After months of preparation and four days of hearings - which included opening and closing statements by the Company's legal counsel, Sir Henry Forde, and cross examination of its representatives, Hutson Best, Mark King and Peter Huck, by interveners, BANGO and Olson Robertson - the Fair Trading Commission (FTC) has approved the Company's application for the re-prescription of Depreciation Rates.
At around 2:30 p.m. on Wednesday, February 25, the Chairman of the FTC, Sir Neville Nicholls, acting in his capacity of Chairman of the five man Electricity Panel hearing Light & Power's case, started his summation of the decision. When it was all over, our Managing Director, Peter Williams commented: We are pleased that the FTC has approved the Company's proposal for new depreciation rates. We will now be able to calculate the current value of our plant in service from a regulatory perspective which will then be used as the basis for the application to the FTC for a review of our rates and rate structure."
"We can now finalise the remaining studies and memos required for the main application for the review of electricity rates, Mr. Williams added.