IFT - Infratil

[Gryffyn]

Toddy, interesting thought. Id their a time-frame on commerce commision decision over code share? Methinks that with AIRs losses on this run they will get their way esp with govt being a stakeholder in this case.

[Gryffyn]

SP a little soft recntly (but so are many others).

Delicate balance as to whether high fuel prices encourage more people to use those buses they just bought versus the increased cost of running them.

[Gryffyn]

down 7 today - I might wait a little bit...

[Toddy]

Gryffyn

The IFT SP has a tight correlation with TPW. TPW was up today on good volumes compared to the norm. Watch closely,

[Zaphod]

I've had several conversations with various people about the costs of running their car lately, and most never factor the cost of WOF, Reg, R&M, Depreciation, etc. into the equation.

Perhaps that's something that Stagecoach need to educate the public about []

[CJ]

Zaphod - If you own a car, even if you bus to work, you still need to pay WOF and Reg and depreciation (to an extent - partly linked to age, partly to kms).

People wont get rid of their cars, they will just drive them only when they have to.

[Toddy]

Looking good for the latest Trustpower plan for Otago wind farms.


TrustPower focuses on Otago wind farm site
06 May 2006

TrustPower has high hopes for its planned Otago wind farm now it has turned its attention away from the top of the South Island.


The Tauranga power company set aside this week its proposals for a big wind farm in Marlborough, citing several factors that would have made the location economically unviable.

TrustPower operates the 68-megawatt Tararua wind farm near Palmerston North, which is regarded as the best-performing commercial scale wind farm in the world.

It will concentrate on its wind farm scheme at Lake Mahinerangi, about 40 kilometres west of Dunedin.

It is also looking at a site near Gore, in Southland.

The Mahinerangi wind farm will be up to 300MW, enough to power 150,000 homes. It is next to TrustPower's multi-power station Waipori hydro scheme, which already generates 80MW of power from Lake Mahinerangi.

Spokesman Graeme Purches said the company was close to securing resource consents and the wind farm could be working within two years.

AdvertisementAdvertisementTrustPower was excited about Mahinerangi, he said. "It's at least as good as Tararua. The majority of the turbines will be on land already owned by TrustPower and there are existing transmission lines."

Mr Purches said the price of overseas-manufactured turbines had risen for New Zealand generators because of increasing international demand and the downward trend of the New Zealand dollar.

A two- or three-megawatt turbine now cost about $2 million.

TrustPower was unlikely to buy turbines being manufactured by Christchurch company Windflow Technology, he said.

Windflow's patented 500-kilowatt, two-blade units cost about $700,000 each.

"Windflow doesn't have a proven record yet, has no certification and its turbines are too small.

"There's a real market for them for one, two or three units in really remote areas. There's no future for people building wind farms using 500kW turbines."

National Party energy spokesman Nick Smith said TrustPower's decision to abandon the Marlborough wind farm highlighted the mess the Government was making in the electricity sector.

"New Zealand needs more power, and we particularly need more generation in the top of the South Island, but the Government's Kyoto and transmission policies need revising if we are to get new investment."

"The Government's transmission policy model hammers South Island generators and is a real disincentive to developing new renewables here."

[Zaphod]

quote:Originally posted by CJ

Zaphod - If you own a car, even if you bus to work, you still need to pay WOF and Reg and depreciation (to an extent - partly linked to age, partly to kms).

People wont get rid of their cars, they will just drive them only when they have to.

Yes, I agree. There is however, a direct correlation between the resale value of a car and the number of Km’s travelled. So that needs to be taken into account also.

Plus, if you are a two card family, perhaps it is time to look at selling the second car and either car pooling or catching public transport.

[Toddy]

Cullen sees buses as the solution for Auckland transport problems and wants Auckland leaders to get a hurry on. Show us the money Auckland.


Cullen tells Auckland to pay more for roads

16.05.06
By Mathew Dearnaley


Finance Minister Michael Cullen has delivered a blunt message to Auckland's political leaders to pick up more of the region's transport tab with heftier rates rises.

He expressed irritation at a meeting with the Auckland Mayoral Forum at a proposed 5 per cent annual cap on regional rates rises over 10 years.

One official at the closed-door Beehive meeting said Dr Cullen told the mayoral delegation, led by Auckland City Mayor Dick Hubbard and joined by regional council chairman Mike Lee, that "putting rates up 5 per cent is not enough".

Dr Cullen is also understood to have indicated a preference for buses over rail to get Auckland moving.

"He said the future lies with roads and buses - that rail will never work," said an official. A second source claimed the minister was "rough" on the Aucklanders.

Last week's meeting, which Dr Cullen called to discuss new funding sources for Auckland's transport needs, was also attended by Prime Minister Helen Clark, new Transport Minister Annette King and Auckland Issues Minister Judith Tizard.

[Links]

Infratil profit down 68% on European investment losses
By NZPA
Monday 15th May 2006
Infrastructure investor Infratil today said its annual profit had fallen by 68% due to losses incurred by its European airport investments.

The company posted a net profit after tax of $7.7 million in the year to March 31, compared with $23.7 million in the same period last year.

Last year's result was boosted by investment realisations of $22.7 million compared with $200,000 this year.

Infratil owns 100% of Glasgow Prestwick Airport in Scotland, Kent International Airport in England, and Lubeck Airport in Germany, as well as a large stake in Wellington Airport.

Ebitda (earnings before interest, tax and depreciation) for the European airports in the year to March 31 were $1.7 million, compared with $10.6 million in the previous year.

A fully imputed final dividend of 7.5 cents per share - up 36% on last year - will be paid on June 12.

During the year Infratil has paid $252 million for Stagecoach Plc's bus services in Auckland and Wellington and Fullers Ferries.

It also bought a power station in South Australia, and made additional incremental investments at Wellington Airport, TrustPower and in Victoria Electricity.

TrustPower contributed $28.6 million to Infratil over the year, up from $25.7 million the previous year.

The earnings contribution (after minority interests) from Wellington Airport was $24.0 million, from $23.7 million last year - a result chairman David Newman said was "satisfactory in the context of weak passenger activity and operating cost pressures".

Over the year, Wellington Airport invested $25.8 million in new facilities.

Newman said a cautious approach was being taken in progressing further development.

"Air New Zealand, Wellington Airport's main customer, has announced it will significantly reduce capacity if it gains regulatory approval to form a cartel on the Tasman routes with its main competitor Qantas."

Newman said this year had been one of considerable progress for Infratil and it was in a strong position to continue growth through the year.

Shares in Infratil fell 8c to $4.40 today, having ranged between $3.36 and $4.54 over the past 12 months.