ELECTRICITY NORTH WEST RIIO BUSINESS PLAN
The Company is committed to ensuring the sustainability of the network for our customers now and in the future. We routinely inspect the network and these inspections inform our maintenance and asset replacement programmes taking load and customer numbers into account. Many of our own staff worked hard to restore supplies to their communities despite their own properties being flooded and their own families being directly affected. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those anticipated at the date of the annual report. Financial liabilities at FVTPL are stated at fair value, with any gains or losses on re-measurement recognised in the Income Statement. The Group has no further payment obligations once the contributions have been paid.
Although both of these projects will help increase capacity of the existing networks, and therefore the efficiency of the DNOs, they are reasonably conventional, run-of-the-mill type projects. This shows that there is still a fundamental flaw in the benchmarking process. The amendment adds disclosure requirements for impaired assets and assets with recoverable amounts based on fair value measurements. All costs associated with business combinations are expensed to the Income Statement. There are some monetary incentives to achieve the desired outputs listed above.
Long-term debt ratings have also remained stable. He rejoined the Company in May and became a Director in October The Company refreshed its engagement approach this year to ensure that delivery of the RIIO-ED1 business plan commitments is subject to stakeholder scrutiny and underpinned by their support.
Electricity North West’s website, www. Income in each year is largely fixed but will increase or decrease depending riik performance against the outputs we deliver through a number of incentive mechanisms. The Company is chairing the development of a new apprenticeship standard for specialist engineers, the industry’s electrjcity ‘Power Engineering Masters Degree Apprenticeship’. Demand Side Response aims to save customers money by agreeing with particular customers to reduce demand in certain conditions for example during faults thereby saving all customers the significant cost of network reinforcement.
Intangible assets are measured initially at cost and are amortised on a straight-line basis over their estimated useful lives. Given the difficulty of predicting businss demand each year we end up with either an over or an under recovery.
Distribution Business Plan Supporting Annexes – SP Energy Networks
Niall Mills and Mark Walters have both appointed alternate Directors. This is a complex area where small changes in assumptions can have a significant effect on the valuation of liabilities and therefore on the financial statements. Latest Tweets Really pleased to see our University declare and environment and climate emergency today – so important. In addition to these multi-million pound projects we also lead numerous smaller-scale projects funded under the Network Innovation Allowance NIA.
During the year ended 31 Marcha range of projects have been completed that improves network resilience for of these Worst Served Customers.
Electricity North West
In addition to these considerations, it is important to us and to our customers that, in the long term, the shareholders and other financiers of the Company continue to receive a level of return on their investments that supports the necessity of their continued investment in the network.
Rising Mains and Laterals Strategy. Incentive of Connections Engagement ICE for larger customer connections that incurs a fine of up to Having now retired as a solicitor, Mike is still involved in consultancy work and is also a Non-Executive Director on the board of Greensands Holdings Limited the parent company of Southern Water.
Legal opinion was obtained that a pension surplus could be recovered on wind up of the scheme and could therefore be recognised, along with associated liabilities. The Company recognises that the best results are obtained from highly motivated staff, and seeks to ensure constant improvement in the organisational ‘climate’, through improved communication and engagement with colleagues.
Electricity North West Limited Annual Financial Report – ADVFN
They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Group financial statements consolidate the financial statements of the Company and entities controlled by the Company its subsidiariesmade up to 31 March each year.
Our Future Networks team continue to develop smart solutions that benefit our customers and the wider industry whilst delivering or enhancing our performance and safety. They are committed to maintaining the integrity and quality of the markets in which they operate and allocate investment capital to productive purposes, while busiess and enhancing their clients’ capital over the longer term.
Perhaps most importantly, RIIO requires benchmarking — which is a very time consuming, and intrusive, regulatory mechanism but also a mechanism which ultimately requires utilities to be similar. We look to balance the right skills and people resources to support the business in the long term.
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The Company has endeavoured to comply with the spirit of the Code in the areas where compliance with the provision is either impractical or inappropriate. We are committed to providing secure, long term employment and career development opportunities for employees.
Deloitte LLP has expressed its willingness to continue in office as auditor of the Group. Business Readiness Innovation Strategy Our approach to using innovation to improve our services and provide long term value for money RIIO-ED1 Review Project 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 Directors do not propose a final dividend for the year ended 31 March 31 March No evidence of management bias was identified and key assumptions were in line with external audit expectation. Investments other than interests in subsidiaries and fixed deposits are recognised and derecognised on a trade date basis and are initially measured at fair value, including transaction costs.
It was our second best ever performance, marginally behind the result. Connections, Customer Service and Social Obligations outputs There are a range of penalties and rewards for connections, customer service and social obligations: The Group has electrciity further payment obligations once the contributions have been paid.