The minimum expected time commitment required from Non-Executive Directors is six to ten days per year and is detailed in their letter of appointment. The region we serve was devastated by flooding and the Christmas and New Year plans of many of our customers and communities were left in tatters as they contended with the most challenging of conditions. The acquisition of subsidiaries is accounted for using the purchase method. This was supported with the introduction of a new user-friendly system for reporting actions taken and tracking additional actions as well as providing feedback and management information. Electricity North West is a private limited company registered in England and Wales, ultimately owned by two shareholders each being long term infrastructure funds as shown in Note
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. Directors regularly receive reports facilitating greater awareness and understanding of the Company, its regulatory environment and the industry. The Strategic Report, outlined on pages 7 to 27, has been approved by the Board of Directors and signed on behalf of the Board 27 May The Committee keeps the need for competitive audit tender under review. The Company remains conscious of the demographic profile of its employees retirement profile of employees to provide opportunities to up skill the existing workforce.
Electricity North West
The financial statements of Electricity North West Limited qest number were authorised for issue and approved by electriicity Board of Directors on 27 May and signed on its behalf by:.
We also confirm we have not provided any of the prohibited non-audit services referred to in those standards. The Group’s business is asset-intensive. We carefully plan and manage this investment and invest in new technologies to drive performance and value in both the short and long term. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
We are pleased to present the Annual Report and Consolidated Financial Statements of the Company and its subsidiaries together referred to as ‘the Group’ to shareholders for the year ended 31 March On top of the engagement with electrricity stakeholders the Company is committed to being a responsible and sustainable business and has set out Corporate Social Responsibility focus areas being; community, workplace, marketplace and environment.
The corresponding lost time accident frequency rate for the year ended 31 March was 0. Initiatives continue to be undertaken to improve performance under the Index, for example, engaging the supply chain in elsctricity range of social, environmental and economic issues and including sustainability within tender documents.
The allowed revenue is recovered against an estimated level of electricity demand across the network. Changes range from small marginal operational gains through to significant network investment decisions. In accordance with UK regulations, the Company’s auditor adheres to a rotation policy based on best practice and a new Group lead engagement partner is appointed once their predecessors have completed a term of five years.
Morgan Infrastructure Investments Group, based in London. The Group is committed to developing innovative and cost-effective solutions for providing high quality services and reliability to our customers, and for the benefit of the wider community and the development of the network, as further detailed in the Er1 Report.
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. The fall in the deficit is due to the increase in the discount rate from 3.
The Group’s long term debt is comprised of a elecrticity of fixed, floating and index-linked debt, with a range of maturities and interest rates reflective of prevailing market rates at issue. We continue to deliver this replacement programme and to meet changing customer needs, using innovation to also ensure the Affordability challenge is met.
Asset risk metrics were developed which informed a like-for-like decision rationale between these different assets. We remain cognisant of the fact that a greater number of our customers are in ‘fuel wst than the national average. The gain or loss arising on the es1 or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the Income Statement. At the discretion of the Board, senior management were invited to attend meetings when appropriate to specific items subject to discussion.
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 Company has strong and open relationships with stakeholders, including Ofgem, local government and schools, emergency services, MPs and national government.
Electricity North West Archives – Page 7 of 12 – Utility Week
At every meeting the Committee receives and discusses in detail a Health, Safety and Environment performance report for the preceding period, prepared and presented by the Head of Health Safety and Environment who attends every meeting. Success against the People goal is measured through a Climate Survey that provides details of overall employee engagement and how employees feel about the ‘working climate’.
Further information on these and other initiatives can be found under the Sustainability section of the Company’s website:. 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.
The Company has established a number of new Stakeholder Advisory Panels, each aligning to the company goals of Affordability, Reliability, Sustainability and customer service, together with an overarching Strategic Stakeholder Advisory Panel.
The Company continued during the year to implement energy efficiency measures through the refurbishment of its buildings and the replacement of fleet vehicles and company cars with more efficient vehicles. It was our second best ever performance, marginally behind the result.
All financial assets are recognised and derecognised on a trade date basis where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
Utilisation of undrawn facilities remains subject to limits based on gearing levels determined against the Regulatory Asset Value.
Electricity North West Limited Annual Financial Report – ADVFN
The Directors of the Company nnorth the year ended 31 March are set out below. Capitalisation commences when activities are undertaken to prepare the asset for use, and expenditure and borrowing costs are being incurred. Determination of the non-performance risk is based on the transaction price for similar instruments or market data on appropriate credit spreads for the Group and counterparties.