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Retrieving Data

Note 6: Electricity Revenue

GROUP

PARENT

2014

$000

2013

$000

2014

$000

2013

$000

Electricity sales

704,759

731,465

699,461

727,215

Electricity lease revenue

47,685

33,690

-

-

752,444

765,155

699,461

727,215

Electricity lease revenue is revenue recognised in connection with Snowtown Wind Farm Pty Ltd’s, Snowtown Wind Farm Stage 2 Pty Ltd’s and Snowtown South Wind Farm Pty Ltd’s (subsidiaries of the Company) Power Purchase Agreements to sell all energy generated by their wind farms to a significant Australian electricity retailer (90% of the output in the case of Snowtown Wind Farm Pty Ltd). These agreements have been deemed as operating leases of the wind farms under NZ IFRS and all revenue under the contracts are accounted for as lease revenue. Because of the contract terms, in particular that the volume of energy supplied is variable dependent on the actual generation of the wind farms, the future minimum payments under the terms of the contracts, that expire between 31 December 2018 and 31 December 2030, are contingent in nature and therefore not able to be quantified.