Creating a new energy future – a bold vision
7. Revenue continued
Revenue streams
Satisfaction of performance obligation
Metering services
The group receives revenue from business customers for providing electricity and gas metering and data services.
Customer is predominantly an energy retailer who has multiple customers (end users) consuming electricity and gas. Metering and metering data services comprise collection and provision of half-hourly data, utilising the group’s electricity and gas meter assets that are f itted at the premises of end users. Metering services are billed to the customer monthly, based on actual and validated metering and data services provided. Customers are billed a number of days after the end of the month to allow for data validation to take place. A contract asset is recognised at the end of each month for services provided but unbilled.
Other revenue streams
Other revenue includes telecommunications revenue and revenue from providing energy solution services. Telecommunications revenue from commercial customers comprise the sale of f ibre services. Revenue is recognised at the point in time of supply and customer consumption. Energy solutions services comprise predominantly the sale of home and commercial ventilation and solar services. Revenue is recognised over time, reflecting the percentage completion of each ventilation and solar system install.
7.2 Revenue in relation to contract liabilities The following table sets out the expected timing of future recognition of revenue relating to performance obligations not satisf ied (or partially satisf ied) at balance date:
1 – 2 YEARS $M
2 – 4 YEARS $M
TOTAL $M
2021
1.7 3.3 5.0
1.7 2.4 4.1
3.4 5.7 9.1
Electricity distribution services Telecommunication services
Total
1 – 2 YEARS $M
2 – 4 YEARS $M
TOTAL $M
2020
Electricity distribution services Telecommunication services
2.6 3.4 6.0
1.9 2.2 4.1
4.5 5.6
Total
10.1
Policies
No information is provided in relation to the remaining performance obligations at 30 June 2021 or 30 June 2020 that have an original duration of one year or less as permitted by NZ IFRS 15 Revenue from Contracts with Customers .
Revenue recognised
Of the revenue recognised this year, $32.6 million was included in the contract liability balance at the beginning of the reporting period. (2020: $30.2 million).
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