Page 2207 - Week 06 - Monday, 11 May 2009
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funds are borrowed to fund water security major projects and the general capital expenditure program.
(4) Provided the project costs are approved by the independent price regulator, related interest costs are recovered through prices set by the regulator.
Actew—additional staff
(Question No 129)
Mrs Dunne asked the Treasurer, upon notice, on 24 March 2009:
In relation to the ACTEW Corporation’s 2007-08 annual report, how many additional staff is it anticipated will be employed to deliver the significant major water infrastructure programs.
Ms Gallagher: The answer to the member’s question is as follows:
ACTEW and its alliance partners on the Water Security Major Projects program anticipate engaging around 1200 people to deliver the infrastructure program: approximately 700 for the enlarged Cotter Dam, 300 for the Murrumbidgee to Googong pipeline, and 200 for the Googong Spillway.
Actew—water prices
(Question No 130)
Mrs Dunne asked the Treasurer, upon notice, on 24 March 2009:
(1) In relation to the ACTEW Corporation’s 2007-08 annual report, if the current drought conditions abate sufficient to justify an easing of water restrictions, will water prices decrease.
(2) How often, by what method and by whom are ACTEW’s assets, including the interest in the ActewAGL Joint Venture, revalued.
Ms Gallagher: The answer to the member’s question is as follows:
(1) Universally price regulators tend to set water prices in an effort to smooth the impact and avoid what is called the “sawtooth” effect created by intermittently increasing and decreasing prices. As shown in the Water and Waste Water Final Report and Price Determination of 2008, the Independent Competition and Regulatory Commission has assumed a level of water consumption and has set prices for the next five years. If restrictions were eased it would be unlikely to change prices in the short term.
(2) ACTEW’s assets were revalued for the first time in 2006 07 by independent expert engineering valuers. Note 18 to the Financial Statements indicates that a further valuation of assets based on discounted cashflows was prepared in 2008.
Similarly the ActewAGL Joint Venture assets were revalued in 2006 07 also based on forecast cash flows in accordance with accounting standards.
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