Latest news with #StatementofIntent
Otago Daily Times
5 days ago
- Business
- Otago Daily Times
After-tax profit of $5.1m for Network Waitaki
Consumer-owned lines company Network Waitaki has posted a positive result for the financial year. The Oamaru-based electricity distribution company's 2025 annual report shows it made a $5.1million after-tax profit. Network Waitaki, which is wholly-owned by the Waitaki Power Trust (WPT), also paid a discount and returned $1.15m to consumers through energy retailers. "This is the benefit of your network being owned 100% by the Waitaki Power Trust," the WPT latest annual report states. "This financial result has been achieved following a focus on tight cost-control measures to counteract the inflationary environment experienced over the year. "Sustained profitability is essential so that Network Waitaki can support the reinvestment that is needed in the network over the coming decade. "Trustees understand affordability is a real issue for power users, especially in the current economic climate. "While the network requires investment, there is a concerted effort to spread the cost over a long period, so costs don't only fall on today's users where upgrades have longer term benefit for the next generation of customers." For the year ending March 31, 2025, Network Waitaki recorded a total revenue of $35.5m, down $1m on 2024. The $5.1m after-tax profit was $0.96m up from the 2024 financial year. The profit has been invested back into the company. Company assets grew 7.7% to $162m, putting the year-end debt position at $17.65m, with a debt-to-total assets ratio of 10.8%. Network Waitaki chief executive Dylan Andrews presented highlights of the report to the annual meeting on Tuesday and said the company had successfully delivered on its core business objectives and met its targets outlined in its Statement of Intent around safety, financial performance and reliability. "I'm particularly proud to report that there were no lost time injuries in any critical risk areas. Safety remains our top priority in both the planning and operation of our business," he told the Oamaru Mail. "NWL has made payments of $17.5m to local suppliers and staff during the financial year. Additionally, our $155,000 sponsorship programme further demonstrates our commitment to supporting our region. "We continue to maintain the electricity network with a dedicated workforce of 100 employees, ensuring high levels of reliability. "However, our greatest challenge is addressing the constraints in certain parts of our network, which could lead to disruptions during a hot and dry summer if demand exceeds capacity. We have precious little headroom therefore need to address this over the coming years. "To tackle this issue, the company is exploring various solutions, including the development of a new Grid Exit Point [GXP] that supports renewable energy sources such as solar and battery storage. It is crucial that any investment in a new GXP is carefully planned, timed and co-ordinated with all parties to ensure the fair distribution of costs, as we are mindful of the pricing impact on both current and future electricity customers." Network Waitaki sets distribution (lines) charges, which is the amount it charged electricity retailers to transport electricity to homes. It makes up about 27% of a total household power bill. Lines charges recently rose about 19%, effective from April 1,which is start of the company's 2026 financial year.
Daily Maverick
24-07-2025
- Business
- Daily Maverick
Now that the Budget has finally been approved, GNU partners look ahead
For some parties, the GNU will endure despite tensions, urging focus on service delivery and economic reforms post-Budget approval. 'The GNU will survive, full stop,' said Democratic Alliance (DA) spokesperson Karabo Khakhau after a marathon session on Wednesday to pass the Appropriation Bill, which all Government of National Unity (GNU) parties supported. While the 10-party coalition united in pushing through the important Bill that ensures South Africa does not fall into a fiscal crisis, where to next for the GNU? For some parties, the GNU will survive its teething pains, and for others, now is the time to put aside party politicking in favour of getting the work done. After a protracted process since the firing of the DA's Andrew Whitfield, the deputy minister of trade, industry and competition, and the DA's announcement that it would not support votes for 'corruption-accused' ministers from the African National Congress (ANC), the DA eventually agreed to support the Bill and thus, the Budget. This came after President Cyril Ramaphosa fired Higher Education Minister Dr Nobuhle Nkabane over the unfolding scandal in the Sector Education and Training Authority (Seta) boards. But does this mean the GNU has managed to work out its differences? DA leader John Steenhuisen said, 'To preserve stability within the GNU, it is imperative that the Presidency urgently implements the dispute resolution mechanism outlined in the GNU Statement of Intent. Without it, governance risks being undermined by internal conflict. 'With the Budget now passed, the focus must shift decisively to service delivery and the rapid implementation of critical reforms to unlock economic growth and create jobs. DA-led ministries have already demonstrated measurable success, and we remain committed to delivering with excellence, professionalism, and integrity.' The fights between the two biggest parties in the GNU have often taken centre stage, from the signing into law of contentious legislation such as the Expropriation Act and the Basic Education Laws Amendment Act to Budget issues around the planned VAT increase, and recently, Whitfield's dismissal. Patriotic Alliance leader Gayton McKenzie dismissed the squabbles as 'growing pains'. He told Daily Maverick, 'We are voting together — let me tell you, all families fight.' The controversial minister of sports, arts and culture, whose party is the fourth-biggest in the GNU, said the formation was a 'family' that fought internally, but stood together externally. ANC spokesperson Mahlengi Bhengu said, 'The passing of the Budget is a crucial process in the order of business by the National Legislature. We thank all parties that voted for the Budget.' The Sunday Times has reported that the ANC was looking to reconfigure the GNU. This week, ANC parliamentary chief whip Mdumiseni Ntuli told Daily Maverick that at some point the GNU must be reset or reconfigured, 'but we never really drill it down to the details as to exactly what we mean by a reset or a reconfiguration'. But for other parties in the GNU, there needs to be clarity and re-evaluation. Rise Mzansi's national communications director, Mabine Seabe, said: 'Coalitions are by their very nature unstable, but the GNU can avoid many of the growing pains through maturity, particularly through an understanding that all political parties are equals — the often-peddled notion that smaller parties are in the GNU as a favour smacks of arrogance. We are all elected by constituencies, however big or small.' Seabe said that for this, the Leaders Forum and the Clearing House Mechanism needed to function and meet regularly, 'so that disagreements do not happen through media statements. 'This period has been punctuated by tussles over the Budget; therefore, all parties need to start those discussions earlier and with honesty so that the work of government and the Budget aren't held hostage by differing views.' The Good party's secretary-general, Brett Herron, said: 'Party political manoeuvring in the Government of National Unity is a distraction, defocusing the state from its parallel priorities to grow the economy and meet its constitutional obligations to provide social justice. 'Now that the nation has an approved Budget, the GNU partners must resist the creation of further crises and prioritise the work for which South African taxpayers, regardless of political affiliation, richly reward them.' DM
Eyewitness News
04-07-2025
- Politics
- Eyewitness News
Lamola denies ANC is imposing its own foreign policy on the GNU
CAPE TOWN - The foreign policy of the Government of National Unity (GNU) continues to be a thorny matter, with parties like the Democratic Alliance (DA) and Freedom Front (FF) Plus accusing the African National Congress (ANC) of foisting its own policy on the coalition government. When he delivered the budget for the Department of International Relations in the National Assembly on Thursday, Minister Ronald Lamola denied that this is the case. He added that the GNU stance was shaped by key national documents and the Statement of Intent of the coalition partners. Lamola said while the DA is free to travel abroad on independent international missions, it can only represent itself and not the country. ALSO READ | Lamola: Political parties have a duty not to distort govt policy when they're abroad The MK Party, Economic Freedom Fighters (EFF), ActionSA and the African Christian Democratic Party (ACDP) are among the opposition parties that have called out government for what they view as hypocrisy in its foreign policy. The DA's Emma Powell said the country did not have a foreign policy that represents all South Africans. 'It is a foreign policy for the ANC's friends, and the ANC now need to make peace with the fact that their time is up.' But Lamola hit back, saying the DA cannot decide whether it wants to be part of the GNU and prefers being in opposition or somewhere in between. 'We are not doing anything that you did not sign for in the Statement of Intent, where we deal with our human rights outlook, whether it's in Gaza, it is part of the Statement of Intent. Whether it's in relation to Ukraine and Russia, where we have played a role to bring back the children.' Powell said the DA would continue on its missions abroad to shore up trust in the government, while Build One South Africa (BOSA) leader Mmusi Maimane said it was high time an ambassador to the United States was appointed.
Scoop
02-07-2025
- Business
- Scoop
RBNZ Releases Statement Of Performance Expectations (SPE)
The Reserve Bank of New Zealand – Te Pūtea Matua has released its SPE for 2025/26, outlining what it intends to achieve to enable economic wellbeing and prosperity for all New Zealanders and how it will measure its performance. The performance measures are grouped into four output classes that tie back to its legislated objectives and functions. The RBNZ regularly reviews the way it assesses and reports performance every six months to its monitoring agency - the Treasury Te Tai Ōhanga on progress against the SPE and the 2024-2028 Statement of Intent. Notes: Statement of Performance Expectations (SPE) 2025/26 - Reserve Bank of New Zealand - Te Pūtea Matua: Our Statement of Intent 2024 - 2028:
Scoop
01-07-2025
- Business
- Scoop
FMA Publishes Statement Of Performance Expectations For 2025/26
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – today published its Statement of Performance Expectations (SPE) for 2025/26. The SPE sets out how the FMA will measure and report on progress against its performance measures and targets, and includes forecast financial statements for the 2025/26 year. The SPE is a yearly document and complements the FMA's Statement of Intent 2024-2028, which explains the FMA's medium-term strategic objectives. The two reports should be read together to understand the FMA's performance measures and reporting framework.
