❓ Mr. Johnston questions the Energy Minister about Western Power's dividend payment to the state government, and the Minister confirms satisfaction while clarifying the nature of the dividend, highlighting one-off factors and gifted assets.
AnsweredQoN 727Legislative Assembly
QuestionView source ↗
WESTERN POWER — DIVIDEND
727. Mr W.J. JOHNSTON to the Minister for
Energy:
I refer to the Western Power annual report that the minister tabled
today.
(1) Is the minister satisfied with the
dividend of $400 988 000 that Western Power paid to the state government in the
2015–16 financial year?
(2) Does the minister recognise that this
money is used by the state government to pay for teachers, nurses and police
for the benefit of the community of Western Australia?
727. Mr W.J. JOHNSTON to the Minister for
Energy:
I refer to the Western Power annual report that the minister tabled
today.
(1) Is the minister satisfied with the
dividend of $400 988 000 that Western Power paid to the state government in the
2015–16 financial year?
(2) Does the minister recognise that this
money is used by the state government to pay for teachers, nurses and police
for the benefit of the community of Western Australia?
AnswerView source ↗
(1)–(2) Yes, I am satisfied with
that, and Western Power does make a contribution. I might add that there were a
couple of one-offs, in the sense that we had an interim dividend that was
supposed to come in in 2014–15 but that came in in 2015–16. It
was an interim dividend, or an extra half-year dividend. I cannot remember the
exact sum, but I think that over $200 million of that was gifted assets; that
is, developers go out there, they build an asset and they give it to Western
Power, and Western Power treats that as revenue according to the rules it
operates under. That is a one-off and it then has to manage those assets going
forward. It is treated as revenue because it is physical assets given to them.
It is treated as revenue in a valuation, but it is not revenue. For dividends
and income taxes, it is treated as revenue, and we collect income on it. That
will be the high-water mark of the dividends and revenue from Western Power in
the foreseeable future.
that, and Western Power does make a contribution. I might add that there were a
couple of one-offs, in the sense that we had an interim dividend that was
supposed to come in in 2014–15 but that came in in 2015–16. It
was an interim dividend, or an extra half-year dividend. I cannot remember the
exact sum, but I think that over $200 million of that was gifted assets; that
is, developers go out there, they build an asset and they give it to Western
Power, and Western Power treats that as revenue according to the rules it
operates under. That is a one-off and it then has to manage those assets going
forward. It is treated as revenue because it is physical assets given to them.
It is treated as revenue in a valuation, but it is not revenue. For dividends
and income taxes, it is treated as revenue, and we collect income on it. That
will be the high-water mark of the dividends and revenue from Western Power in
the foreseeable future.
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