Pipes & Wires

INSIGHT AND ANALYSIS OF COOL ENERGY & INFRASTRUCTURE STUFF

Issue 143 – May 2015

 

From the editor’s desk…

 

Welcome to Pipes & Wires #143. We start this month with some energy policy and market issues in the UK, Australia and the US before moving on to 3 critical regulatory determinations in Australia. This issue concludes with a look at 2 big mergers, 1 gas and 1 electric.

 

Matters for attention in NZ

 

Readers’ attention is drawn to the following matters…

 

·      Changes to the requirements for connecting embedded generation to distribution.

 

·      Increasing interest in ISO 55000:2014 in regard to asset management practices and systems, and the associated withdrawal of BSI PAS 55:2008.

 

·      Revised standard NZS 7901:2014 for Safety Management Systems.

 

Energy policy & markets

 

UK – addressing the declining reserve capacity margin

 

Introduction

 

In late 2012 Pipes & Wires #116 noted a report from Ofgem that predicted a really scary scenario of the UK’s reserve capacity margin declining to about 4% by 2015/16. This article revisits the reserve capacity margin issue in the context of recent generation closures, and what is being done about restoring that margin.

 

The plant closures

 

The following combined-cycle gas turbine generation plants have been proposed for closure…

 

Plant

Owner

Capacity

Killingholme 2

E.On

900 MW

Killingholme 1

Centrica

665 MW

Glanford Brigg

Centrica

244 MW

Barry

Centrica

235 MW

Peterborough

Centrica

360 MW

 

These plants are being increasingly displaced by wind, solar, open-cycle gas turbines, and cheap imported electricity from Europe, so not surprisingly E.On and Centrica are withdrawing them from the market. Readers might recall that E.On is also withdrawing generation from the market in Germany for similar reasons (refer to Pipes & Wires #123 and #138).

 

So what’s keeping the lights on ??

 

Overall demand in the UK is falling, and there is increasing wind, solar and imports however the CCGT’s that are still in the market (Damhead Creek, Marchwood and Pembroke B) are running to increasingly higher capacity factors. So whilst the lights are staying on, it appears that there is not much wriggle room for contingencies like prolonged cloud cover, no wind, plant breakdowns, gas outages or import curtailments.

 

Possible approaches to restoring the margin

 

The UK electricity system now includes a Capacity Market to move beyond the observed difficulties of paying generators only for the MWh generated rather than the MW available to the grid. There have been some bold pronouncements about how the Capacity Market will ensure security and encourage investment to replace older generation and of course to buffer renewables, but we might express the concern that perhaps there is too much of a skew towards efficiency rather than stepping back and asking what is effective.

 

Aus – developing a consistent and integrated energy plan

 

Introduction

 

The Australian government has recently released its Energy White Paper. This article examines the key themes of the Paper and considers whether it really will deliver on the objectives set out in the original terms of reference.

 

The terms of reference

 

In amongst a lot of fine sounding political rhetoric, the terms of reference page does mention many salient issues but it is actually hard to get a sense of exactly what the White Paper will and will not address. Some of the salient issues mentioned include…

 

·      The major transformational changes in Australia’s energy production, distribution and use.

 

·      The need to address cost-of-living pressures and business competitiveness.

 

·      Securing long-term domestic energy needs.

 

·      Maintaining international competitiveness whilst complying with international obligations.

 

·      Growing exports of energy products whilst also recognising the increased coupling to global energy prices and volatility that will bring.

 

These do seem to be pretty reasonable energy policy issues (although not necessarily unique to Australia), however there is a clear statement that the resulting White Paper will maintain downward pressure on costs while delivering greater certainty and security of supply (again, pretty generic sort of stuff).

 

Key themes of the White Paper

 

The key themes of the White Paper are…

 

·      Increasing competition within the electricity, gas and transport fuel sectors to keep prices down.

 

·      Increasing energy productivity to promote growth.

 

·      Investing in Australia’s energy future

 

Each of these themes includes an extensive range of detailed actions.

 

So how likely is it to deliver ??

 

Indeed, yes … how likely is it that the key themes of the White Paper will be delivered ?? A quick read of the detailed actions reveals that most of them are things that the Australian government can very easily implement by decree, such as market reform, preparation of strategies, monitoring of prices, amending legislation etc, whilst only a few actions involve things that the Australian government can’t control such as international negotiations and global energy prices. So on the whole, it would seem very likely that most of the detailed actions will be achieved.

 

US – overruling state-based transmission siting decisions

 

Introduction

 

Siting of major electric transmission lines is obviously a very significant decision, arguably one that should include the widest possible geographical considerations. This article considers Senate Bill 1017 which proposes to amend the Federal Power Act to give the Federal Energy Regulatory Commission (FERC) the power to overrule state-based regulators in certain circumstances.

 

The FERC’s jurisdiction

 

The FERC’s jurisdiction extends only to interstate transmission lines, and therefore excludes transmission lines that are entirely within one single state.

 

Key features of Senate Bill 1017

 

Senate Bill 1017 proposes to amend s216 of the Federal Power Act. Key features include…

 

·      Maximising the nett benefits of the electricity system, including establishing support of clean power generation distant from load centers as a priority goal.

 

·      Defining a High Priority Regional Transmission Project as a project that is selected in a regional transmission plan for cost allocation under FERC Order 1000.

 

·      Provision for the FERC to overrule a state-based decision regarding a high priority regional transmission project inter alia if the state-based authority doesn’t approve the application within 1 year, rejects the application or subjects it to conditions that are inconsistent with the purposes of SB 1017.

 

Progress of SB 1017

 

SB 1017 was introduced was introduced and assigned to a Congressional Committee on 21st April 2015 for consideration before progressing through the House to the Senate and then to the President for signature. The GovTrack website suggests that SB 1017 has a 16% chance of getting through the Committee and then a 7% chance of being enacted.

 

Pipes & Wires will comment further as SB 1017 progresses.

 

Aus – Queensland delays retail electricity price deregulation

 

Introduction

 

The Australian state of Queensland had originally planned the introduction of regionally phased retail competition on 1st July 2015 (refer to PW #124). This article examines the recent announcement that retail price deregulation will be put on hold for a year.

 

What is the Queensland Government planning instead of deregulation ??

 

Part of the year long delay will include a review by the Queensland Productivity Commission which will include “independent experts” and a “thorough, transparent process informed by widespread public opinion”, ostensibly to balance a range of interests and to protect customers interests (as well as improve living standards and create jobs). Hopefully that review will include consideration of what has worked in other states.

 

Results of retail price deregulation in other states

 

Retail price deregulation has led to a 9% decline in prices in South Australia and a 1.5% decline in prices in NSW, so on the face of it retail price deregulation has worked well for customers.

 

Some possible outcomes

 

Possible outcomes include…

 

·      A thorough revision that includes consideration of what has worked well in other states amalgamated with any unique features of Queensland, with a follow through to deregulate on 1st July 2016.

 

·      A back-down on deregulation, with a continuation of retail price regulation across both the Energex and Ergon distribution networks.

 

It would be naïve to think that ideological biases around the role of deregulated markets won’t feature in the process. Pipes & Wires will pick up this story again in mid-2016.

 

Regulatory decisions

 

South Australia – the 2015-2020 preliminary revenue determination

 

Introduction

 

Last year SA Power Networks submitted its Regulatory Proposal (rate case) to the Australian Energy Regulator for the 5 year regulatory period beginning on 1st July 2015. The AER released its’ Preliminary Determination on 30th April 2015, which is summarised in this article.

 

The regulatory framework

 

The regulatory framework has its basis in s7 of the National Electricity Law, which states the National Electricity Objective which is inter alia to promote efficient investment in electricity services for the long-term benefit of consumers. Chapter 6 of the National Electricity Rules sets out the details for economic regulation of distribution services.

 

Key features of the process to date

 

Key features of the process to date include…

 

Parameter

Initial Proposal

($ nominal)

Preliminary Determination

Final Determination

Total OpEx

$1,554m

$1,334m

 

Total CapEx

$2,485m

$1,684m

 

Opening RAB

$3,829m

$3,829

 

Regulatory depreciation

$936m

$554m

 

Unsmoothed revenue

$4,782m

$3,236m

 

P0

4.3%

28%

 

X

0%

9.9% down to 1.1%

 

 

Pipes & Wires will comment further when the AER releases its Final Determination.

 

NZ – more WACC decisions

 

Introduction

 

The Commerce Commission recently released its cost of capital determination for electricity distribution and for Wellington Airport that will apply for year commencing on 1st April 2015. This article examines the key features of that determination.

 

Regulatory frameworks

 

The respective regulatory frameworks are…

 

·      Clauses 2.4.1 to 2.4.7 of the Electricity Distribution Services Input Methodologies Determination 2012.

 

·      Clauses 5.1 to 5.7 of the Specified Airport Services Input Methodologies Determination 2010.

 

The wider framework for setting WACC’s is s52T of the Commerce Act 1986 which sets out the matters covered by the Input Methodologies.

 

Key features of the electricity distribution WACC

 

Key features of the electricity distribution WACC include…

 

 

25th percentile

Mid-point

67th percentile

75th percentile

Vanilla WACC

5.30%

6.02%

6.49%

6.74%

Post-tax WACC

4.66%

5.37%

5.84%

6.09%

 

Key features of the Wellington Airport WACC

 

Key features of the Wellington Airport WACC include…

 

 

25th percentile

Mid-point

75th percentile

Vanilla WACC

5.95%

6.93%

7.91%

Post-tax WACC

5.73%

6.71%

7.69%

 

Previous WACC decisions

 

Some of the Commissions’ previous WACC decisions are as follows.

 

WACC decision applies to

Approx date

Mid-point WACC

75th (or 67th) percentile WACC

All electricity distribution for year starting on 1st April 2015.

April 2015

Vanilla 6.02%, post-tax 5.37%

Vanilla 6.49%, post-tax 5.84%

Wellington Airport for year starting on 1st April 2015.

April 2015

Vanilla 6.93%, post-tax 6.71%

Vanilla 7.91%, post-tax 7.69%

Powerco gas CPP application before April 2016.

March 2015

Vanilla 6.70% to 6.72%

Vanilla 7.23% to 7.25%

Maui Developments for 2016 disclosure year

January 2015

Vanilla 7.08%

Vanilla 7.89%

Vector, GasNet CPP application before December 2015.

December 2014

Vanilla 7.11%, 7.14%, 7.22%

 

All electricity CPP applications after 30th September 2014.

September 2014

Vanilla 6.58%, 6.64%, 6.72%

 

Auckland, Christchurch Airports for 2015 disclosure year.

July 2014

Vanilla 7.64%

Vanilla 8.63%

Vector, GasNet for 2015 disclosure year.

July 2014

Vanilla 7.54%

Vanilla 8.35%

Transpower for 2015 disclosure year.

July 2014

Vanilla 6.83%

Vanilla 7.55%

Wellington Airport for 2015 disclosure year.

April 2014

Vanilla 7.70%

 

EDB’s for 2015 disclosure year.

April 2014

Vanilla 6.89%

 

Powerco gas CPP applications before March 2015.

March 2014

Vanilla 5-year 7.54%

Vanilla 5-year 8.35%

Maui pipeline (gas transmission).

January 2014

Vanilla 7.64%, post-tax 6.85%

 

Vector, GasNet CPP applications before December 2014.

December 2013

Vanilla 7.56%

 

All CPP applications before 30th September 2014

September 2013

Vanilla from 6.26% to 6.69%

Vanilla from 6.97% to 7.41%

Transpower

July 2013

 

Vanilla 6.85% , post-tax 6.17%

Vector gas distribution, GasNet

July 2013

 

Vanilla 7.65%, post-tax 6.97%

Auckland & Christchurch airports

July 2013

 

Vanilla 8.00%, post-tax 7.75%

All electricity distribution

April 2013

 

Vanilla 6.83%, post-tax 6.14%

Maui pipeline (gas transmission)

February 2013

 

Vanilla 7.46%, post-tax 6.80%

All gas distribution and gas transmission DPP’s

December 2012

 

Vanilla 6.63%

Vector, GasNet CPP’s

December 2012

Vanilla 6.39% (5 years)

 

Powerco gas distribution

October 2012

Vanilla 6.83%, post-tax 6.12%

 

 

Queensland – the 2015-2020 preliminary revenue determinations

 

Introduction

 

Last year both Energex and Ergon Energy submitted their Regulatory Proposals (rate cases) to the Australian Energy Regulator for the 5 year regulatory period beginning on 1st July 2015. The AER released its’ Preliminary Determinations on 30th April 2015, which are summarised in this article.

 

The regulatory framework

 

The regulatory framework has its basis in s7 of the National Electricity Law, which states the National Electricity Objective which is inter alia to promote efficient investment in electricity services for the long-term benefit of consumers. Chapter 6 of the National Electricity Rules sets out the details for economic regulation of distribution services.

 

Key features of the process to date (Energex)

 

Key features of the process to date include…

 

Parameter

Initial Proposal

($ nominal)

Preliminary Determination

Final Determination

Total OpEx

$1,738m

$1,877m

 

Total CapEx

$3,240m

$2,362m

 

Opening RAB

$11,313m

$11,334m

 

Regulatory depreciation

$502m

$455m

 

Smoothed DUOS revenue

$9,832m

$8,132m

 

P0

0%

40%

 

X

2%

From -17% to 5%

 

 

Key features of the process to date (Ergon)

 

Key features of the process to date include…

 

Parameter

Initial Proposal

Preliminary Determination

Final Determination

Total OpEx (nominal)

$2,035m

$1,788m

 

Total CapEx (real)

$3,555m

$2,182m

 

Opening RAB

$10,041m

$10,102m

 

Regulatory depreciation

$904m

$654m

 

Unsmoothed revenue

$8,229m

$6,012m

 

P0

15.85%

37%

 

X

Varies

From -14% to 6%

 

 

Pipes & Wires will comment further when the AER releases its Final Determinations.

 

NSW, ACT – the final electricity revenue decisions

 

Introduction

 

The Australian Energy Regulator (AER) has recently released its Final Decisions for the electricity distributors in the Australian state of New South Wales (NSW) and the Australian Capital Territory (ACT) that will apply for the 4 years until 30th June 2019 (noting that the period 1st July 2014 to 30th June 2015 was covered by a transitional period discussed in Pipes & Wires #133). This article compares the parameters sought in each of the 4 Regulatory Proposals with the AER’s Final Decisions.

 

Legal framework

 

The legal framework for the electricity distribution decisions is Chapter 6 of the National Electricity Rules, which is made pursuant to the National Electricity (South Australia) Act 1996.

 

Summarising the decisions to date

 

·      Key parameters of ActewAGL’s Final Determination include…

 

Parameter

Proposal

Draft Decision

Final Decision

Total revenue

$892m

$576m

$764m

OpEx

$384m

$223m

$241m

CapEx

$372m

$244m

$311m

Depreciation

$180m

$177m

$185m

Opening RAB

$850m

$850m

$891m

WACC

8.99%

6.88%

$6.38%

 

·      Key parameters of the AusGrid Final Determination include …

 

Parameter

Proposal

Draft Decision

Final Decision

Total revenue

$12,189m

$8,848m

$8,785m

OpEx

$2,888m

$1,759m

$2,181m

CapEx

$4,421m

$2,546m

$3,201m

Depreciation

$829m

$825m

$918m

Opening RAB

$14,370m

$14,287m

$14,752m

WACC

8.83%

7.15%

6.68%

 

·      Key parameters of the Endeavour Energy Final Determination include …

 

Parameter

Proposal

Draft Decision

Final Decision

Total revenue

$5,256m

$3,997m

$4,132m

OpEx

$1,489m

$1,068m

$1,325m

CapEx

$1,746m

$1,070m

$1,596m

Depreciation

$400m

$400m

$432m

Opening RAB

$5,593m

$5,599m

$5,944m

WACC

8.83%

7.15%

6.68%

 

·      Key parameters of the Essential Energy Final Determination include …

 

Parameter

Proposal

Draft Decision

Final Decision

Total revenue

$6,824m

$4,970m

$5,118m

OpEx

$2,513m

$1,552m

$1,755m

CapEx

$2,618m

$1,934m

$2,401m

Depreciation

$612m

$613m

$632m

Opening RAB

$6,770m

$6,685m

$7,187m

WACC

8.83%

7.15%

6.68%

 

This article concludes Pipes & Wires coverage of the NSW and ACT determinations. However the extensive cuts in proposed revenue has ignited the debate on what future the privatisation of the NSW distributors has.

 

People in power

 

This series of historical interest articles follows on from a similar series a few years ago, and examines the lives and achievements of electrical pioneers that were born in the last few decades of the 1800’s.

 

Francis Kanthack – a cool dude

 

Birth, early years and education

 

Francis Edgar Kanthack was born in West Derby, England in 1872, apparently of German descent. His education was in Liverpool, England until the age of 13 whereupon his education continued in Germany and then back in England at the Royal Indian Engineering College in London until 1894. He then completed an apprenticeship at the Cardiff Water Works.

 

Early career

 

Francis’ first job started in 1895 in the Punjab with the irrigation authority, during which time he married Rosa Higham and went on to have 1 son and 2 daughters. Around 1906 he started on a 2 year furlough and also took up a 2 year contract as a water adviser to the Cape Colony government in South Africa. Life in Africa proved to be pretty sweet so in 1908 Francis quit his Indian job and became the permanent head of the Cape’s irrigation department. After the Union was formed in 1910, Francis then became the national director of irrigation until 1920 during which time he consolidated hydrography and meteorological activities into a national bureau as well as directing several major irrigation projects.

 

Life after government service

 

Around 1920 Francis resigned from the government and launched out in private practice in Johannesburg as FE Kanthack & Partners specialising in hydro-electric engineering projects. As well as proving to be a bit of an all-round clever chap with reinforced concrete, Francis designed the cooling water systems for several thermal power stations and is best remembered for his expertise with concrete cooling towers, proving that he was indeed a “cool” dude.

 

Retirement & later years

 

Francis was appointed to the council of the University of Witwatersrand in 1938, from which he was awarded an honorary D.Sc degree in 1942. He remained a member of the council until he retired in 1959, having been chairman since 1953. Francis died in 1962 at the age of 90, however his legacy continues on in the consulting firm carried on by his former partners Tom Watermayer, Hugh Legge, David Piesold and Hans Uhlman which now operates globally as Knight Piesold Consulting.

 

Mergers & acquisitions

 

Global – Shell takes a poke at British Gas

 

Introduction

 

It’s been a while since Pipes & Wires has examined the global gas sector, so the recent announcement that Shell is proposing to acquire British Gas provided a good opportunity to write about something just a bit different. This article examines the key features of the proposed acquisition.

 

The parties

 

The parties to the proposed acquisition are…

 

·      Royal Dutch Shell, a global energy & petrochemicals company operating in 70 countries with annual earnings of about US$12b and operating cashflow of about US$30b.

 

·      British Gas Group (BG), an exploration, production and LNG company operating in 24 countries with annual earnings of about US$4b.

 

The deal structure

 

The deal is a cash-plus-shares offer as follows…

 

·      0.5 Shell B shares, and

 

·      £3.83 cash.

 

for each BG share, valuing BG at about £13.50 per share which was about a 50% premium. This values BG at about £47b and the merged company at about £180b.

 

The markets’ response

 

The markets’ response was somewhat mixed…

 

·      BG shares jumped almost 35%.

 

·      Shell’s 2 UK listings fell 2% and 5% respectively, suggesting Shell shareholders are less than enthusiastic about it.

 

BG’s board has recommended that shareholders accept the offer.

 

Shell’s strategy

 

Shell’s strategy seems focused on increasing its dominance in the global LNG market, apparently to reduce its exposure to increasingly volatile oil prices. A couple of key elements of this strategy include…

 

·      Reduced exploration expenditure focused on fewer but larger projects.

 

·      Complementing each other’s North American and Australian LNG businesses.

 

·      Consolidating mature up-stream activities that deliver higher returns on capital.

 

·      Bringing new production regions into the wider Shell group.

 

Pipes & Wires will comment further as the merger plans progress.

 

US – progress on the We Energies – Integrys merger

 

Introduction

 

Pipes & Wires #141 examined the early stages of We Energies $9.1b bid for Integrys Energy Group and noted a number of regulatory approvals that were required. This article notes one of those approvals along with a number of conditions.

 

The proposed merger

 

The proposed merger is a combined stock, cash and assumption of debt deal totaling $9.1b which values Integrys at $71.47 per share. The merged company would supply 1,490,000 electric customers and 2,445,000 gas customers and would be headquartered in Milwaukee.

 

Progress on the required approvals

 

Progress on the required approvals is as follows…

 

Regulator

Progress on approval

Federal Energy Regulatory Commission.

 

Approved in mid-April 2015, stating that there would be no cross-subsidy of a non-utility associate company.

 

Wisconsin Public Service Commission.

 

Approved in late April 2015, but with several conditions.

Illinois Commerce Commission.

 

Still to reach a decision, possibly in July 2015.

Michigan Public Service Commission.

 

Approved in mid-April 2015.

Minnesota Public Utilities Commission.

 

Still to reach a decision.

 

Conditions on the Wisconsin PSC decision

 

The Wisconsin PSC has imposed the following 2 conditions on its approval…

 

·      Any profit over and above the authorised return on equity would need to be returned to We Energies customers.

 

·      A gas-fired generation plant proposed by We Energies subsidiary Wisconsin Public Service is to be abandoned.

 

Pipes & Wires will comment further as Illinois and Minnesota release their decisions.

 

Asset strategy & management

 

Withdrawal of asset management standard PAS 55:2008

 

Readers should note that the asset management standard PAS 55:2008 was withdrawn on 1st February 2015, and effectively superseded by ISO 55000. That doesn’t mean that all the hard work of achieving PAS 55 certification is now worthless, but rather that the internationally consistent ISO 55000 is now the preferred standard. To discuss how your company can move towards ISO 55000 certification, pick here.

 

Cool stuff

 

Newly published book – “Keeping The Lights On”

 

Well-known electricity historian and author Helen Reilly has recently published her latest book “Keeping The Lights On – The History Of System Operations In New Zealand 1939 – 2013”. Pick here to order your copy for only $46.50 from Grid Heritage. It’s a thoroughly good read, and complements Helen’s previous book “Connecting The Country”.

 

Recent client projects

 

Here’s a sample of work done for clients over the last few years that demonstrate the breadth of skills, insight and experience that is available from Utility Consultants....

 

·      Advising a major global investment bank on the revenue and capital cost characteristics of the New Zealand generation industry.

 

·      Assessing the investment characteristics of proposed CapEx increases to an investor-owned electric network.

 

·      Assessing three EDB’s asset management practices against ISO 55000:2014.

 

·      Assessing an EDB’s compliance with the lines – generation separation requirements of the Electricity Industry Act 2010.

 

·      Assessing an EDB’s compliance with the Electricity Industry Participation Code.

 

·      Compiling safe operating procedures for a wide range of distribution switches.

 

·      Advising an investor on the investment characteristics and regulatory constraints of small hydro development and grid connection.

 

·      Reviewing the engineering aspects of an EDB’s lines pricing methodology.

 

·      Advising a major global consultancy on specific features of emerging electricity transmission and distribution regulatory regimes, including period length, potential for re-opening determinations, caps & collars, total expenditure levels and incentive mechanisms.

 

·      Examining the economic efficiencies of an EDB’s pricing methodologies.

 

·      Advised on the wider philosophical and potential tax issues of the way consumer discounts are paid by EDB’s.

 

·      Prepared an independent engineer’s report to justify proposed alternative asset lives.

 

·      Advised an electricity business on the regulatory implications of bringing externally contracted field services back in-house.

 

·      Identified economic and regulatory arguments to support inclusion of transmission interconnection charge risk into network tariffs.

 

·      Advised lines businesses on a regulator’s proposed treatment of CapEx and OpEx.

 

·      Advised an international investor on gas distribution policy and regulatory trends.

 

·      Identified national energy policy implications for lines businesses.

 

·      Assisted a lines business to identify the burden of proof implied by regulatory determinations.

 

·      Suggested amendments to a gas transmission AMP to strengthen the economic arguments.

 

·      Identified electricity network investment characteristics as part of an acquisition study.

 

·      Developed an AM framework for a gas distribution business to link AM to regulatory requirements.

 

·      Identified OpEx CapEx tradeoffs for an electricity lines business.

 

·      Performed various substation growth and reinforcement assessments.

 

·      Performed network physical and business risk studies.

 

·      Compiled disaster recovery and business continuity plans.

 

Pick here to download a profile of recent projects, or here to contact Phil.

 

General stuff

 

Guide to NZ electricity laws

 

I’ve compiled a “wall chart” setting out the relationship between various past and present electricity Acts, Regulations, Codes etc in sort of a chronological progression. To request your free copy, pick here. It looks really cool printed in color as an A2 or A1 size.

 

 

A bit of light-hearted humor

 

What if price control had been around in the 1920’s and 1930’s ? A collection of photo’s with humorous captions looks at some of the salient features of price control. Pick here to download.

 

Conferences & training courses

 

The following conferences and training courses are planned...

 

·      ACCC/AER Regulatory Conference, 6th – 7th August 2015, Brisbane.

 

·      Fundamentals of the NZ electricity industry, 7th – 8th September 2015, Wellington.

 

·      Fundamentals of the NZ electricity industry, 19th – 20th October 2015, Auckland.

 

Utility Consultants takes no responsibility for the content of individual courses or conferences, nor for any administrative or travel arrangements.

 

Wanted – old electricity history books

 

If anyone has an old copy of the following books (or any similar books) they no longer want I’d be happy to give them a good home…

 

·      Economic Operation Of Power Systems (Kirchmayer).

 

·      Distribution Of Electricity (WT Henley, the cable manufacturer)

 

·      Northwards March The Pylons.

 

·      Two Per Mile.

 

·      Live Lines (the old ESAA journal).

 

·      The Engineering History Of Electric Supply In New Zealand.

 

House-keeping stuff

 

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Disclaimer

 

These articles are of a general nature and are not intended as specific legal, consulting or investment advice, and are correct at the time of writing. In particular Pipes & Wires may make forward looking or speculative statements, projections or estimates of such matters as industry structural changes, merger outcomes or regulatory determinations. These articles also summarise lengthy documents, and it is important that readers refer to those documents in forming opinions or taking action.

 

Utility Consultants Ltd accepts no liability for action or inaction based on the contents of Pipes & Wires including any loss, damage or exposure to offensive material from linking to any websites contained herein, or from any republishing by a third-party whether authorised or not, nor from any comments posted on Linked In, Face Book or similar by other parties.