The Committee members are all Non-Executive Directors. Investments are classified as available-for-sale and are measured at subsequent reporting dates at fair value. One problem to be dealt with was the incentive on the network companies to argue for as high a cost as possible for each price control business plan because they received a rate of return on the value of their asset base, and they were able to keep the savings. The protection and enhancement of the natural environment impacted by our activities is a core value of the Company. Customer Satisfaction Strategy Our comprehensive strategy and roadmap for delivering outstanding customer satisfaction through the current price control period DPCR5 , through ED1 and beyond.
The Wider Leadership Team people continues to work on their management and leadership skills through a leadership development programme. A detailed description of the engagement activities that were undertaken in preparing this business plan, the feedback we received and the outputs that are contained within the plan as a result. This over recovery will be corrected through adjustments in pricing in two years, in accordance with Ofgem methodology. During the period, the Group’s credit ratings have been formally reviewed and affirmed on a stable outlook basis. At no time during the year did any Director have a material interest in any contract or arrangement which was significant in relation to the Group’s business. Similarly, as the prospect of the new nuclear power station on the Cumbrian coast gradually gets closer we are working closely with colleagues at National Grid in planning the route, in planning to minimise the risk and disruption to customers that this project imposes.
The going concern basis has been adopted by the Directors, with buwiness of the guidance given in ‘Going Concern and Liquidity Risk: However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group’s ability to continue as a going concern.
Electricity North West reportedly up for sale
The tax expense represents the sum of current and deferred tax charges for the financial year, adjusted for prior year items. There are a number of ways this could be achieved. This materiality is below 3. The Company has embarked upon the ‘Open Doors’ programme, which provides focus on under-represented demographic groups.
There are some limited areas of non-compliance, all of which are considered appropriate to the privately owned status of the Company and are explained on page Ofgem averages the DNO business plans with a margin for error. Customers are increasingly worried by rising energy prices and we work hard to improve our efficiency and innovation to minimise our costs and therefore reduce customer bills.
Rising Mains and Laterals Strategy Our strategy for the management of rising nort lateral mains assets through the ED1 period.
IGov | New thinking: The RIIO EDI Review: Just how successful is RIIO?
We proactively contacted those Priority Services Registered customers that were affected and used all media channels to reassure and engage with as many people as possible throughout the region. This responsibility statement was approved by the Board of Directors on 27 May and is signed on its behalf by:. The assumptions are disclosed in note 20 of the financial statements.
Results are affected by the actuarial assumptions used. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire.
May 15, Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an amortised cost electtricity to the Income Statement using the effective interest method and are added to the carrying elwctricity of the instrument to the extent that they are not settled in the year in which they arise.
As described in the Corporate Businezs report on page 32, the Board is committed to diversity in its broadest sense and the Nominations Committee ensures this remains central to recruitment and succession planning. As part of its review, the Audit Committee took into account the preparation process for the Annual Report and Consolidated Financial Statements:.
The financial statements are presented in Sterling which is also the functional currency. The Group does not business derivative financial instruments for speculative purposes.
We need to deliver efficient asset investment plans to ensure we get the best value from our assets, which in turn keeps our costs lower for customers. We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced.
Most customers enjoy excellent service from us but we recognise that there is variability in the level of service experienced. In doing so, the Board takes into account all stakeholders, including its shareholders, employees, suppliers and the communities in which it operates.
Electricity North West Limited Annual Financial Report – ADVFN
Our revenues are set largely by Ofgem to allow sufficient cash inflow to fund operating costs, capital expenditure to maintain and improve our network, and to service our debt. The Company is chairing the development of a new apprenticeship standard for specialist engineers, the industry’s first ‘Power Engineering Masters Degree Apprenticeship’.
The RIIO price control model also incentivises cost reductions. NIA and NIC funding, allowances and spending for the ED1 annual review 1 year only Innovation Rollout Mechanism The Innovation Rollout Mechanism IRM eletcricity to provide companies a way to de-risk the rollout of an innovation that may not provide sufficient company benefits, but would provide greater environmental benefits. More than 1, colleagues have now taken part in the training sessions, including jointers, engineers, excavation teams and reinstatement teams.
Our strategy for the use of smart meter information within network operations which will incur these costs and achieve the benefits. The embedding of new structure announced last year and ongoing behavioural leadership training continues to improve the climate and therefore improve the business performance. Revenue is largely fixed across a price review period, it is set at a level that meets our efficient operating costs and expenses, as well as funding efficient investment, bsuiness on necessary loan funding, taxes so it allows for a return to shareholders at a level that regulates the return and encourages future investment.
Chris Dowling was, until DecemberChairman of Challenger – Europe with particular responsibility for Challenger’s European Infrastructure investments. However, at the moment, it can be seen that RIIO is still very limited for incentivising doing things differently.