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. Attendance by individual members is detailed in the table on page The Board supports diversity in its broadest sense and accordingly aims to ensure that its number is made up of a diverse range of experience and expertise appropriate to the industry in which it operates, its operational business model and the extensive financial, governance, risk management and legal expertise required. Given the enormous changes underway it seems that benchmarking as a way to encourage innovation, could be argued, as being too constraining. Our comprehensive strategy and roadmap for delivering our social obligations through the current price control period DPCR5 , through ED1 and beyond. Changes in the carrying amount of the allowance account are recognised in profit or loss.
The Group is subject to a number of claims, incidental to the normal conduct of its business, relating to and including commercial, contractual and employment matters, which are handled and defended in the ordinary course of business. The Remuneration Committee agreed some further business via email during July without meeting formally. These are accounted for in the middle and end of the ED1 price control. The Company has a formal policy on the use of the auditor for non-audit work and the awarding of such work is managed in order to ensure that the auditor is able to conduct an independent audit and is perceived to be independent by our stakeholders. Share options are not offered as an incentive to either Executive or Non-Executive Directors as the Company is privately owned. We have a Customer Satisfaction Roadmap in place and are starting to see an improved performance from driving compliance against standardised operating procedures.
The RIIO price controls have been developed to ensure that the revenues collected from customers are linked to company performance.
Electricity North West Limited Annual Financial Report
The Company has been fined GBPk. Significant investment is made by the Company in developing our managers into leaders who are able to demonstrate the Company’s culture. This reduction is based on the avoided cost of investing in the assets plus a penalty of 2. This will enable the Company to improve the execution of its day to day wsst and speed up the pace of change.
Electricity North West Archives – Page 7 of 12 – Utility Week
The effective interest rate is the rate that exactly discounts estimated future cash receipts including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.
The hope is that these will feed back into the everyday behaviour of utilities. Revenue has increased to GBPm The businews number of minutes for which customers were without supply during the year to 31 March was It is accrued plzn a time basis, by reference electricuty the principal outstanding and the effective interest rate.
Any underspend below the target Ofgem has given must be justified or will lead to a reduction in allowed revenue for ED2.
Electricity North West
The Group recognises revenue generally at the time of delivery and when collection of the resulting receivable is reasonably assured. In the short term we argue that there would be more value to companies being committed to producing a DER plan of their DNO areas over a 2 year process to recognize the value of future network systems, and to bring interested parties together.
For this to be worthwhile to the utilities this 2. The Board is satisfied that the committee chair, Chris Dowling, as a Chartered Accountant, has relevant financial experience. This will involve agreeing new ways of organising our time and our work, and to develop new approaches. The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and inflation risk. Where under-delivery has taken place, although this is recorded in the Financial Statements as an increased level of profitability in the year, as investment commitments are still required to be met, this expenditure will need to be undertaken in subsequent periods.
Employee costs incurred in implementing the capital schemes of the Group are capitalised within electricty structure assets. A benchmark figure for their base revenue allowed is interpolated.
Transform Model Analysis and Support. May 20, Cash generated before financing in the year was GBPm Included within the total borrowings figure are GBP71m of loans from the parent company North West Electricity Networks plc, due to mature in March The total original cost of the Group’s property, plant and equipment at 31 March was GBP4,m 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.
During the year ended 31 March an improvement was seen ppan the customer satisfaction results measured through the Ofgem survey. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable tiio recognised in profit or loss.
The Board comprises three Non-Executive Directors considered under the Code to be independent, one of whom is the Chairman, four Non-Executive Directors representing the two shareholders and two Executive Directors. Businrss further GBP25m of committed elecyricity bank facilities are available from lenders; these have a maturity of more than one year.
Delivering excellent customer service is a priority for Electricity North West.
Smart Meter Strategy Our strategy for the use of smart meter information within network operations which will incur these costs and achieve the benefits. Our strategy for the replacement and refurbishment of LV plant assets through the ED1 period. We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of GBP82, The Board meets the objectives behind this requirement through its shareholder representation on the Board.
IFRIC14 provides guidance on the extent to which a pension scheme surplus should be recognised as an asset and may also require additional liabilities to be recognised where minimum funding requirements exist.
Our strategy for the replacement and refurbishment of kV cable assets through the ED1 period.