* This revised Pricing Schedule has been prepared to allow a discount payment to customers for the return of over-recovered revenue for the financial year ending 31st March 2021. Refer here for more information.
* This revised annual price-setting compliance statement has been prepared as the result of an instruction from the Commerce Commission. The Commerce Commission informed us in late January 2021 that our annual price-setting compliance statement issued in March 2020 was non-compliant as it did not include the pass-through balance allowance (PTBA). When we were setting prices for the 2021/22 year, we also found that we had excluded the IRIS incentive adjustment from our calculation of forecasted allowable revenue, in our March 2020 annual price-setting compliance statement. Both items are material and should have been included in the March 2020 annul price-setting compliance statement. Therefore, the annual price-setting compliance statement was amended.
Our investigation has found that human error was the reason that the pass-through allowable balance and the IRIS incentive allowance were missed out of the forecast allowable revenue, disclosed in March 2020.