Poles and wires owner Transgrid will bank a $603.7m profit this year, financial documents provided to the regulator suggest, as it attempts to slug New South Wales households with $1.14bn in capital works on an ambitious grid upgrade that has blown out.
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The Justice and Equity Centre has been equally scathing, describing Transgrid’s application as “fundamentally misconceived” and insisting it “must be rejected.” The consumer advocacy group argues that the “reopener rule” through which Transgrid is applying was intended for proposed future capital expenditure, not for costs already incurred.
