ELECTRICITY NORTH WEST RIIO ED1 BUSINESS PLAN
The fair value movements on the derivatives are derived using a discounted cash flow technique using both market expectations of future interest rates and future inflation levels, obtained from Bloomberg, and calibrations to observable market transactions evidencing fair value; these are Level 2 inputs and Level 3 inputs under IFRS The Committee is of the opinion that the remuneration structure, designed for the RIIO period, reflects the strategic direction of the business and the steps taken during the year ensures that remuneration is designed to promote the long-term success of the Company. The Company is dedicated to achieving the highest standards of environmental performance. A further GBP25m of committed undrawn bank facilities are available from lenders; these have a maturity of more than one year. RIIO implies that incentives, innovations and objectives are all linked to better revenues. Our strategy for the replacement and refurbishment of 11kV substation plant assets through the ED1 period. This concluded that no impairment loss is required against those assets.
Individually the Directors act in a way that they consider will promote the long-term success of the Company. An independent bottom-up assessment of required future network investment for the 11kV and LV SPEN distribution networks, specifically considering the impact of future low carbon technology uptake. Short-term liquidity requirements are met from the Group’s operating cash flows. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. An independent assessment of SPEN investment proposals, documenting the alternatives to conventional reinforcement and providing an outline justification for the use of the new solutions. The role of the Sufficiently Independent Director was introduced from 1 April as part of a range of enhancements made to the ring-fence conditions in the Company’s licence to protect consumers, should a distribution operator experience financial distress. In a world where technological change occurs at this rapid pace, legislation and the networks will end up being reactionary, fighting to keep up, unless the incentives on networks are sufficiently strong.
Electricity North West Limited Annual Financial Report
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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
The key is ensuring that such a scale of change is managed with a good understanding of the risks involved, in a manner consistent with our strategy, and importantly making sure that these risks are managed within our agreed risk appetite. The Audit Committee was requested to assist the Board in confirming that the Annual Report is fair, balanced and understandable. The Company’s financial performance remains strong and the Company continues to make efficiency savings which are shared with customers.
Electricity North West Archives – Page 7 of 12 – Utility Week
The sharing factor percentage rate is that available for customer savings, therefore the remainder is available equity for investors. In addition, the amendments clarify the treatment of other comprehensive income from associates and joint ventures accounted for using the equity method. This brings many opportunities and challenges in helping to shape the role the Company will play in the electricity industry of the future. In the year ended 31 Marchwe emitted 21, tCO2 equivalent, a Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of those assets.
This could be through leading discussions on how we, as an industry, construct the electricity networks of the future to ensure efficient delivery of the service that our customers need. A customer strategy and detailed roadmap is in place and closely monitored by the executive leadership team.
Predominantly all Group revenues arise elsctricity electricity distribution in the North West of England and associated activities.
Therefore Annual General Meetings are not held. Directors regularly receive reports facilitating greater awareness and understanding of the Company, its regulatory environment and the industry.
Electricity North West Limited Annual Financial Report
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each balance sheet date. We were disappointed in the high number of failures to meet the standards during last year. The Group and Company have no such arrangements, therefore this amendment has no impact.
The Committee noted the specialist advice received in the area and compliance with appropriate accounting standards in valuation and disclosure. Asset Management Health Index Reporting Assurance An independent assessment of the process recently undertaken by SPEN to update the volume of asset movements eligible for HI reporting purposes and the associated processes for reporting HI profiles and scoring, including and assessment of whether the processes adopted to amend the volumes of asset movements were robust, effectively implemented, and thus provide an accurate representation of HI profiles and capital plan delivery.
Utilisation of undrawn facilities remains subject to limits based on gearing levels determined against the Regulatory Asset Value. Electricity elevtricity are measured as the difference between energy entering the network generation and energy exiting the network demand.
An equity instrument is any contract that evidences a electrcity interest in the assets of an entity after deducting all of its liabilities.
More details on the fair value measurements of financial instruments are given in note I am pleased to present the Annual Report and Qest Financial Statements of the Electricity North West Limited Group for the year ended 31 Marchthe second year of the current 8 year regulatory period.
IGov is arguing for the transfer of DNOs to distribution service providers which are regulated in new ways — a higher proportion of their revenue is to be related to performance based outcomes.
In the ED1 Annual Review report the executive summary states the performance of the DNOs would achieve an overall reduction in bills for customers.
It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.
The Company has constantly to make decisions that balance the conflicting priorities of maintaining a reliable network in the near term, investing to ensure this is sustainable in the long dlectricity, whilst keeping costs as low as reasonably practicable to meet the affordability challenge for our customers.
Cost is based on weighted average cost and includes expenditure incurred in acquiring the inventories, conversion costs and other costs in bringing them to their present location and condition. This is norrth stated in the Terms of Reference of the Board and of its Committees. The Company has strong and open relationships with stakeholders, including Ofgem, local government, schools, emergency services, MPs and central government.
Each of the persons who are a Director at the date of approval of this Annual Report confirms that:. The overarching goal is to create a culture that drives the behaviours required for sustained high performance. As a result of these processes together with the information and assurance provided by the day to day internal control processes, the information provided by the Executive Leadership Team and the in-depth reporting required by Ofgem, both the Audit Committee and the Board are satisfied that the Annual Report and Riik Financial Statements taken as a whole, provide a fair, elevtricity and understandable assessment of the Group’s position at 31 March