❓ Hon. Amber-Jade Sanderson questions the Minister for Energy regarding Verve Energy's investment in Vinalco Energy Pty Ltd and the refurbishment of the Muja A and B power plant. The Minister provides details on the carrying value of the investment and capital contributions.
AnsweredQoN 151Legislative Council
QuestionView source ↗
MUJA AB — REFURBISHMENT
151. Hon AMBER-JADE SANDERSON to the Leader of the House representing the Minister for Energy:
I refer to the decision to refurbish the Muja A and B power
plant.
(1) What value
was placed by Verve Energy on its ownership of 50 per cent of Vinalco Energy
Pty Ltd on each of these dates —
(a) 13 August 2010;
(b) 30 June 2011;
(c) 30 June 2012; and
(d) 31 March 2013?
(2) Has any
capital been paid to Vinalco Energy Pty Ltd by Verve Energy; and, if yes, on
what dates, and in what amounts?
151. Hon AMBER-JADE SANDERSON to the Leader of the House representing the Minister for Energy:
I refer to the decision to refurbish the Muja A and B power
plant.
(1) What value
was placed by Verve Energy on its ownership of 50 per cent of Vinalco Energy
Pty Ltd on each of these dates —
(a) 13 August 2010;
(b) 30 June 2011;
(c) 30 June 2012; and
(d) 31 March 2013?
(2) Has any
capital been paid to Vinalco Energy Pty Ltd by Verve Energy; and, if yes, on
what dates, and in what amounts?
AnswerView source ↗
I thank the honourable member for some notice of this
question. I thought I answered some of this in an answer to Hon Kate Doust, but
I may be wrong.
(1) Vinalco
Energy Pty Ltd—the company—is the trustee of the Vinalco Energy
Trust and Verve Energy's investment in the company is limited to $1,
being the amount paid to acquire one share of the company. The carrying value
of Verve Energy's investment in the Vinalco joint venture, including
the company and the trust, were as follows —
(a) net asset of $80 000 at 13
August 2010;
(b) net asset of $3 265 000 at 30
June 2011;
(c) net liability of $9 583 000 at
30 June 2012; and
(d) net asset of $10 294 000 at 31
March 2013.
(2) Capital
contribution to Vinalco Energy Pty Ltd is limited to the above $1. Capital
contribution to the trust includes —
(a) $80 000 on 13 August 2010; and
(b) $23 million on 5 September
2012.
The PRESIDENT : I seem to remember a
question like that asked yesterday, and if that is the case, it is on the
record twice.
question. I thought I answered some of this in an answer to Hon Kate Doust, but
I may be wrong.
(1) Vinalco
Energy Pty Ltd—the company—is the trustee of the Vinalco Energy
Trust and Verve Energy's investment in the company is limited to $1,
being the amount paid to acquire one share of the company. The carrying value
of Verve Energy's investment in the Vinalco joint venture, including
the company and the trust, were as follows —
(a) net asset of $80 000 at 13
August 2010;
(b) net asset of $3 265 000 at 30
June 2011;
(c) net liability of $9 583 000 at
30 June 2012; and
(d) net asset of $10 294 000 at 31
March 2013.
(2) Capital
contribution to Vinalco Energy Pty Ltd is limited to the above $1. Capital
contribution to the trust includes —
(a) $80 000 on 13 August 2010; and
(b) $23 million on 5 September
2012.
The PRESIDENT : I seem to remember a
question like that asked yesterday, and if that is the case, it is on the
record twice.
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