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Home / New Zealand

Commerce Commission files proceedings against Vector for excessive electricity outages

NZ Herald
2 Sep, 2022 12:55 AM3 mins to read

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The proceedings have been filed in the Auckland High Court. Photo / Michael Craig

The proceedings have been filed in the Auckland High Court. Photo / Michael Craig

Proceedings have been filed against Vector for excessive electricity outages in the Auckland region.

The Commerce Commission filed the civil proceedings in the Auckland High Court against the electricity lines company for failing to meet minimum reliability requirements for four consecutive years, a statement from the commission said.

Vector supplies electricity to more than half a million homes and businesses in the greater Auckland region.

The commission is seeking financial penalties from Vector for failing to meet its network quality standards. These standards required Vector to stay within an annual reliability limit in two out of every three years, the commission said.

"Vector has co-operated with the commission's investigation and confirmed it will not challenge the proceedings."

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Until court proceedings are completed, the commission said they are unable to make further comment.

As a regulated business, Vector must comply with the Commerce Commission's regulations regarding its revenue and service standards.

Service quality is measured by the average duration and frequency of electricity outages.

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The average frequency and duration of outages is reported annually, with results assessed against annual reliability limits.

Late last month Vector reported flat full-year operating earnings for the 12 months to June 30, and net profit that fell from $194.6 million to $160.9m as it took a $40.2m non-cash impairment on its LPG business.

Shares were flat at $4.71 in early trading.

The NZX-listed lines company said earnings in its gas trading business were hurt by
Saudi Aramco's higher LPG contract pricing, higher Emissions Trading Scheme costs and the weaker Kiwi dollar.

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There had been a 7.4 per cent decrease in 9kg LPG bottle swaps to 629,651.

Vector chief executive Simon Mackenzie told the Herald then that Vector's heavily-regulated pricing was tied to Reserve Bank projections that had pegged inflation at between 2 and 3 per cent.

Vector would not be able to increase its pricing to account for the actual rate of inflation, about 7 per cent, until 2024.

In the interim, its inability to keep up with the CPI would cost it about $16m per year, Mackenzie said.

Revenue was up 4.7 per cent to $1.24 billion. Adjusted ebitda dipped 0.7 per cent to $510m.

The full-year dividend was flat at 16.75 cents per share.

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Vector said it would not provide FY2023 guidance until its interim results.

There was no substantial update on the strategic review of its smart metering business - which analysts see as potentially worth more than $4b in an action, based on Brookfield's purchase of 50 per cent of Australian smart meter Intellihub in April - other than the review was "ongoing".

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