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Ownership Review 2016

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Ownership Review 2016 West Coast Electric Power Trust Ownership review June 2016 Ownership review of West Coast Electric Power Trust Final report 15 April 2011 Mr Ian Hustwick Chairman West Coast Electric Power Trust Sunny Bight Road Lake Kaniere Hokitika 16 June 2016 Ownership review – final report Dear Ian, In accordance with the terms of our engagement letter dated 21 January 2016, we attach our final report regarding the ownership review of West Coast Electric Power Trust. Our key findings are contained in the Executive Summary of the report. If you have any queries please do not hesitate to contact us. Yours sincerely Craig Rice Lynne Taylor Partner Director T: (09) 355 8641 T: (09) 355 8573 M: 021 624 462 M: 021 779 088 PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand T: +64 (9) 355 8000, F: +64 (9) 355 8001, www.pwc.com/nz Table of Contents West Coast Electric Power Trust .................................................................................................................................. 1 1. Introduction ............................................................................................................................................................ 5 2. Executive summary ................................................................................................................................................. 6 2.1. Trust performance ............................................................................................................................................. 6 2.2. Westpower (group) performance ...................................................................................................................... 6 2.3. Network performance benchmarking................................................................................................................ 7 2.4. ElectroNet performance ..................................................................................................................................... 7 2.5. Generation performance .................................................................................................................................... 7 2.6. Ownership structure .......................................................................................................................................... 8 2.7. Conclusions ........................................................................................................................................................ 8 3. WCEPT Performance .............................................................................................................................................. 9 3.1. Overview ............................................................................................................................................................. 9 3.2. Financial performance....................................................................................................................................... 9 3.3. Trust benchmarking .........................................................................................................................................10 4. Westpower performance ........................................................................................................................................ 12 4.1. Overview ............................................................................................................................................................ 12 4.2. Financial performance...................................................................................................................................... 12 4.3. Financial position ............................................................................................................................................. 14 4.4. Performance against SCI targets ...................................................................................................................... 15 5. Westpower electricity network performance ........................................................................................................ 17 5.1. Industry performance benchmarking.............................................................................................................. 17 5.1.1. Overview ...................................................................................................................................................... 17 5.1.2. Grouping Networks for Comparison Purposes .......................................................................................... 17 5.1.3. Westpower and the Peer Group .................................................................................................................. 19 5.1.4. Network Characteristics .............................................................................................................................. 19 5.1.5. Growth trends .............................................................................................................................................. 21 5.1.6. Reliability ..................................................................................................................................................... 21 5.1.7. Expenditure ................................................................................................................................................ 24 5.1.8. Prices ............................................................................................................................................................ 31 5.1.9. Profits .......................................................................................................................................................... 33 5.2. Conclusion on Peer Group Comparisons ....................................................................................................... 34 6. ElectroNet group performance ............................................................................................................................. 35 6.1. Overview ........................................................................................................................................................... 35 6.2. Financial performance..................................................................................................................................... 35 6.3. Financial position ............................................................................................................................................ 35 6.4. Performance against SCI targets ..................................................................................................................... 36 WCEPT Ownership Review PwC Page 3 of 59 6.5. Future prospects .............................................................................................................................................. 36 7. Generation Performance ....................................................................................................................................... 37 7.1. Overview ........................................................................................................................................................... 37 7.2. Financial performance..................................................................................................................................... 37 7.3. Performance against SCI targets ..................................................................................................................... 37 7.4. Future prospects .............................................................................................................................................. 38 8. Ownership structure ............................................................................................................................................. 39 8.1. Overview ........................................................................................................................................................... 39 8.2. Company objectives ......................................................................................................................................... 39 8.3. WCEPT trust model .......................................................................................................................................... 41 8.4. Ownership options ............................................................................................................................................ 41 8.5. Assessment of options ..................................................................................................................................... 42 8.6. Conclusions ...................................................................................................................................................... 44 9. Conclusions ........................................................................................................................................................... 46 Appendix A: Restrictions ........................................................................................................................................... 47 Appendix B: Benchmarking ....................................................................................................................................... 48 WCEPT Ownership Review PwC Page 4 of 59 1. Introduction West Coast Electric Power Trust (“WCEPT” or “the
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