Volume Four 2013 focusing on Electricity

Auditor-General's Report to Parliament

4 November 2013

Good audit result

“I am pleased that the audits of six State owned electricity corporations resulted in unqualified audit opinions,” Acting Auditor-General Mr Whitfield said. “The audit of Eraring Energy is yet to be finalised.”

“The electricity corporations’ produced timely and accurate annual financial statements,” he added.

After tax profits rose to $1.7 billion, up from $1.2 billion in 2011-12 and contributions to government rose to $1.8 billion, up from $1.4 billion in 2011-12. This was mainly due to the combined after tax profit of NSW distributors increasing from $771 million to $1,363 million from the previous year. Increases in network revenue, prudent capital expenditure management and ongoing efficiency savings in operating expenditure led to the increased distributor profits.

Distribution to government

Electricity entities’ accrued and paid distributions to the government:

  • $572 million ($573 million in 2011-12) in taxation
  • $1,178 million ($866 million in 2011-12) in dividends.

Further information

Barry Underwood, Executive Officer, on 9275 7220 or  0403 073 664; and email barry.underwood@audit.nsw.gov.au.

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