2018 WEL Networks Asset Management Plan
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Meridian Energy
NEW ZEALAND Meridian Energy Performance evaluation Meridian Energy equity valuation Macquarie Research’s discounted cashflow-based equity valuation for Meridian Energy (MER) is $6,531m (nominal WACC 8.6%, asset beta 0.60, TGR 3.0%). Forecast financial model A detailed financial model with explicit forecasts out to 2030 has been completed and is summarised in this report. Inside Financial model assumptions and commentary Performance evaluation 2 We discuss a number of key model input assumptions in the report including: Valuation summary 6 Wholesale and retail electricity price paths; Financial model assumptions 8 Electricity purchase to sales price ratio pre and post the HVDC link upgrade; Financial statements summary 18 HVDC link charging regime; Financial flexibility and generation Electricity demand growth by customer type; development 21 The impact of the Electricity Industry Act (EIA) asset transfer and VAS’; Sensitivities 22 The New Zealand Aluminium Smelters (NZAS) supply contract; Alternative valuation methodologies 23 Relative disclosure 24 MER’s generation development pipeline. Appendix – Valuation Bridge 26 Equity valuation sensitivities are provided on key variables. Alternative valuation methodology We have assessed a comparable company equity valuation for the company of $5,179m-$5,844m. This is based on the current earnings multiples of listed comparable generator/retailers globally. This valuation provides a cross-check of the equity valuation based on our primary methodology, discounted cashflow. This valuation range lies below our primary valuation due, in part to the positive net present value of modelled development projects included in our primary valuation. Relative disclosure We have assessed the disclosure levels of MER’s financial reports and presentations over the last financial period against listed and non-listed companies operating in the electricity generation and energy retailing sector in New Zealand. -
Pdf Hearing 22
1 Before the Hearing Panel Appointed by Waikato District Council to Hear Submissions on the Proposed Waikato District Plan In the matter of: the Resource Management Act 1991 And: Submissions and Further Submissions Lodged on the Proposed Waikato District Plan by Meridian Energy Limited Statement of Evidence of Christine Anne Foster Called by Meridian Energy Limited HEARING 22 - INFRASTRUCTURE 28 September 2020 PROPOSED WAIKATO DISTRICT PLAN: HEARING 22 – EVIDENCE OF C FOSTER FOR MERIDIAN ENERGY LTD 1 1. Introduction 1.1. My name is Christine Anne Foster. I am a Planning Consultant and sole director of CF Consulting Services Limited, based in Wellington. My qualifications and experience are as set out in my statement of evidence to Hearing Number 3. 1.2. This statement of evidence is within my area of expertise as a resource management planner, except where I state that I rely on the evidence of others. I reaffirm my commitment, stated in my evidence to Hearing Number 3, to abide the Code of Conduct for Expert Witnesses set out in the 2014 Environment Court Practice Note (and, in particular section 7 in relation to an expert’s duty to the Court). I have not omitted to consider material facts known to me that might alter or detract from the opinions that I express. 2. Definition of ‘Infrastructure’ Submission Point: 580.1 Section 42A Report: Report D0, paragraphs 194 and 195 2.1 Meridian’s submission point requested that large-scale wind farms be explicitly listed within the definition of ‘infrastructure’. As an alternative, the submission point requested that the definition explicitly include all of the ancillary activities necessary to support large-scale wind farms. -
Determination of Critical Contingency Price in Respect of the Critical Contingency of 3Rd March 2012
Determination of Critical Contingency Price in respect of the critical contingency of 3rd March 2012 Tim Denne ([email protected]) 20th April 2012 Introduction 1. This report sets out my determination of a Critical Contingency Price as required by the Gas Governance (Critical Contingency Management) Regulations 2008 (‘the Regulations’). The Critical Contingency Price is required in respect of the critical contingency of 3rd March 2012. 2. A critical contingency is defined under the Regulations. It is triggered when the operating pressure reaches a low threshold that defines the pressure required to “maintain the supply of gas across the relevant part or parts of the transmission system and to avoid disruption of distribution systems connected to the transmission system” (Regulation 25(1)(a)(iv)). 3. A draft report and recommended price was discussed at a workshop with interested parties on 16th April 2012. There were no objections to the proposed price. 4. My determination is that the critical contingency price for 3rd March 2012 is $11.10/GJ. The explanation is given below. The Event 5. A critical contingency was declared on the Maui pipeline on 3rd March 2012 following an unplanned outage of the Pohokura Production Station. The plant shutdown initially occurred as a result of a power outage at 3.40am, but production could not restart because of a fault in the plant heating system. The outage resulted in reduced supply and a low pressure being recorded at Rotowaro that fell below the threshold that triggered a critical contingency. The sequence of events is shown in Figure 1. -
Wind Farm Update April 2008.Pdf
April 2008 W NNDDFAARMRM ByUUPDATE Dr Julian Elder PDATE he decision on WEL Networks’ proposed wind farm at Te Uku is expected to be Tannounced by the Waikato District Council in the near future. Like you, we keenly await the outcome. I’m sending you this UPDATE to provide important background information as part of WEL’s commitment to on-going consultation with the greater Raglan community. The UPDATE forms no part of the resource consent process. The business case for the wind farm is strong and financially sound. Otherwise, we would not be risking an investment of $200 million, particularly when we are owned by the community. The Te Uku wind farm project will only go ahead if it is profitable. But we do acknowledge that there are residents with mixed feelings about the wind farm, and those who oppose it. The proposed wind farm is among the smaller of the wind farms either in operation or planned elsewhere in New Zealand. The generation of power to meet the growing demands of consumers and industry always presents a dilemma. New Zealanders are demanding renewable energy resources, yet at the same time they are demanding more supply. In the Waikato region, 55 percent more power will be needed in the next 10 years to meet the growth of both residential and business consumers. NO TO NUCLEAR POWER Coal fired power stations are being rejected and no-one supports nuclear power. Other ways to deliver power, such as bio mass, tidal and solar, are not currently realistic in commercial terms. Wind, as an energy resource, continues globally as the most widely accepted form of renewable and sustainable generation. -
Connection Plus March/April 2001
Your business newsletter from WEL Energy Group March/April 2001 24 hour faults 0800 800 WEL Threestrikes 0800 800 935 andand you’reyou’re notnot outout InternationalInternational WEL has improved its supply reliability during flavourflavour toto storms and lightning strikes thanks to a reconfigured WEL Energy lines network. contractors check BalloonsBalloons overover A two-year, $10 million programme is being completed to the network as part reduce the length of time Waikato customers suffer outages. of our reliability WaikatoWaikato Several new 33,000 and 11,000-volt cables and associated upgrade. indoor switchgear were installed in Hamilton North, and Contact Energy’s Te Rapa cogeneration plant was brought What’s that in the sky? It’s a bird? into the system. It’s a plane? No, it’s a new, huge, specially shaped Until recently the WEL’s system was operated as a radial balloon being brought to Balloons over network. Any fault on the 33,000-volt lines supplying its Waikato thanks to sponsorship from the substations resulted in a total loss of supply to that Hamilton City Council. substation. WEL is getting behind the WEL Energy WEL Contracts Manager Bill Doig says the old system looked Trust-sponsored annual hot air balloon like a tree and if any branch was affected by an outage, festival in April. Event Manager Linda Kelly everyone on that branch was cut off until repairs were says registrations have already been made. received from balloonists in Australia, The new system created a ring network so power is able America, Britain, Canada and a number of to be re-routed through another line. -
Fonterra Submission on CCM Consultation 24 July 2020
Statement of proposal for amending the Critical Contingency Management Regulations Summary Fonterra welcomes the opportunity to provide feedback on the Statement of Proposal for amending the Critical Contingency Management Regulations paper. Fonterra is a co-operative owned by around 10,000 New Zealand farmers, and as such we take a long-term view of both our industry and our country. We are New Zealand’s largest co-operative with 30 manufacturing sites spread across New Zealand with more than 10,000 staff working for the Co-operative in regional New Zealand. Natural gas is a critical energy source for 18 of our North Island manufacturing sites. Processing our farmers' milk within 12-hours of collection is vital to avoid the significant environmental damage from disposing milk on farm. The significant environmental and economic damage that results from an outage remains long after the gas has been restored. As our 18 sites are located from Whangārei in the north down to Pahiatua in the south, we are the only major gas user that is exposed to the greatest risk of a gas outage with each kilometre of pipeline to get to our sites. We have installed diesel fuel back-up at four of our sites to assist with mitigating some of the gas outage risk from various regional scenarios. This investment has been made based upon a range of factors, including how much could be utilised without jeopardising New Zealand’s diesel stocks. Fonterra considers that greater prioritisation of gas supply needs to be given to the dairy industry , especially during the peak milk months (September to December), to minimise both environmental and economic damage that would occur from a sustained gas outage. -
Kaimai Wind Farm Tourism and Recreation Impact Assessment
Kaimai Wind Farm Tourism and Recreation Impact Assessment REPORT TO VENTUS ENERGY LTD MAY 2018 Document Register Version Report date V 1 Final draft 31 August 2017 V2 GS comments 10 Oct 2017 V3 Visual assessment, cycle route 30 Nov 2017 V4 Updated visual assessment 16 February 2018 V5 Turbine update 30 May 2018 Acknowledgements This report has been prepared by TRC Tourism Ltd. Disclaimer Any representation, statement, opinion or advice, expressed or implied in this document is made in good faith but on the basis that TRC Tourism is not liable to any person for any damage or loss whatsoever which has occurred or may occur in relation to that person taking or not taking action in respect of any representation, statement or advice referred to in this document. K AIMAI WIND FARM TOURISM AND RECREATION IMPACT ASSESSMENT 2 Contents Contents ................................................................................................................. 3 1 Introduction and Background ........................................................................... 4 2 Existing Recreation and Tourism Setting ........................................................... 5 3 Assessment of Potential Effects ...................................................................... 12 4 Recommendations and Mitigation .................................................................. 18 5 Conclusion ...................................................................................................... 20 K AIMAI WIND FARM TOURISM AND RECREATION IMPACT ASSESSMENT -
Electricity Distributors' Performance from 2008 to 2011
ISBN no. 978-1-869453-02-2 Project no. 14.20/13107 Public version Electricity distributors’ performance from 2008 to 2011 Date: 29 January 2013 2 Chapter 1 Introduction 4 Helping customers understand how their electricity distributor is performing 4 We have focused on some key areas of performance 4 We use public information to give an overview of distributors’ performance 5 Structure of this report 5 We would like to hear how useful you found this report 5 Chapter 2 Overview of New Zealand’s electricity industry 6 The main parts of the electricity industry supply chain 6 Key features of the New Zealand electricity distribution sector 7 Chapter 3 Our role in the electricity industry 11 How we regulate electricity distributors in New Zealand 11 Chapter 4 Overview of industry performance 14 Prices, revenue and demand 16 How reliable is electricity distribution in New Zealand? 25 Expenditure 28 3 On 5 February 2013 we made some corrections to the paper. The table below summarises the changes. Distributor Change Buller corrected information in Table 7.1 Electricity Invercargill corrected information in Table 13.1; replaced $7.5m with $1m in commentary under Figure 13.3 MainPower corrected information in Table 16.1 Orion corrected information in Table 22.1; replaced ‘Electra’ with ‘Orion’ in notes to Figures 22.13 and 22.14 OtagoNet corrected information in Table 23.1 Powerco corrected information in Table 24.1 The Power Company corrected information in Table 25.1 Vector corrected information in Table 29.1; added note under Figure 29.1; corrected Figure 29.17 WEL Networks corrected information in Table 31.1 Wellington corrected wording above Figure 32.17 Westpower corrected information in Table 33.1 Introduction 4 Chapter 1 Introduction Helping customers understand how their electricity distributor is performing We have written this report primarily for customers of electricity distribution services, by which we mean people who have, and pay for, a connection to an electricity distribution network.1 This includes both households and businesses. -
Te Uku Wind Farm, Near Raglan, Are Finding Out
new zealand wind energy association ›› www.windenergy.org.nz Wind Energy Case Study Business and community opportunities There is more to wind energy than wind turbines and renewable energy. A new wind farm can become a catalyst for business and community renewal, as the people involved with Te Uku wind farm, near Raglan, are finding out. Earthworks at Te Uku wind farm Out towards Raglan, Meridian Energy is developing a new wind “I was just a one-man band but I had to employ staff and learn all farm at Te Uku. This high and windy site has become an important about how to do that. It was a real eye opener but I had lots of help community asset. The wind farm has added a new, positive dynamic from the managers of the construction firms Hick Bros and Spartan to this isolated farming site. Construction,” says Jim. It was a very wet winter, which did not help, but Jim is proud of Business opportunities his contribution. “We all need power at the end of the day.” An important aspect of the construction and ongoing management Local Hamilton firm Spartan Construction together with Hick of the wind farm was that the existing farm operations had to Bros from Silverdale formed Hick Spartan Joint Venture and continue with little or no disruption. That meant that stock and won the contract to supply infrastructure roading, foundations pasture had to be managed along with heavy construction, quarrying and erosion and sediment control at Te Uku. They won the and new roading. Jim Munns, a local fencer played an integral role. -
WEL Networks Annual Report 2018
2018 WEL Networks and subsidiaries Annual Report 0800 800 935 | wel.co.nz ISSN 2463-4646 (print) ISSN 2463-4646 (print) 02 2018 WEL Networks | Annual Report THIS IS THE ANNUAL REPORT OF WEL NETWORKS LIMITED Dated this 6th day of June 2018 Signed for and on behalf of the Board of Directors ROB CAMPBELL Chairman TONY STEELE Director wel.co.nz CONTENTS PROFILE 03 CHAIRMAN’S REPORT 05 WEL NETWORKS CHIEF EXECUTIVE REPORT 07 ULTRAFAST FIBRE CHIEF EXECUTIVE REPORT 09 QUICK FACTS AND KEY PERFORMANCE INDICATORS 11 DIRECTOR PROFILES AS AT 31 MARCH 2018 21 CORPORATE GOVERNANCE 25 SUSTAINABILITY 26 DIRECTOR DISCLOSURES OF INTEREST 27 WEL ENERGY TRUST 29 THE HEADLINES 31 FINANCIAL STATEMENTS 35 AUDITORS’ REPORT 87 DIRECTORS’ REPORT AND STATUTORY INFORMATION 90 DIRECTORY 95 02 2018 WEL Networks | Annual Report 2018 WEL Networks | Annual Report 03 PROFILE The WEL Group is focused on delivering innovative utility services to enable our communities to thrive. Our electricity network has been serving the Waikato for 100 years distributing power from the national grid, supplying over 160,000 people with electricity services through 90,000 connections. We play a vital part in the economic and social development of the region by recognising and investing in new technologies that will revolutionise our network and future proof our region. The safety of our staff and communities is our highest network that is available to deliver ultra-fast broadband priority and we are committed to ensuring everyone services to more than 200,000 households, schools, makes it home safely every day. businesses and healthcare facilities within the Waikato, Taranaki and Bay of Plenty regions. -
EEA Conf Programme 2021
Conference Programme - Provisional - 17 May 2021 WEDNESDAY, 30 JUNE 2021 8.30am REGISTRATION & TRADE EXHIBITION OPENS ROOM 3 ROOM 4 ROOMS 2 TO 4 9.30am CONFERENCE OPENING 9.35am Jo Hendy, Chief Executive, Climate Change Commission 10.10am Nigel Barbour, Chief Executive, Orion NZ Ltd 10.45am ROOM 1 ROOM 2 ROOM 3 ROOM 4 CARBON ZERO SMART TECHNOLOGY FUTURE GRIDS PANEL SESSION 11.00am Architecture of the Future Low-Carbon, ConductorDown – A groundbreaking safety solution for New approaches to network planning. ‘Protection and Automation’ - Resilient, Electrical Power System. overhead distribution networks. Richard Kingsford, WEL Networks System Restoration Challenges Dr. Radnya Mukhedkar, University of Rodger Griffiths, Electronet Technology CIGRE Panel and Workshop Session Canterbury 11.30am Perverse incentives creating an impact on Death to the Hard-Wired Signal: The rise of Lessons learned during the Australian network performance and New Zealand’s zero IEC61850 Communications transformation towards renewable generation carbon future. Nathan Rich, Connetics Ltd through a prism of New Zealand power systems Dougal McQueen, Aurora Energy & Aleida analysis engineer Powell, University of Otago Alexander Apukov, Mitton Electronet 12.00pm The effects on the wider electricity network of Enhancing rating studies through soil digital twin. The use, development and improvement of heating decarbonisation projects. Nu’man Rashid, Unison Networks Ltd approaches for generation balancing to meet peak Campbell Rae, Connetics Ltd demand. Katherine Moore, Transpower NZ Ltd 12.30pm LUNCH ASSET MANAGEMENT INNOVATION FUTURE ENERGY SECURITY INNOVATIVE TECHNOLOGY SMART TECHNOLOGY 1.30pm Rethinking test data and reporting. An Electricity network infrastructure resilience through the Implementation of Whangamata’s standby battery Analysis of an Intelligent Merging Unit Based on IEC Introduction to our common data environment for lens of seismicity. -
Annual Report
2017 WEL Networks Annual Report 0800 800 935 | wel.co.nz ISSN 2463-4646 (print) 02 2017 WEL Networks | Annual Report THIS IS THE ANNUAL REPORT OF WEL NETWORKS LIMITED Dated this 25th day of May 2017 Signed for and on behalf of the Board of Directors MARGARET DEVLIN Chairman PAUL MCGILVARY Chairman Audit and Risk Committee CONTENTS VISION 02 COMPANY PROFILE 03 QUICK FACTS 04 KEY PERFORMANCE INDICATORS 06 CHAIRMAN’S REPORT 11 CHIEF EXECUTIVE’S REPORT 13 IN THE NEWS 16 DIRECTOR PROFILES 19 CORPORATE GOVERNANCE 21 DIRECTORS’ DISCLOSURES OF INTEREST 22 EXECUTIVE MANAGEMENT 23 WEL ENERGY TRUST 26 FINANCIAL STATEMENTS 28 AUDITORS’ REPORT 70 DIRECTORS’ REPORT AND STATUTORY INFORMATION 73 DIRECTORY 76 02 2017 WEL Networks | Annual Report VISION PROVIDING HIGH QUALITY, RELIABLE UTILITY SERVICES VALUED BY OUR CUSTOMERS WHILST PROTECTING AND ENABLING OUR COMMUNITY 2017 WEL Networks | Annual Report 03 COMPANY PROFILE At WEL Networks we’ve kept the lights on in Waikato communities for nearly 100 years. Our core focus is to distribute power from the national grid, connecting over 160,000 people to electricity services through 89,000 installation connection points. Each year we invest around $45 million to keep our assets in top condition and our crews work around the clock to maintain our network. As our communities grow we continue to play an We’re a trusted member of the community employing essential role in the region’s economic and social approximately 240 employees with a range of expertise; development. We identify and invest in new technologies from Live Line Mechanics, Faults Technicians and Technical that benefit our people, modernise our network and Planners, to in-house Health & Safety professionals, future proof our communities.