Tonga Power Limited

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Board of Directors

Mr. Carl Sanft                       

Position         Chairperson  

Expiry Date    

 

Dr. Nailasikau Halatuituia              

Position         Board Member  

Expiry Date    

 

Ms. Fuiva Kavaliku              

Position         Board Member  

Expiry Date    

 

Mr. Sione Havea Taione                

Position         Board Member  

Expiry Date    

 

Mr. ‘Aisake Tu’iono                         

Position         Board Member  

Expiry Date

 

Tonga Power Limited is part of the Utilities group and its board of directors are shared with Tonga Water Board and Waste Authority Limited. The shared board was originally appointed for a one-year term.

Activities

Tonga Power Limited was established in 2008 through the acquisition of the power assets formally owned by the Shoreline Group. The Act governing the operations of Tonga power is the Electricity Act 2007. Pursuant to Section 20 of that Act, Tonga Power Limited (TPL) has been granted a concession to generate and supply power throughout Tonga. While the Concession is for an open period, it can be terminated by the Government upon giving not less than three and not more than six months notice prior to the Reset Date. The first Reset Date was 2015 and the company successfully negotiated a new Reset Date, expiring in 2020.

The SOE has two operating subsidiaries, Home Gas Limited and Tonga Gas Limited, the latter was acquired in 2015. Home Gas Limited was purchased from Tonga Investments Limited, which was another SOE.

Tonga Power paid the government a dividend of T$2 million in 2015. Dividends paid since 2010 total T$7.2 million.

The government has set a target to achieve 50% of electricity generation from renewable energy sources by 2020. As at 30 June 2015 renewable sources comprise 8.9% of electricity generation.  Tonga Power is regulated by the Electricity Commission.

Vision and Mission

Safe, reliable and sustainable and affordable service to the people of Tonga.

Financial Highlights

Audited Financial Highlights (T$’000) 2013 2014 2015 2016 2017 5-yr Average
Revenue 44,152 54,348 49,211 51,832 58,362 51,581
Net Profit After Tax 2,393 2,656 1,904 5,505 5,471 3,586
CSO payments
Total Assets 71,550 94,426 127,299 133,614 141,216 113,621
Total Liabilities 22,092 38,503 71,462 75,173 81,072 57,660
Shareholders’ Funds 49,458 55,833 55,836 58,441 60,144 55,942
Avg. ROE % 5% 5% 3% 10% 9% 6%
Avg. ROA % 3% 3% 2% 4% 4% 3%
Asset Utilization 62% 58% 39% 39% 41% 48%
Cash / Current liabilities 0.46 0.66 0.37 0.28 0.54 0.46

Important Documents

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