which is inapplicable.
Marie Shroff, Clerk of the Executive Council.

Form 8
Statutory Declaration in Respect of Statements and Information Supplied to Secretary

Reg. 37 (1)

I, [insert full name], of [insert address], being a director/principal* of [insert name of entity], solemnly and sincerely declare that having made all reasonable enquiry, to the best of my knowledge, the information attached to this declaration is a true copy of information made available to the public under the Electricity (Information Disclosure) Regulations 1999.

And I make this solemn declaration conscientiously believing the same to be true and by virtue of the Oaths and Declarations Act 1957.

Declared at this day of Justice of the Peace (or Solicitor or other person authorised to take a statutory declaration).

*Delete that which is inapplicable.

Form 9
Statutory Declaration in Respect of Further Information Requested by Secretary

		Reg. 37 (2)
I [insert full name], of [insert address], being a director/principal* of [insert name of entity], solemnly and sincerely declare that having made all reasonable enquiry, to the best of my knowledge, the document(s) attached to this declaration—
	(a)	Is/are the statement(s), report(s), agreement(s), particular(s), information requested by the Secretary on [insert date] under section 171 (1) (b) of the Electricity Act 1992; and
	(b)	Contain(s) all the statements, reports, agreements, particulars, information [specify] in the possession, or under the control, of [insert name of entity] that relate to that request.
And I make this solemn declaration conscientiously believing the same to be true and by virtue of the Oaths and Declarations Act 1957.
Declared at this day of Justice of the Peace (or Solicitor or other person authorised to take a statutory declaration).
*Delete that which is inapplicable.
MARIE SHROFF, Clerk of the Executive Council.

Explanatory Notes

Electricity (Information Disclosure) Regulations 1999

This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 29 April 1999, replace the Electricity (Information Disclosure) Regulations 1994. The regulations require electricity companies to disclose certain information relating to their activities for the 1998/99 and later financial years.
These regulations—
	(a)	Take account of industry restructuring following the Electricity Industry Reform Act 1998 by increasing the focus of information disclosure on line businesses and minimising disclosure by electricity supply businesses; and
	(b)	Provide for a handbook that prescribes a mandatory (avoidable cost allocation) methodology for the allocation of assets, liabilities, income, and expenditure items to the line business as defined, and enhance the disclosure of transfer payments between line businesses and related parties; and
	(c)	Provide for enhanced disclosure in respect of line business reliability and security, including disclosure of asset management plans; and
	(d)	Modify line charge disclosure requirements; and
	(e)	Clarify that the financial statements disclosed under the regulations are required to comply with generally accepted accounting practice; and
	(f)	Improve the definitions for the calculation of financial performance measures; and
	(g)	Provide for better access to disclosed information.
Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 1 April 1999.
These regulations are administered in the Ministry of Commerce [now the Ministry of Economic Development].

Electricity (Information Disclosure) Amendment Regulations 2000

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on the day after the date of their notification in the Gazette, amend the Electricity (Information Disclosure) Regulations 1999. The amendments will apply to the disclosures required to be made by electricity companies relating to their activities for the 1999/2000 and later financial years.

The principal amendments are as follows:

the introduction of an annual ODV reconciliation report to make the reasons for movements in ODV over the year more transparent:
the removal of the ODV depreciation tax adjustment term from the financial performance measures to recognise that tax depreciation is based on historical cost rather than ODV:
the removal of cash assets and associated income from the financial performance measures to ensure that the asset base for disclosure of financial performance measures does not contain proceeds from asset sales:
the improvement of the way in which performance measures are calculated in the event of an acquisition, merger, or disposal of assets:
the replacement of the requirement that auditors "certify" ODV valuations and financial performance measures. Instead, auditors will be required to "provide an opinion" as to these matters:
The updating of terminology used in the regulations so that it is consistent with GAAP:
The improvement of the transparency of the calculations for the financial performance measures:
a requirement for line owners to disclose the component of the line charges attributable to transmission costs:
the revision of the list of items that have to be separately disclosed in the financial statements to improve the transparency of line business accounts:
the removal of the requirements for financial statement disclosure by the Electricity Corporation of New Zealand:
various other technical amendments designed to improve the effectiveness of the disclosures.

Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 29 June 2000.
These regulations are administered in the Ministry of Commerce [now the Ministry of Economic Development].

Electricity (Information Disclosure) Amendment Regulations 2001

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on the day after the date of their notification in the Gazette, amend the Electricity (Information Disclosure) Regulations 1999.

The effect of the amendments is to-

clarify that asset management plans must be disclosed 3 months after the beginning of each financial year; and
make minor modifications to the statistical information that must be disclosued on energy delivery efficiency; and
require asset management plans to include details of where network constraints are expected and the policies on distributed generation, and to include distributed generation in the network development programme.

Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 12 July 2001.
These regulations are administered in the Ministry of Economic Development.

Electricity (Information Disclosure) Regulations 1999 (revoked on 6 April 2004)

Disclaimer

Analysis

Part 1

Preliminary Provisions

Part 2

Financial Statements Disclosure by Line Owners

Part 3

Contract Disclosure by Line Owners

Miscellaneous Provisions

Part 4

Disclosure of Performance Measures and Statistics

Part 5

Further Disclosure by Line Owners

Part 6

Disclosure of Line Charges

Part 7

Miscellaneous Provisions

Exemptions

Certificates

Miscellaneous Provisions

Schedules

Schedule 1

Schedule 2

Schedule 3

Explanatory Notes

Regulations

Part 1Preliminary Provisions

Part 2Financial Statements Disclosure by Line Owners

Part 3Contract Disclosure by Line Owners

Miscellaneous Provisions

Part 4Disclosure of Performance Measures and Statistics

Part 5Further Disclosure by Line Owners

Part 6Disclosure of Line Charges

Part 7Miscellaneous Provisions

Exemptions

Certificates

Miscellaneous Provisions

Schedules

Schedule 1Performance Measures and Other Information

Part 1Interpretation

Part 2Information to Be Disclosed in Financial Statements

Statement of Financial Position

Statement of Financial Performance

Statement of Movements in Equity

Statement of Cash Flows

Part 3Financial and Efficiency Performance Measures

Part 4Energy Delivery Efficiency Performance Measures and Statistics

Part 5Reliability Performance Measures to Be Disclosed by Line Owners (Other Than Transpower)

Part 6Reliability Performance Measures to Be Disclosed by Transpower

Part 7Form for the Derivation of Financial Performance Measures from Financial Statements

Key:

Part 8Annual Valuation Reconciliation Report

Schedule 2Asset Management Plans

Schedule 3Forms

FORM 1Auditor's Report

Form 2Auditor's Opinion of Performance Measures

Form 3Auditor's Opinion in Relation to Valuation

Form 4

Form 5Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Line Owners Other Than Transpower

Form 6Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Transpower

Form 7Certification of Valuation Report of Line Owners

Form 8Statutory Declaration in Respect of Statements and Information Supplied to Secretary

Form 9Statutory Declaration in Respect of Further Information Requested by Secretary

Explanatory Notes

Electricity (Information Disclosure) Regulations 1999

Electricity (Information Disclosure) Amendment Regulations 2000

Electricity (Information Disclosure) Amendment Regulations 2001

See Also

Related Links

Part 1
Preliminary Provisions

Part 2
Financial Statements Disclosure by Line Owners

Part 3
Contract Disclosure by Line Owners

Part 4
Disclosure of Performance Measures and Statistics

Part 5
Further Disclosure by Line Owners

Part 6
Disclosure of Line Charges

Part 7
Miscellaneous Provisions

Schedule 1
Performance Measures and Other Information

Part 1
Interpretation

Part 2
Information to Be Disclosed in Financial Statements

Part 3
Financial and Efficiency Performance Measures

Part 4
Energy Delivery Efficiency Performance Measures and Statistics

Part 5
Reliability Performance Measures to Be Disclosed by Line Owners (Other Than Transpower)

Part 6
Reliability Performance Measures to Be Disclosed by Transpower

Part 7
Form for the Derivation of Financial Performance Measures from Financial Statements

Part 8
Annual Valuation Reconciliation Report

Schedule 2
Asset Management Plans

Schedule 3
Forms

FORM 1
Auditor's Report

Form 2
Auditor's Opinion of Performance Measures

Form 3
Auditor's Opinion in Relation to Valuation

Form 5
Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Line Owners Other Than Transpower

Form 6
Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Transpower

Form 7
Certification of Valuation Report of Line Owners

Form 8
Statutory Declaration in Respect of Statements and Information Supplied to Secretary

Form 9
Statutory Declaration in Respect of Further Information Requested by Secretary