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

Tuesday 26th January 2021

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

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