Ann: HALFYR: TRP: Transpower announces half-year

• Release Date: 28/02/14 10:30
• Summary: HALFYR: TRP: Transpower announces half-year results
• Price Sensitive: No
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					TRP
28/02/2014 08:30
HALFYR

REL: 0830 HRS Transpower New Zealand Limited

HALFYR: TRP: Transpower announces half-year results

Transpower New Zealand today released its financial results for the six
months ended 31 December 2013.

Earnings after tax, prior to net changes in the fair value of financial
instruments, were $99.7 million (December 2012: $111.5 million).  Operating
revenue for the first six months of the year increased by 10 per cent to
$493.8 million (December 2012: $448.4 million).

An interim dividend of $60 million (December 2012: $92 million) will be paid
to the shareholder in March.

Transpower Chairman, Mark Verbiest said that the company had performed well
in the first half of the year, with an increase in transmission revenue
principally reflecting the full operation of the North Island Grid Upgrade
and commissioning of the HVDC Pole 3 project.

"The first half of this year has been focused on completing the remainder of
our large capital programme. We saw the final piece of the HVDC project
completed in December which involved the upgrade of the Pole 2 control
system, enabling power transfer of 1200 MW between the islands, up from 1000
MW. The last of the very large projects - the North Auckland and Northland
Project - has just been commissioned."

"These projects will ensure a reliable and secure supply of electricity for
New Zealand and importantly, also support enhanced competition in the
electricity market, which puts downward pressure on end consumer bills."

"Our focus going forward will shift from big build projects to optimising
our, still significant, capital and operating expenditure, to ensure cost
effectiveness for the end consumer while maintaining the integrity of the
grid. We will continue to develop new technology initiatives that will
improve security and reliability of the grid." said Mr Verbiest.

Transpower's full half year accounts will be published once they are tabled
in Parliament, which is expected to be in April 2014.

For further information please contact:  Rebecca Wilson, Corporate
Communications Manager, 04 590 6695; 021 578 608
End CA:00247601 For:TRP    Type:HALFYR     Time:2014-02-28 08:30:58