On 6 August 2015 we made a decision on Transpower's application to amend the major capex allowance for the North Island grid upgrade project.
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.