Announcement
GENERAL: VCT: Electricity Distribution Asset Management Plan
04:28pm
VCT
31/03/2020 16:28
GENERAL
NOT PRICE SENSITIVE
REL: 1628 HRS Vector Limited
GENERAL: VCT: Electricity Distribution Asset Management Plan
Vector today published its Asset Management Plan (AMP) Update to comply with
the Electricity Distribution Information Disclosure Determination 2012.
This AMP Update sets out the material changes that have occurred in Vector's
Asset Management practices and investment since 31 March 2019, when the last
electricity AMP (2019-2029) was published.
As noted in our half year results published in February, we have invested
significant capital expenditure to improve asset reliability, and support
growth in Auckland.
Vector Group Chief Executive, Simon Mackenzie said, "Acknowledging the
challenges and opportunities ahead of us, we remain committed to our new
energy future vision and are confident we have the right strategy in place to
deliver for our customers.
"We acknowledge that due to our recently confirmed regulatory settings, we
are limited in how much we can invest in growing our networks to keep pace
with Auckland's rapid growth, while also addressing additional pressures
driven by the electrification of transport and changing customer behaviours.
"Given the fluid nature and inherent uncertainty of COVID-19 on our business,
future investments in our network will need to be reviewed and refined
accordingly.
"We remain committed to working with our stakeholders to overcome these
challenges, and to targeting investment as efficiently as we can," Mr
Mackenzie said.
Vector is committed to delivering a reliable and safe network and we note the
Commerce Commission's announcement to take a pragmatic approach to compliance
targets given the COVID-19 situation, which is outside the control of
individual companies.
The AMP Update can now be downloaded from Vector's website
(http://vector.co.nz/disclosures/electricity/amp).
ENDS
Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz, 021 312 928
Media contact
Sarah Williams, Chief Marketing and Communications Officer, Vector
Sarah.williams@vector.co.nz, 021 928 125
About Vector
Vector is New Zealand's leading network infrastructure company which runs a
portfolio of businesses delivering energy and communication services to more
than one million homes and commercial customers across the country. Vector is
leading the country in creating a new energy future for customers and
continues to grow and invest in the growth of Auckland, and in a wide range
of activities and locations. Vector is listed on the New Zealand Stock
Exchange with ticker symbol VCT. Our majority shareholder, with voting rights
of 75.1%, is Entrust. For further information, visit www.vector.co.nz
End CA:00351004 For:VCT Type:GENERAL Time:2020-03-31 16:28:38
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