_{*The prior period financial information has been restated, as described in Note 2 of the Financial Statements.}

Recognition and measurement

• Wholesale revenue: is recognised at a point in time, being when the Company fulfils its performance obligations in generating energy. The transaction price is dictated by spot market prices and control is deemed to have been passed to AEMO when electricity is generated as it is utilised in the NEM to provide energy to retailers.
• Retail revenue: is recognised at a point in time - when the Company fulfils its performance obligations in providing electricity to its customers, whereby the electricity is consumed by the customers at the same time it is provided by the Company. The transaction price includes a fixed component (service charge) and a variable component (based on consumption). Control is deemed to have passed to the customer as electricity is consumed by the customer (i.e. as they receive the benefit of this good).
• Environmental certificate revenue: is recognised at a point in time, being when the Company fulfils its performance obligations with customers through the supply of electricity or sale of the environmental certificate. It is measured as a component of the transaction price charged to customers for the provision of electricity, and measured at the sale price when sold directly to customers on the wholesale market.
• Operating lease expense: payments made under operating leases (net of any incentives received from the lessor) are expensed on a straight-line basis over the period of the lease.

Critical accounting estimate - Unbilled revenue

At the end of each reporting period, the volume of energy supplied since a customer’s last bill is estimated in determining unbilled revenue. This estimation requires judgement and is based on historical customer consumption patterns. Related to this are unbilled network expenses of unread electricity and gas meters which are estimated based on historical customer consumption patterns.