The mobilisation in response to Storm Desmond included everything from the largest ever single deployment of generators to maintain supplies, to the provision of over 30, hot meals for those directly affected by the floods. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from these estimates. During the period, the Committee undertook the recruitment process for both a Non-Executive Director and for a Chief Executive Officer. During the year ended 31 March a reduction was seen in the customer satisfaction results measured through the Ofgem survey. 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, interest on necessary loan funding, taxes so it allows for a return to shareholders at a level that regulates the return and encourages future investment.
The measure that is most closely aligned to this result is cash flow before financing activites see page 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 assumptions are disclosed in note 20 of the financial statements. The safety of the Company’s people and customers is a fundamental cornerstone of the business. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an amortised cost basis to the Income Statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. To assess the effectiveness of 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.
During the period, the Committee undertook the recruitment process for both a Non-Executive Director and for a Chief Executive Officer. Where turnover received or receivable in the year exceeds the maximum amount permitted by regulatory agreement adjustments will be made to future prices to reflect this over-recovery; no liability is recognised as such an adjustment to future prices relates to the provision of future services.
Initially the focus has been on the development of women within the business and a second group commences our development programme commenced in the spring of Included in this was the successful delivery of awareness sessions by the mental health charity MIND. The audit includes the review and testing of the data contained in the financial statements to the extent necessary for expressing an audit opinion on the truth and fairness of the financial statements.
The Committee reviews and approves the overall remuneration levels of employees below senior management level, but does not set remuneration for these individuals. This ambitious project, which is supported by the Department for Energy and Climate Change ‘DECC’ and Ofgem, will be delivered in the summer of and Electricity North West is fully playing its part in supporting the development, implementation and operation of this new customer service.
The Group is therefore subject to volatility in the Income Statement due to changes in the fair values of the derivative financial instruments.
Electricity North West Archives – Page 7 of 12 – Utility Week
Busiiness aims to meet the future needs of customers and stakeholders in an increasingly uncertain energy future by maximising the opportunities provided by:. The net gain or loss recognised in the Income Statement incorporates any interest paid on the financial liabilities and is included in the interest charge. The forecast has been subject to sensitivity analysis driven by the principal risks and the potential impact has been considered by sensitising a number of key assumptions, including Retail Price Index RPIinterest rates and incentive revenue performance.
Each analysis considered the Company’s ability to meet its operational and financial obligations throughout the period, including debt covenant compliance. We have also commenced the development of an improved website which will continue into the year to March The Company is a electriciyy employer in the North West of England and employs over 1, people in the region.
This confirmation is given and should be interpreted within the provisions of s of the Companies Act Further liquidity is provided by cash and short-term deposit balances.
The Directors’ biographies are on pages At the current time, this interpretation does not affect the Group. The innovation strategy forms an integral part of the business plan and sets out why innovation is important for customers and how value is delivered through a series of innovative projects, including the rollout of smart grids and smart metering.
The aim of Electricity North West is to put customers at the heart of everything the Company does.
Electricity North West
The difference between the two amounts is recognised as a surplus or obligation in the Statement of Financial Position.
He retains the fees from the appointment.
Electricity North West has set itself an overarching Company Goal to improve its Customer Satisfaction performance score to be the best in the electricity distribution sector. This is a significant asset base which must be managed so that services to 2.
I am pleased to introduce the Group’s results for the year ended 31 March and confirm that the Group started this first year of the eight-year regulatory price control with some er1 achievements, notably in the handling of Storm Desmond.
Control is achieved where the Company has the power to govern the financial and operating policies, generally accompanied by a shareholding of more than one half of the voting rights, of an invested entity so as to obtain benefits from its activities. It is powered daily by the determination of our colleagues to deliver the very highest levels of service to our customers at a price they can afford. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at e1d fair value at the acquisition date.
Our customers continue to benefit from year on year improvements in the reliability of our network evidenced by a fall in the number of interruptions and a fall in the length of time they are without supply. Trade receivables are stated at nominal value with any allowances made for any estimated irrecoverable amounts. He is holds a B. There are two types of hedge accounting strategies that the Group considers; a fair value hedge and a cash flow hedge.
Electricity North West Limited Annual Financial Report – ADVFN
The role of the Chairman and the Chief Executive Officer is separate and each has a clear role description set out in writing and agreed by the Board. In line with the plans for each of wwst areas, during the year ended 31 Marchhealth and safety was integrated into the organisation’s leadership programmes and the Company provided specific training for inclusion in the Institute of Occupational Safety and Health ‘Managing Safely’ and National Construction Certificate qualifications.
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.