ELECTRICITY NORTH WEST RIIO ED1 BUSINESS PLAN
In terms of our own direct impact on the environment our principal performance indicator is the level of carbon dioxide emissions equivalent. IGov is examining the level, type and speed of system change within GB and internationally; its drivers; how actors across energy systems are responding; and how this is shaping future energy systems. There have been no such acquisitions or disposals in the current or prior year. The Board is responsible for approving the strategy and for ensuring that there are suitable resources to achieve it. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Payments received in advance of revenue recognition are recorded as deferred revenue.
However, not unexpectedly, there were a number of areas where improvements were necessary. The Company aims to provide customers with an excellent service at a competitive price through a safe and reliable electricity network. Further information on these and other initiatives can be found under the Sustainability section of the Company’s website:. The adoption of these amendments has had no effect on the Group’s consolidated financial statements. 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. The Directors have determined that these have not had any material impact on the amounts or disclosures reported in these Financial Statements:.
Provisions are recognised when the Group has a present obligation legal or constructive as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. During the year ended 31 March an improvement was seen in the customer satisfaction results measured through the Ofgem survey. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Goodwill is allocated to cash-generating units and is not amortised but reviewed for impairment annually, or more frequently when there is an indication that it may be impaired. The Company accounts for investments in subsidiaries at cost and is not an investment entity; therefore the amendments have no impact.
The Chairman is responsible for the leadership and governance of buslness Board and the Chief Executive Officer for the operational management of the Company and implementation of the strategy on the Board’s behalf. The Committee’s role is to determine the remuneration structure for the Executive Directors to ensure that it balances appropriate reward with the creation of long-term value and sustainability of the network. Interested institutional debt investors can also gain access to additional financial information by visiting our website www.
Share options are not offered as an incentive to either Executive or Non-Executive Directors nortb the Company is privately owned.
Electricity North West Limited Annual Financial Report
To assess the effectiveness northh the previous year’s external audit the Committee reviewed the audit approach and strategy and received a report of Deloitte LLP’s performance from both members of the Board and Executives.
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’. The financial liabilities held by the Group classified as at FVTPL are either derivatives or those designated as at FVTPL and are stated at fair value, with any gains or losses arising on re-measurement recognised in profit or loss.
We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements.
The Company has been fined GBPk. 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.
Inherent in forecasting is an element ewst uncertainty and our forecasts have been sensitised for possible changes in the key assumptions, including RPI and under recoveries of allowed revenue.
IGov | New thinking: The RIIO EDI Review: Just how successful is RIIO?
Annex Volume C5 Section C. A discussion of the wooden poles RRP submissions for SP Manweb and SP Distribution including possible options for improving the outputs position associated with wooden poles.
Notwithstanding the references we make in this annual report to Electricity North West’s website, none of the information made available on the website constitutes part of this annual report or shall be deemed to be incorporated by reference herein.
Elecfricity is also responsible for the review of the remuneration of other members of the Executive Leadership Team to ensure the structure and levels of remuneration appropriately incentivise these individuals to achieve the Company’s strategic objectives. The Board is responsible for the alignment of strategy and risk, and for maintaining a sound system of risk management and internal controls.
Electricity North West
Assessing the outcome of uncertain tax positions such as the tax treatment of provisions requires judgements to be made regarding the application of tax law and the results of negotiations with, and enquiries from, tax authorities. It is not expected that they will have a material impact on the financial statements of the Group, sest as noted below:.
Dividend income is recognised when the Company’s right to receive payment is established. The aggregate emoluments of the Directors in amounted to GBP1, An embedded derivative is presented as a non-current asset or non-current liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12 months and is not expected to be realised or settled within 12 months.
In addition, the amendments clarify the treatment of other comprehensive income from associates and joint ventures accounted for using the equity method.
Distribution Business Plan Supporting Annexes – SP Energy Networks
We are proud of who we are, the essential role we play for our customers and the investment we make locally and nationally. Our Corporate Risk Register currently details a wide range of risks.
Where a Director was unable to attend a Board meeting, their views were canvassed by the Chairman prior to the meeting. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Consolidated Financial Noth.
Network Businesz Amendments Assurance Independent assessment to confirm that the process used to correct and amend the asset volume information in both SPD and SPM is robust, effectively implemented and results in a more accurate regulatory asset count. The Directors’ biographies are on pages This range then becomes the IQI benchmark. At the discretion of the Board, senior management were invited to attend meetings when appropriate to specific electricigy. Legal opinion was obtained that a pension surplus could be recovered on wind up of the scheme and could therefore be recognised, along with associated liabilities.