Sharechat Logo

Vector announces its operational performance for the 3 months

Wednesday 21st October 2020

Text too small?

Operational performance highlights:

• 582,990 electricity network connections, up 1.7% on September 2019

• 114,584 gas network connections, up 2.0% on September 2019

• 7.0% lift in 9kg LPG bottle swaps

• 9.2% growth of advanced meter fleet (1,746,990 installed across Aus/NZ)

• Over 300,000 advanced meters now installed in Australian market

Commentary:

Covid-19 has continued to impact Vector’s business operations during the September quarter, with New Zealand at alert level 2 and Auckland at alert level 3 for much of the quarter. In Australia, our teams have also been impacted by various levels of Government restrictions. As a lifeline utility, Vector has continued to operate essential services during this period across its electricity, gas, fibre and metering businesses.

The first quarter has seen Auckland’s growth continue, in turn driving strong network connection numbers across Vector’s electricity and gas networks. In the year to 30 September, total electricity connection numbers grew by 1.7% compared to a year earlier. Electricity distributed volume for the quarter was down 0.6% on the prior September quarter, driven by reduced activity from the industrial and commercial sectors due to COVID-19.

Auckland’s continuing growth helped drive an uplift in gas network distribution customers, with a 2.0% increase in total connections compared to September 2019. Gas distribution volume over the September quarter was slightly down compared with the prior year.

Vector’s metering business continues to perform in an increasingly competitive market both here and in Australia. Connection numbers increased by 9.2% on September 2019, with a total fleet of 1,746,990. We have now installed over 300,000 advanced meters in Australia.

BottleSwap has seen a 7.0% increase in the number of 9kg bottles swapped in the quarter compared with the September 2019 quarter.

Natural gas, gas liquids and Liquigas LPG tolling are down on the September 2019 quarter, with the reduction in natural gas volumes driven primarily by the loss of a large customer in January 2020.

On 31 March 2020, the group completed the sale of its interests in the Kapuni Gas Treatment Plant (KGTP) and co-generation facility. As a result of the sale of KGTP we have changed the methodology of calculating liquids volumes to reflect continuing activities only. LPG volumes include LPG sold by the group’s OnGas business. LPG and Natural Gasoline sold by KGTP have been excluded as the plant is no longer owned. Comparatives have been restated.

SAIDI minutes for the six months ended 30 September 2020 are 25.8% lower than the comparable period which is primarily due to fewer extreme weather events, network investments to improve resilience and ongoing initiatives to reduce impact on customers.

Source: Vector



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Abano Healthcare Group Limited (NZX: ABA) Shareholders Vote in Favour of Scheme
Smartpay Holdings Limited (NZX: SPY) Interim Result Announcement and Half Year Report
Green Cross Health Limited (NZX: GXH) Reports Half Year Profit of $8.8M
Fletcher Building Limited (NZX: FBU) Annual Shareholders Meeting Documents and 1H21 Guidance
Comvita Limited (NZX: CVT) Reports Strong China Market Sales During 11:11 Event
Kathmandu Holdings Limited (NZX: KMD) Trading Update
Goodman Property Trust (NZX: GMT) to Redevelop Strategic Mt Roskill Site
Turners Automotive Group Limited (NZX: TRA) Delivers Robust Earnings Despite COVID Disruption
Fisher & Paykel Healthcare Corporation Limited (NZX: FPH) Record Half Year Result: Net Profit Up 86%
Stride Property Group (NZX: SPG) Trading Halt of Securities

IRG See IRG research reports