Refundable customer deposits received in respect of property, plant and equipment are held as a liability until repayment conditions come into effect and the amounts are repaid to the customer or otherwise credited to customer contributions. Our approach to using innovation to improve our services and provide long term value for money. For example, improvement in the way that our people communicate restoration times during faults, through the use of mobile technology that enables the identification of good and bad performance alike, has led to an improvement in the scores we receive from this area. The Audit Committee was requested to assist the Board in confirming that the Annual Report is fair, balanced and understandable. Details of the impairment loss calculation are set out in note These scenarios aim to represent a reasonable view of heat pump uptake and domestic energy consumption from lighting and appliances, based on the assumption that Government remains committed to meeting carbon targets. In a world where technological change occurs at this rapid pace, legislation and the networks will end up being reactionary, fighting to keep up, unless the incentives on networks are sufficiently strong.
Additional documentation is provided as appropriate. The fair value movements on the derivatives are derived using a discounted cash flow technique using both market expectations of future interest rates and future inflation levels, obtained from Bloomberg, and calibrations to observable market transactions evidencing fair value; these are Level 2 inputs and Level 3 inputs under IFRS The key is ensuring that such a scale of change is managed with a good understanding of the risks involved, in a manner consistent with our strategy, and importantly making sure that these risks are managed within our agreed risk appetite. The Group recognises revenue generally at the time of delivery and when collection of the resulting receivable is reasonably assured. The Company works closely with its shareholders and both shareholders endorse the UK Stewardship Code and see their stewardship commitments as a key feature of their investment philosophy. Under the Executive Incentive Plan bonuses are awarded and either paid in the following financial year accrued bonus or paid in subsequent years amounts receivable under long-term incentive schemes.
He is also a Non-Executive Director of N. A customer strategy and detailed roadmap is in place and closely monitored by the executive leadership team.
New investment is financed through a combination of operating cash flows and increased borrowing capacity against the Regulatory Asset Value. Busibess difference between the wwst amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. Individually the Directors act in a way that they consider will promote the long-term success of the Company.
Electricity North West
This is an industry that operates with hazards, and therefore the attention to safety needs to be top of the agenda. Complaints performance has achieved a The Group and Company do not meet the definition of an investment entity, therefore the amendments have no impact.
The principal accounting policies adopted in the preparation of these financial statements are set out below. This model determines how much plzn Company is allowed to charge its customers to fund network investment and operating costs in the period from to and is designed to drive real benefits for customers. The Use of Systems Pricing Committee and the Financing Committee meet as required to approve detail about system pricing contained in Licence Condition 14 and financing transactions respectively.
The Committee has designated authority from the Board set out in its Terms of Reference which is published on the Electricity North West website. It was exonerated in respect of its underlying health and safety management but was found guilty of failing to adequately manage working at height. We have a Customer Satisfaction Roadmap in place and are starting to see an improved performance from driving compliance against standardised operating procedures.
Where busoness impairment loss subsequently reverses, the reversal is recognised immediately in profit or loss and the carrying amount of the asset is increased to the revised estimate of its recoverable businrss, but not so as to exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years.
Network Size Amendments Assurance. The structure of the financial statements is also addressed, in terms of systematic ordering and grouping of notes. During busniess year our ethics policy was approved by the Board and launched into the business to support this expectation. There are some monetary incentives to achieve the desired outputs listed above.
Capitalisation ceases when substantially all of the activities necessary to prepare the intended asset for its intended use or sale, are complete.
This document also links into our Innovation Strategy and Smart Metering Strategy, explains how we will develop new solutions for the future network and how these will form part of our expenditure in the future.
Inventories are stated at the lower of cost and net realisable value.
This range then becomes the IQI benchmark. We charge our customers through their electricity suppliers in the case of domestic and small customers, or directly for larger customers. Any businesd below the target Ofgem has given must be justified or will lead to a reduction in allowed revenue for ED2.
Electricity North West Archives – Page 7 of 12 – Utility Week
Property, plant and equipment comprise operational structures, non-operational land and buildings, fixtures and equipment, vehicles and other assets.
Depreciation methods and useful lives are re-assessed annually and, if necessary, changes are accounted for prospectively. When we were hit by Storm Doris the resilience of the network was such that it did not even rank as an Ofgem Exceptional Event, in contrast to other operators, a testament to our maintenance and tree cutting work.
In particular, I would note the need to improve electrkcity safety culture of the business er1 well as the level of performance in customer satisfaction, upon which the Chairman has already commented.
Revenue is largely fixed across a price review period. We explain our ambition to create a future proofed data infrastructure that will allow us to take full advantage of smart meter information in a range of different areas.
Distribution Business Plan Supporting Annexes – SP Energy Networks
The recognition of revenue weest the distribution of electricity bueiness an assessment of the volume of unbilled energy distributed as at the year end. Refundable customer deposits received in respect of property, plant and equipment are held as a liability until repayment conditions come into effect and the amounts are repaid to the customer or otherwise credited to customer contributions.
A review of the Company’s current position and external environment has been used to create priorities to help guide the Company as the industry moves forward. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.