ELECTRICITY NORTH WEST RIIO ED1 BUSINESS PLAN
There are projects assessing the use of new technologies such as storage, micro-grids and demand-side response DSR , but they are not the majority. The incentives or additional innovation allowances in RIIO are either additional or negative to this business plan base revenue. However, not unexpectedly, there were a number of areas where improvements were necessary. As the Company is privately owned and both shareholders are represented on the Board, it is felt that the needs of shareholders are met through their presence on the Board. We were disappointed in the high number of failures to meet the standards during last year. The results shown in the Consolidated Income Statement for the current and preceding year are derived from continuing operations. The RIIO price control model also incentivises cost reductions.
The Directors of the Company during the year ended 31 March are set out below. Broad Measure of Customer Satisfaction breakdown of possible incentives. Value in use represents the net present value of expected future cash flows discounted on a pre-tax basis using a rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Our Plan — Chapter 9. Interested institutional debt investors can also gain access to additional financial information by visiting our website www. The Committee discussed the audit tender process at its November meeting and agreed that, given the business changes being currently undertaken across the business, that it would advise the Board to consider next tendering the audit in or Ofgem averages the DNO business plans with a margin for error.
For currencies for which there is no deep market in such high quality corporate bonds, the market yields at the end of the reporting period on government bonds denominated in that currency should be used instead.
Current tax is based on taxable profit for the year and is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
As with any business, the achievement of our goals necessitates a certain level of risk being taken. Revenue is measured at the fair value of the consideration received or receivable primarily for the distribution of electricity in the normal course of business, net of VAT.
New investment is financed through a combination of operating cash flows and increased borrowing capacity against the Regulatory Asset Value. We routinely inspect the network and these inspections inform our maintenance and asset replacement programmes taking electrical load and customer numbers into account. Do Not Plah This: On the basis of this assessment, and assuming that the principal risks are managed or mitigated as expected, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the three year period of their assessment.
Electricity North West Limited Annual Financial Report
The Eoectricity continued during the year to implement energy efficiency measures through the refurbishment of its buildings and the replacement of fleet vehicles and company cars with more efficient vehicles. I am pleased to present the Annual Report and Consolidated Financial Statements of the Electricity North West Limited Group for the year ended 31 Marchthe second businesss of the current 8 year regulatory period. Deloitte LLP have informed us that from 1 April they have resigned from providing tax compliance services and will not be performing any further work in this area in line with EU PIE rules.
A provision is recognised when it is probable that an obligation exists for which a reliable estimate can be made of the obligation after careful analysis of the individual matter. Matters that either are possible obligations or do not meet the recognition criteria for a provision are disclosed, unless the possibility of transferring economic benefits is remote. We continue to be leading in innovation which was recognised by Ofgem in the discretionary award of GBP1.
Asset Health and Criticality. Directors served for the whole year except where otherwise indicated. The Directors’ biographies are on pages This reduction is based on the avoided cost of investing in the assets plus a penalty of 2. They have been established and communicated to leaders across the organisation.
Our safety management system is continually reviewed to ensure risks associated with the Company’s activities remain controlled. Distribution Business Plan Supporting Annexes. Long-term borrowings are mainly at fixed rates to provide certainty or are indexed to inflation to match the Group’s inflation-linked ‘RPI’ cash flows.
Hons Economics degree from Durham University. These scenarios aim to represent a reasonable view of heat pump uptake and domestic energy consumption from lighting and appliances, based on the assumption that Government remains committed to meeting carbon targets.
Electricity North West Limited Annual Financial Report
The Board held one workshop and a strategy meeting during the year aimed at developing a greater understanding of the Company’s operations eleftricity to explore strategic matters in detail. The same can be said for those DNOs who underspend, enabling them to keep providing high investment returns and customer savings for ED2. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.
We are pleased to present the Annual Report and Consolidated Financial Statements of the Company and its subsidiaries together referred to as ‘the Group’ to shareholders for the year ended 31 March Our strategy for managing leectricity existing kV overhead line distribution network on the SPM network.
The Committee’s role is to determine the remuneration structure electriciyy the Executive Directors to ensure that it balances appropriate reward with the creation of long-term value and sustainability of the network.
Electricity North West
With the support of my executive leadership team, our committed colleagues and contractors, we are well placed to build on the successes to date. Actions plans are in place to improve focus, simplify and carry out detailed stewardship.
This is discussed below. All other borrowings are repayable after more than one year and include bonds with long-term maturities of GBPm In addition, the amendments clarify the treatment of other comprehensive income from associates and joint ventures accounted ed using the equity method.
The RIIO incentive mechanisms that Ofgem has put in place ensure customers share the benefits of our success as these are financially realised.