Transpower releases FY24 Integrated Report

Transpower’s financial performance has been steady over the past year. Operating revenue increased by 1.9% to $930 million in line with expectations for the regulatory period. Operating expenses were $385 million, a 6% increase from the previous year, mainly due to higher people costs, following an increase in employee numbers to support electrification. This facilitates the preparation and investigations to enable our increasing capital works programme in the coming years. Net profit after tax was $90 million, a 29% decrease from the prior year, primarily due to an increase in deferred tax expense of $34 million following the removal of tax depreciation deductions on non-residential buildings. A final dividend of 6.0 cents per share or $66 million has been declared. This represents the balance of the $110 million full-year dividend forecast in Transpower’s 2023/2024 Statement of Corporate Intent (SCI). Despite challenges, over the year we have remained responsive to both long-term project work, and the short-term demands of significant events. We are proactively working with suppliers and service providers to deliver maintenance and capital programmes on time and as close to budget as possible. Transpower continues to be in a strong position to deliver in the years ahead as we take steps to prepare for the electrification of New Zealand's economy.