Transpower’s application sought an amendment to the originally approved maximum capital allowance and four major capex project outputs for the North Island Grid Upgrade project. Transpower spent $894 million delivering the project, $70 million more than the $824 million originally approved, and some of the delivered outputs differed from those originally approved. On 3 March 2015 Transpower modified its amendment application by proposing another output.

We decided to amend the major capex allowance for the project and set an allowance of $876.3 million. This is an increase of $52.3 million above the $824 million originally approved, but is $17.7 million less than the $894 million Transpower applied for. We also approved Transpower’s proposed amendments to the major capex project outputs.