Sharechat Logo

Vector Limited (NZX: VCT) Operational Performance for the 6 Months Ended 31 December

Tuesday 26th January 2021

Text too small?

Commentary:

The six months to 31 December 2020 have seen Auckland’s growth continue, in turn driving strong network connection numbers across Vector’s electricity and gas networks. In the year to 31 December 2020, total electricity connection numbers grew by 1.8% compared to a year earlier. Electricity distributed volume for the six-month period was down 1.6% on the prior December half-year, driven by reduced activity from the industrial and commercial sectors due to COVID-19.

Auckland’s continuing growth helped drive an uplift in gas distribution network customers, with a 2.1% increase in total connections compared to December 2019. Gas distribution volume over the six months was down 3.8% compared with the corresponding period in the prior year, again driven by reduced activity from the industrial and commercial sectors due to COVID-19.

Vector’s metering business continues to perform in an increasingly competitive market both here and in Australia. Connection numbers increased by 8.6% on December 2019, with a total fleet of 1,783,857. We have now installed more than 330,000 advanced meters in Australia.

BottleSwap has seen a 3.0% increase in the number of 9kg bottles swapped in the six months compared with the prior December half-year.

COVID-19 has impacted Vector’s business operations during the six months to 31 December 2020, with New Zealand at alert level 2 and Auckland at alert level 3 for much of the first 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.

See the link below for more details:

Operational Performance for the 6 months ended 31 December 2020

Source: Vector Limited



  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:

Good Spirits Hospitality Limited (NZX: GSH) Half Year Results to 31 Dec 2020
NZ Automotive Investments Limited (NZX: NZA) FY21 Earnings Guidance
T&G Global Limited (NZX: TGG) 2020 Full Year Results
Vista Group International Limited (NZX: VGL) Vista Group in the Box Seat for the Future of Movies
Private Land and Property Fund (NZX: PLP) Change in Harvest Estimates
Allied Farmers Limited (NZX: ALF) FY21 Half Year Report
New Zealand Rural Land Company Limited (NZX: NZL) Interim Report to 31 December 2020
Seeka Limited (NZX: SEK) Announces its 31 December 2020 Result
Evolve Education Group Limited (NZX: EVO) Announces Results for Year Ended 31 December 2020
Port of Tauranga Limited (NZX: POT) Reports Improved Profits

IRG See IRG research reports