Vector says usage lags target on warm weather

Dec. 4 – Vector Ltd., New Zealand’s biggest distributor of power and gas, said electricity usage on its network was lower than forecast because of a mild winter and energy-saving campaigns.

Power distribution rose 0.5% to 2,294 gigawatt-hours in the third quarter, 2.1% less than expected, Vector said in a statement. Retail gas sales of 6.4 petajoules were unchanged from a year earlier.

New electricity connections rose 1% to 519,487. Vector’s shares were unchanged at NZ$2.01 and are down 10% this year.

(Businesswire.co.nz)

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