Commission's approach supports new energy future

Vector Ltd

MEDIA RELEASE

23 December 2016

COMMISSION’S APPROACH SUPPORTS NEW ENERGY FUTURE

Auckland energy company, Vector, welcomes the Commerce Commission’s future-focused approach to its final network regulation decision.

The decision involves input methodologies (IMs) as rules, requirements and processes applying to the revenue and investment of network businesses from 2020. Vector’s Chief Executive, Simon Mackenzie, says the outcome recognises the changing nature of the energy sector and the need for more flexibility.

“It’s great to see the Commerce Commission supporting the long-term interests of consumers. It recognises the reality and value of significant innovation in the energy sector that will change the way we deliver services to our customers. Along with that comes the need to invest in technology for an enhanced and more secure energy future,” says Mr Mackenzie.

“We appreciated the Commission’s constructive engagement with us to understand some of these fundamental changes. In particular, the challenges we face delivering leading solutions that cater to changing customer expectations and support Auckland’s growth and resilience.”

ENDS

About Vector

Vector is New Zealand’s leading multi-network infrastructure company which delivers energy and communication services to more than one million homes and businesses across the country.

Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT. Our majority shareholder, with voting rights of 75.4%, is Entrust (formerly Auckland Energy Consumer Trust). For further information, visit www.vector.co.nz

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