Tallinna Vesi - estnischer Wasserversorger (Seite 5)
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Tallinna Vesi: The Court resolved to conduct AS Tallinna Vesi's tariff dispute as partially open proceedings
On March 20th, 2013 the Tallinn administrative Court accepted AS Tallinna Vesi's application for open court proceedings only partially, resolving to continue with the proceedings regarding "specific water services price" in closed proceedings. The court's ruling cannot be appealed.
In the interests of open communication and transparency the Company applied for open court proceedings, which was granted by the court on the 15th of February 2012. The Competition Authority refused to have open court proceedings and on the 31st of May 2012, Tallinn District Court accepted their respective application without procedurally consulting with AS Tallinna Vesi. The company was able to demonstrate, with verifiable evidence, the reasons why the case should be conducted under open proceedings and therefore re-applied for open court proceedings.
This now means that during the court proceedings all discussions regarding the process of the privatisation, the legality of the privatisation contract, the tariff mechanism and the economic and financial performance of AS Tallinn Vesi will be open to public discussion. On the other hand based on the Competition Authority's firm opinion, and despite of the Company's repeated motions on full opening of the procedure, the court ruled that discussion over the actual tariff calculations and the Competition Authority's reasoning, must take place under closed court proceedings to protect the information that the Competition Authority had claimed to be a "business secret-.
AS Tallinna Vesi does not agree with the position that the Competition Authority, that is itself the main public authority, essentially a monopoly with the responsibility for setting utility tariffs for the population of Estonia, should be able to declare any information it chooses to be used only for "internal purposes" to protect its ways of working and methodologies.
AS Tallinna Vesi re-iterates its previously stated position that it believes in fully transparent regulation for the benefit of its clients. We consider the continuing secrecy surrounding the approval of utility prices is a big concern for the clients of all companies regulated by the Competition Authority. In times of growing concern over the utility prices, the public authorities should be striving for greater transparency, and not into increased secrecy depriving the clients of the regulated companies from the right to understand the formation of regulated tariffs.
The Company has made relevant financial and regulatory information to the extent allowed by the CA and the court available on its website.
On March 20th, 2013 the Tallinn administrative Court accepted AS Tallinna Vesi's application for open court proceedings only partially, resolving to continue with the proceedings regarding "specific water services price" in closed proceedings. The court's ruling cannot be appealed.
In the interests of open communication and transparency the Company applied for open court proceedings, which was granted by the court on the 15th of February 2012. The Competition Authority refused to have open court proceedings and on the 31st of May 2012, Tallinn District Court accepted their respective application without procedurally consulting with AS Tallinna Vesi. The company was able to demonstrate, with verifiable evidence, the reasons why the case should be conducted under open proceedings and therefore re-applied for open court proceedings.
This now means that during the court proceedings all discussions regarding the process of the privatisation, the legality of the privatisation contract, the tariff mechanism and the economic and financial performance of AS Tallinn Vesi will be open to public discussion. On the other hand based on the Competition Authority's firm opinion, and despite of the Company's repeated motions on full opening of the procedure, the court ruled that discussion over the actual tariff calculations and the Competition Authority's reasoning, must take place under closed court proceedings to protect the information that the Competition Authority had claimed to be a "business secret-.
AS Tallinna Vesi does not agree with the position that the Competition Authority, that is itself the main public authority, essentially a monopoly with the responsibility for setting utility tariffs for the population of Estonia, should be able to declare any information it chooses to be used only for "internal purposes" to protect its ways of working and methodologies.
AS Tallinna Vesi re-iterates its previously stated position that it believes in fully transparent regulation for the benefit of its clients. We consider the continuing secrecy surrounding the approval of utility prices is a big concern for the clients of all companies regulated by the Competition Authority. In times of growing concern over the utility prices, the public authorities should be striving for greater transparency, and not into increased secrecy depriving the clients of the regulated companies from the right to understand the formation of regulated tariffs.
The Company has made relevant financial and regulatory information to the extent allowed by the CA and the court available on its website.
21.02.2012 08:30
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On Friday, February 17th, the Competition Authority disputed Tallinn
Administrative Court's order to suspend the fulfilment of the Competition
Authority's prescription until the Court delivers a final judgement regarding
the tariff complaints.
Two weeks earlier the Administrative Court informed AS Tallinna Vesi that it
granted the water company's application to suspend the fulfilment of the
Competition Authority's prescription until the Court's final judgement.
According to the Competition Authority's prescription, the water company was to
lower the tariffs by 29%.
AS Tallinna Vesi has until February 27th to respond to the Competition
Authority's appeal to the Tallinn District Court. The CEO of AS Tallinna Vesi,
Ian Plenderleith confirmed that the company intends to respond to the appeal.
'The District court's ruling shall be final, it cannot be appealed to the
Supreme Court. It is difficult to anticipate how long it will take the District
Court to arrive at a ruling, ' said Plenderleith.
On November 9th, 2011 AS Tallinna Vesi submitted an application to the
Administrative Court for preliminary injunctive relief, asking the court to
suspend the validity of the prescription until the Court delivers a judgment
regarding the associated complaint contesting the prescription.
AS Tallinna Vesi has submitted two complaints against the Competition Authority
to the Tallinn Administrative Court. Firstly, to contest the Competition
Authority's 2.05.2011 decision regarding the non-approval of AS Tallinna Vesi's
2011 tariff application, and secondly the 10.10.2011 prescription which ordered
AS Tallinna Vesi to decrease its current tariffs by 29%. On 6.02.2012 the Court
joined the two proceedings.
---------------------------------------------------------------------------
On Friday, February 17th, the Competition Authority disputed Tallinn
Administrative Court's order to suspend the fulfilment of the Competition
Authority's prescription until the Court delivers a final judgement regarding
the tariff complaints.
Two weeks earlier the Administrative Court informed AS Tallinna Vesi that it
granted the water company's application to suspend the fulfilment of the
Competition Authority's prescription until the Court's final judgement.
According to the Competition Authority's prescription, the water company was to
lower the tariffs by 29%.
AS Tallinna Vesi has until February 27th to respond to the Competition
Authority's appeal to the Tallinn District Court. The CEO of AS Tallinna Vesi,
Ian Plenderleith confirmed that the company intends to respond to the appeal.
'The District court's ruling shall be final, it cannot be appealed to the
Supreme Court. It is difficult to anticipate how long it will take the District
Court to arrive at a ruling, ' said Plenderleith.
On November 9th, 2011 AS Tallinna Vesi submitted an application to the
Administrative Court for preliminary injunctive relief, asking the court to
suspend the validity of the prescription until the Court delivers a judgment
regarding the associated complaint contesting the prescription.
AS Tallinna Vesi has submitted two complaints against the Competition Authority
to the Tallinn Administrative Court. Firstly, to contest the Competition
Authority's 2.05.2011 decision regarding the non-approval of AS Tallinna Vesi's
2011 tariff application, and secondly the 10.10.2011 prescription which ordered
AS Tallinna Vesi to decrease its current tariffs by 29%. On 6.02.2012 the Court
joined the two proceedings.
28.01.2011 09:47
Tallinna Vesi: CORRECTION: AS Tallinna Vesi's main business operating profit decreased by 10.1% in 2010
Corrected main business operating profit decrease number from 10.9 per cent to 10.1 per cent
Tallinn, Estonia, 2011-01-28 09:46 CET (GLOBE NEWSWIRE) --In 2010 AS Tallinna Vesi's operating profit from water and wastewater related activities decreased by 10.1 per cent to 377.9 million kroons (24.15 million euros) compared to 2009. Profits from other activities increased by 25.2 per cent to 51.8 million kroons (3.31 million euros).
AS Tallinna Vesi's CEO Ian Plenderleith said that last year's financial results were severely impacted by sales volume decreases in Tallinn and higher pollution tax and electricity costs.. "Whilst the sales revenue decrease in Tallinn was compensated by a volume increase in outside service areas and the first full year implementation of the Maardu contract, our costs were severley impacted by the exceptional weather conditions, increased pollution load and a surge in electricity costs that resulted from the opening of the electricity market," commented Plenderleith. Additionally the reduction of water and wastewater tariffs by 0.9 per cent January 2010 also contributed to the drop in sales revenues in Tallinn.
"We are however pleased that while dealing with difficult challenges, we have managed to ensure the best ever drinking water quality for the residents of the city," added Plenderleith. 99.59 per cent of water samples taken from the taps of the customers were compliant with quality requirements, exceeding the 95 per cent requirement established by law and the Services Agreement.
AS Tallinna Vesi invested 274.3 million kroons (17.53 million euros) into reconstruction and construction of new fixed assets in 2010. The main new projects were the construction of the additional treatment stage at Paljassaare wastewater treatment plant and the completion of the network extension program. AS Tallinna Vesi laid 61,9 kilometres of new pipes in 2010 and gave more than 1100 families the opportunity to connect to the public water and wastewater network.
In the third quarter of the year, the Anti-Monopoly Bill was passed and became effective on November 1st, transferring the water and wastewater tariff approval process from the City of Tallinn to the Competition Authority . On November 9th the Company submitted a five year tariff application to the Competiton Authority, within which requesting a 3.5% tariff increase in 2011. This application was made as per the terms contractually agreed in the Services Agreement and in accordance with best practice regulation for privatized utilities - based on the principles used by Ofwat in the UK.
"At this point in time the Company is unable to say what the tariffs will be for 2011 as it is unclear how the Competition Authority intends to analyze and proceed with the application, and whether the Competition Authority will consider the terms and conditions of the privatisation contract and Services Agreement," noted Plenderleith.
Tallinna Vesi: CORRECTION: AS Tallinna Vesi's main business operating profit decreased by 10.1% in 2010
Corrected main business operating profit decrease number from 10.9 per cent to 10.1 per cent
Tallinn, Estonia, 2011-01-28 09:46 CET (GLOBE NEWSWIRE) --In 2010 AS Tallinna Vesi's operating profit from water and wastewater related activities decreased by 10.1 per cent to 377.9 million kroons (24.15 million euros) compared to 2009. Profits from other activities increased by 25.2 per cent to 51.8 million kroons (3.31 million euros).
AS Tallinna Vesi's CEO Ian Plenderleith said that last year's financial results were severely impacted by sales volume decreases in Tallinn and higher pollution tax and electricity costs.. "Whilst the sales revenue decrease in Tallinn was compensated by a volume increase in outside service areas and the first full year implementation of the Maardu contract, our costs were severley impacted by the exceptional weather conditions, increased pollution load and a surge in electricity costs that resulted from the opening of the electricity market," commented Plenderleith. Additionally the reduction of water and wastewater tariffs by 0.9 per cent January 2010 also contributed to the drop in sales revenues in Tallinn.
"We are however pleased that while dealing with difficult challenges, we have managed to ensure the best ever drinking water quality for the residents of the city," added Plenderleith. 99.59 per cent of water samples taken from the taps of the customers were compliant with quality requirements, exceeding the 95 per cent requirement established by law and the Services Agreement.
AS Tallinna Vesi invested 274.3 million kroons (17.53 million euros) into reconstruction and construction of new fixed assets in 2010. The main new projects were the construction of the additional treatment stage at Paljassaare wastewater treatment plant and the completion of the network extension program. AS Tallinna Vesi laid 61,9 kilometres of new pipes in 2010 and gave more than 1100 families the opportunity to connect to the public water and wastewater network.
In the third quarter of the year, the Anti-Monopoly Bill was passed and became effective on November 1st, transferring the water and wastewater tariff approval process from the City of Tallinn to the Competition Authority . On November 9th the Company submitted a five year tariff application to the Competiton Authority, within which requesting a 3.5% tariff increase in 2011. This application was made as per the terms contractually agreed in the Services Agreement and in accordance with best practice regulation for privatized utilities - based on the principles used by Ofwat in the UK.
"At this point in time the Company is unable to say what the tariffs will be for 2011 as it is unclear how the Competition Authority intends to analyze and proceed with the application, and whether the Competition Authority will consider the terms and conditions of the privatisation contract and Services Agreement," noted Plenderleith.
Tallinn, Estonia, 2011-01-07 08:27 CET (GLOBE NEWSWIRE) --In 2011 the financial results of the AS Tallinna Vesi will be disclosed on the following dates:
28.01.2011 Preliminary, unaudited results for 2010
25.03.2011 Audited results for 2010
29.04.2011 Q1 results for 2011
29.07.2011 Q2 results for 2011
28.10.2011 Q3 results for 2011
The AGM is planned to take place on 17 May 2011.
28.01.2011 Preliminary, unaudited results for 2010
25.03.2011 Audited results for 2010
29.04.2011 Q1 results for 2011
29.07.2011 Q2 results for 2011
28.10.2011 Q3 results for 2011
The AGM is planned to take place on 17 May 2011.
10.12.2010 13:25
Tallinna Vesi: AS Tallinna Vesi lodges complaint to the European Commission
AS Tallinna Vesi has on 10th of December 2010 lodged a complaint to the European Commission regarding certain measures adopted by the Estonian authorities - in particular the Anti-Monopoly bill and its implementing measures - which the company contends unilaterally alter the terms of AS Tallinna Vesi's privatisation without any form of meaningful prior discussion or willingness to engage in dialogue, and therefore violate EU rules on the freedom of establishment and the free movement of capital (articles 49 and 63 TFEU).
Priit Koff Head of Public Relations AS Tallinna Vesi +372 62 62 209 priit.koff@tvesi.ee
Tallinna Vesi: AS Tallinna Vesi lodges complaint to the European Commission
AS Tallinna Vesi has on 10th of December 2010 lodged a complaint to the European Commission regarding certain measures adopted by the Estonian authorities - in particular the Anti-Monopoly bill and its implementing measures - which the company contends unilaterally alter the terms of AS Tallinna Vesi's privatisation without any form of meaningful prior discussion or willingness to engage in dialogue, and therefore violate EU rules on the freedom of establishment and the free movement of capital (articles 49 and 63 TFEU).
Priit Koff Head of Public Relations AS Tallinna Vesi +372 62 62 209 priit.koff@tvesi.ee
Trading Spotlight
20.10.2010 07:55
Tallinna Vesi: AS TALLINNA VESI OPERATIONS PERFORMANCE 9 MONTHS 2010
AS Tallinna Vesi's overall operating performance in the third quarter of 2010 was very good, with very high water quality results and significant improvements in service reliability. The number of planned interruptions in the third quarter exceeded the number of unplanned interruptions, thus allowing the Company to notify its customers of service interruptions beforehand. The number of complaints has also been decreasing from the beginning of the year due to restructuring of customer service operations. AS Tallinna Vesi remains on target to achieve its required levels of service and quality standards agreed with the City of Tallinn in the Services Agreement by the end of 2010.
-------------------------------------------------------------------------------- | Operation Performance | 2009 1-9 months | 2010 9 months | -------------------------------------------------------------------------------- | Water | | | -------------------------------------------------------------------------------- | Water compliance at customers | 99,50 | 99,54 | | premises % | | | -------------------------------------------------------------------------------- | Total number of customer | 597 | 318 | | interruptions (unplanned) | | | -------------------------------------------------------------------------------- | Average unplanned interruption | 4,19 | 4,18 | | time per property hrs | | | -------------------------------------------------------------------------------- | Number of customer contacts | 844 | 1030 | | regarding water pressure | | | -------------------------------------------------------------------------------- | Loss of water in distribution | 17,64 | 21,2 | | system % | | | -------------------------------------------------------------------------------- | Wastewater | | | -------------------------------------------------------------------------------- | Number of sewer blockings | 942 | 807 | -------------------------------------------------------------------------------- | Number of sewer collapses | 87 | 89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Network Extension Program | | | -------------------------------------------------------------------------------- | Water network completion | Wastewater network | Stormwater | | | completion | connection | | | | completion | -------------------------------------------------------------------------------- | 5, 1 kilometres or 99% | 38,5 kilometres or | 9,8 kilometres or | | | 97% | 78% | --------------------------------------------------------------------------------
Water
No incidents or events occurred in the third quarter, thus water quality remains to be on an excellent level, with 100% of the water samples taken at the Ülemiste water treatment plant compliant with quality standards and 99,54% of the water samples taken at the customer's tap compliant with the quality standards established by the Ministry of Social Affairs. The current quality regulation agreed with the City of Tallinn in the Services Agreement requires at least 95% compliance.
Network
The overall leakages level has worsened year-on-year due to the effects of the severe winter in the beginning of the year, but overall network performance has improved during the third quarter, reaching to 19,1%. The company continues to target the economic leakages level in Tallinn, estimated to be 18%.
A significant improvement in service reliability has been achieved due to the number of unplanned interruptions decreasing by 55% as the result of changes in work management processes. The Company expects to achieve within 2010 the target of reducing the number of unplanned interruptions to be below the number of planned interruptions, thus allowing the Company to inform its customers of planned works and giving them the chance to plan their activities accordingly.
AS Tallinna Vesi repaired over 200 manholes during September as per agreement with the City of Tallinn, contributing to better road surface in the capital.
Network Extension Program
The Company has completed 91,3% of the network extension program planned for 2010 and all work should be completed by 15th of November. Altogether 5.1 kilometres of water network, 38.5 kilometres of wastewater network and 9.8 kilometres of stormwater network have been completed, mostly in Nõmme, Pirita and Haabersti.
Altogether 3575 properties will have the possibility to connect to public wastewater as part of the 2008-2010 Network Extension Program, of these 2071 were connected as of Q3 2010. The Company organized the miniregatta in Tallinn in August to draw more attention to the network extension program and to invite residents to connect to the system. As the result of the awareness campaign and proactive sales, the total number of subsidy sewage connections is estimated to reach over 2400 by the end of 2010.
Investments and capital program
AS Tallinna Vesi has invested over 113 million kroons into its operations during 2010, included in this sum is the initial investment into the construction of an additional treatment stage at the wastewater treatment plant, the biofilter. Over 57 million kroons have been invested into the network extension program, 24 million kroons into the wastewater treatment plan and over 18 million kroons in the water and wastewater networks.
Customers and Community
The Company held its annual open door day at the Ülemiste water treatment plant in August, attracting over 300 people to tour the facilities.
Several changes in the customer service section of the Company's operations have resulted in improved customer service. For example the percentage of lost calls on a normal day in the third quarter was just 1 per cent, while 82,2% of all letters were answered within 2 working days. Written complaints have also decreased by 20% in Q3.
Priit Koff Head of Public Relations AS Tallinna Vesi +372 62 62 209 priit.koff@tvesi.ee
Tallinna Vesi: AS TALLINNA VESI OPERATIONS PERFORMANCE 9 MONTHS 2010
AS Tallinna Vesi's overall operating performance in the third quarter of 2010 was very good, with very high water quality results and significant improvements in service reliability. The number of planned interruptions in the third quarter exceeded the number of unplanned interruptions, thus allowing the Company to notify its customers of service interruptions beforehand. The number of complaints has also been decreasing from the beginning of the year due to restructuring of customer service operations. AS Tallinna Vesi remains on target to achieve its required levels of service and quality standards agreed with the City of Tallinn in the Services Agreement by the end of 2010.
-------------------------------------------------------------------------------- | Operation Performance | 2009 1-9 months | 2010 9 months | -------------------------------------------------------------------------------- | Water | | | -------------------------------------------------------------------------------- | Water compliance at customers | 99,50 | 99,54 | | premises % | | | -------------------------------------------------------------------------------- | Total number of customer | 597 | 318 | | interruptions (unplanned) | | | -------------------------------------------------------------------------------- | Average unplanned interruption | 4,19 | 4,18 | | time per property hrs | | | -------------------------------------------------------------------------------- | Number of customer contacts | 844 | 1030 | | regarding water pressure | | | -------------------------------------------------------------------------------- | Loss of water in distribution | 17,64 | 21,2 | | system % | | | -------------------------------------------------------------------------------- | Wastewater | | | -------------------------------------------------------------------------------- | Number of sewer blockings | 942 | 807 | -------------------------------------------------------------------------------- | Number of sewer collapses | 87 | 89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Network Extension Program | | | -------------------------------------------------------------------------------- | Water network completion | Wastewater network | Stormwater | | | completion | connection | | | | completion | -------------------------------------------------------------------------------- | 5, 1 kilometres or 99% | 38,5 kilometres or | 9,8 kilometres or | | | 97% | 78% | --------------------------------------------------------------------------------
Water
No incidents or events occurred in the third quarter, thus water quality remains to be on an excellent level, with 100% of the water samples taken at the Ülemiste water treatment plant compliant with quality standards and 99,54% of the water samples taken at the customer's tap compliant with the quality standards established by the Ministry of Social Affairs. The current quality regulation agreed with the City of Tallinn in the Services Agreement requires at least 95% compliance.
Network
The overall leakages level has worsened year-on-year due to the effects of the severe winter in the beginning of the year, but overall network performance has improved during the third quarter, reaching to 19,1%. The company continues to target the economic leakages level in Tallinn, estimated to be 18%.
A significant improvement in service reliability has been achieved due to the number of unplanned interruptions decreasing by 55% as the result of changes in work management processes. The Company expects to achieve within 2010 the target of reducing the number of unplanned interruptions to be below the number of planned interruptions, thus allowing the Company to inform its customers of planned works and giving them the chance to plan their activities accordingly.
AS Tallinna Vesi repaired over 200 manholes during September as per agreement with the City of Tallinn, contributing to better road surface in the capital.
Network Extension Program
The Company has completed 91,3% of the network extension program planned for 2010 and all work should be completed by 15th of November. Altogether 5.1 kilometres of water network, 38.5 kilometres of wastewater network and 9.8 kilometres of stormwater network have been completed, mostly in Nõmme, Pirita and Haabersti.
Altogether 3575 properties will have the possibility to connect to public wastewater as part of the 2008-2010 Network Extension Program, of these 2071 were connected as of Q3 2010. The Company organized the miniregatta in Tallinn in August to draw more attention to the network extension program and to invite residents to connect to the system. As the result of the awareness campaign and proactive sales, the total number of subsidy sewage connections is estimated to reach over 2400 by the end of 2010.
Investments and capital program
AS Tallinna Vesi has invested over 113 million kroons into its operations during 2010, included in this sum is the initial investment into the construction of an additional treatment stage at the wastewater treatment plant, the biofilter. Over 57 million kroons have been invested into the network extension program, 24 million kroons into the wastewater treatment plan and over 18 million kroons in the water and wastewater networks.
Customers and Community
The Company held its annual open door day at the Ülemiste water treatment plant in August, attracting over 300 people to tour the facilities.
Several changes in the customer service section of the Company's operations have resulted in improved customer service. For example the percentage of lost calls on a normal day in the third quarter was just 1 per cent, while 82,2% of all letters were answered within 2 working days. Written complaints have also decreased by 20% in Q3.
Priit Koff Head of Public Relations AS Tallinna Vesi +372 62 62 209 priit.koff@tvesi.ee
Tallinna Vesi: competition Board’s analysis on the price of water is insufficient
Juhan Tere, BC, Tallinn, 10.08.2010.Print version
AD
AS Tallinna Vesi stated that the effect of the law on curbing monopolies’ pricing policies that was proclaimed by President Toomas Hendrik Ilves will not be clear, writes LETA/EPL Online.
The enterprise noted that from the entry into force of the new law, the Competition Board will start approving of water tariffs of the water supply utility companies, but the board has not determined its pricing policy methodology nor has it imposed any standards on the services that the companies must meet.
“AS Tallinna Vesi as well as the City of Tallinn will have to carry out a professional and open dialogue with the Competition Board in order to guarantee that the requirements provided in the current service agreement be met,” announced the enterprise in the press release issued to the stock exchange. Tallinna Vesi remarked that thus far no professional discussions on the matter have been held with them.
The enterprise noted that in the past couple of weeks, the Competition Board has made several comments via the media, asserting that on the basis of their analysis the water prices in Tallinn could fall by 20-35%.
“We want to emphasise to the company’s investors and customers that this is a matter that requires further analysis; the Competition Board also admitted that their analysis was merely a simulation that did not thoroughly investigate the financial results and activities undertaken by AS Tallinna Vesi since the enterprise was privatised,” read the statement signed by Ian Plenderleith, the CEO of the company.
“AS Tallinna Vesi is interested in an open and transparent regulatory environment that would comply with the internationally recognised standards and meets with the terms of the privatisation agreement concluded in 2001,” added the company’s press release.
Juhan Tere, BC, Tallinn, 10.08.2010.Print version
AD
AS Tallinna Vesi stated that the effect of the law on curbing monopolies’ pricing policies that was proclaimed by President Toomas Hendrik Ilves will not be clear, writes LETA/EPL Online.
The enterprise noted that from the entry into force of the new law, the Competition Board will start approving of water tariffs of the water supply utility companies, but the board has not determined its pricing policy methodology nor has it imposed any standards on the services that the companies must meet.
“AS Tallinna Vesi as well as the City of Tallinn will have to carry out a professional and open dialogue with the Competition Board in order to guarantee that the requirements provided in the current service agreement be met,” announced the enterprise in the press release issued to the stock exchange. Tallinna Vesi remarked that thus far no professional discussions on the matter have been held with them.
The enterprise noted that in the past couple of weeks, the Competition Board has made several comments via the media, asserting that on the basis of their analysis the water prices in Tallinn could fall by 20-35%.
“We want to emphasise to the company’s investors and customers that this is a matter that requires further analysis; the Competition Board also admitted that their analysis was merely a simulation that did not thoroughly investigate the financial results and activities undertaken by AS Tallinna Vesi since the enterprise was privatised,” read the statement signed by Ian Plenderleith, the CEO of the company.
“AS Tallinna Vesi is interested in an open and transparent regulatory environment that would comply with the internationally recognised standards and meets with the terms of the privatisation agreement concluded in 2001,” added the company’s press release.
On 5 August 2010 the President of Estonia ratified the law setting price limits for monopolies. As we reported in our announcement on 3 August 2010 the main consequence of this Act is that from 1 November 2010 the company's tariffs will be approved by the Competition Authority and not the City of Tallinn. At this point in time it is very unclear what impact this will have on ASTV as the Competition Authority has not yet defined the price methodology nor the service standards that ASTV must achieve. Both ASTV and the City of Tallinn will need to engage in professional and open dialogue with the Competition Authority to ensure the terms and conditions of the current contract are respected. ASTV has no objection to balanced and professional quality and economic regulation of the Water industry that meets with internationally acceptable principles. To date however no professional discussions have taken place with ASTV regarding this subject. Over the past few weeks the Competition Authority has made a number of public comments stating that, as a result of their thorough analysis of ASTV's financial performance ASTV's tariffs will now have to reduce by anything between 15% and 25%. We would like to point out to our investors and customers that these our headline statements only, and that the Competition Authority's analysis was, in their own words, a high level simulation which did not thoroughly analyse ASTV's results and performance since privatisation. Before statements such as these have any economic credibility there needs to be a thorough analysis of past performance using best practice regulatory principles. The Competition Authority's simulation includes a number of aspects that require further discussion as the regulatory principles used do not appear to be in accordance with internationally acceptable principles of economic regulation. For example, it is not clear:
1) What are the service standards that the company will have to achieve post November 2010? 2) How has the privatisation value of ASTV been factored into the calculation of invested capital? 3) What is the methodology for calculating the weighted average cost of capital? 4) What principles does the Competition Authority use to protect the purchasing power of invested capital from inflation? 5) Has the Competition Authority calculated ASTV's returns since privatisation and does it believe that ASTV has been too profitable over this period? 6) the current structure lacks independence as according to the law the company can make pre-court appeals about the methods and decisions of the Competition Authority only to the Competition Authority, this needs reviewing.
ASTV looks forward to open and professional dialogue with the Competition Authority on the above points and many others prior to any changes in methodology being implemented. ASTV is only interested in open and transparent regulation that meets with internationally acceptable principles and recognises the terms and conditions of the privatisation agreement signed in 2001. ASTV will keep its investors fully informed of these discussions over the weeks ahead.
Ian Plenderleith Chairman of the Management Board AS Tallinna Vesi 6262201 ian.plenderleith@tvesi.ee
1) What are the service standards that the company will have to achieve post November 2010? 2) How has the privatisation value of ASTV been factored into the calculation of invested capital? 3) What is the methodology for calculating the weighted average cost of capital? 4) What principles does the Competition Authority use to protect the purchasing power of invested capital from inflation? 5) Has the Competition Authority calculated ASTV's returns since privatisation and does it believe that ASTV has been too profitable over this period? 6) the current structure lacks independence as according to the law the company can make pre-court appeals about the methods and decisions of the Competition Authority only to the Competition Authority, this needs reviewing.
ASTV looks forward to open and professional dialogue with the Competition Authority on the above points and many others prior to any changes in methodology being implemented. ASTV is only interested in open and transparent regulation that meets with internationally acceptable principles and recognises the terms and conditions of the privatisation agreement signed in 2001. ASTV will keep its investors fully informed of these discussions over the weeks ahead.
Ian Plenderleith Chairman of the Management Board AS Tallinna Vesi 6262201 ian.plenderleith@tvesi.ee
Antwort auf Beitrag Nr.: 39.866.014 von R-BgO am 23.07.10 10:25:50http://www.nasdaqomxbaltic.com/market/?pg=details&instrument…
23.07.2010 08:02
Tallinna Vesi: Results of operations for the 1st half-year 2010 (EEK)
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2010
Overview
During the first six months of 2010 the Company's total sales increased, year on year, by 1.4% to 387.0 mln EEK. The Company's underlying operating profit for the first six months of 2010, from water and wastewater related activities, decreased by 6.0% to 196.6 mln EEK compared to the six months of 2009. Profits from other activities (mainly construction and developments) increased by 140.6% to 20.9 mln EEK compared to the same six months of 2009. The Company's profit before taxes was 172.9 mln EEK, which is on the same level compared to the same six months of 2009.
Tallinna Vesi: Results of operations for the 1st half-year 2010 (EEK)
MANAGEMENT REPORT RESULTS OF OPERATIONS - FOR THE 1st HALF-YEAR 2010
Overview
During the first six months of 2010 the Company's total sales increased, year on year, by 1.4% to 387.0 mln EEK. The Company's underlying operating profit for the first six months of 2010, from water and wastewater related activities, decreased by 6.0% to 196.6 mln EEK compared to the six months of 2009. Profits from other activities (mainly construction and developments) increased by 140.6% to 20.9 mln EEK compared to the same six months of 2009. The Company's profit before taxes was 172.9 mln EEK, which is on the same level compared to the same six months of 2009.
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Tallinna Vesi - estnischer Wasserversorger
