Network Waitaki has net surplus

North Otago power lines company Network Waitaki has returned a net surplus after tax of $2.6 million for the financial year ending March 31.

In the annual report, chairwoman Clare Kearney said the company was in a strong financial position and able to fund capital expenditure.

The network was transporting more energy than five years ago and now had peak demand in summer, rather than winter.

The unprecedented growth was due mainly to development of irrigation schemes and the flow-on effect to primary and secondary industry.

"Our electricity network has kept pace with these demands and continues to plan for development in our region in a timely and efficient manner," Mrs Kearney said.

Further development and upgrading of the network over the next few years could be expected to support regional energy requirements.

Chief executive Graham Clark said the recent and forecast growth in demand for electricity in the Waitaki and South Canterbury districts was placing constraints on the security of the transmission supply to those areas.

Meetings had been held with Transpower to predict the level of future demands and identify options for new transmission investments to ensure the economic growth of the district was not compromised.

 

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