Wednesday 16th February 2011
|Text too small?|
Vector, the Auckland-based lines and power company, says it is appealing the Commerce Commission's decisions over input methodologies for the electricity distribution sector.
"We do not believe that consumer and investor interests need to be at odds or are mutually exclusive," Vector chief executive Simon Mackenzie said.
Vector wanted regulatory certainty for investors and consumers, as the alternative was a "significant cost burden" on the organisation and had featured for over a decade.
"Our priority is to keep the lights on and the gas flowing," he said.
"Consumers want and deserve world class energy distribution systems. We need the confidence to invest in our networks and the opportunity to explore energy saving initiatives that will benefit consumers."
Although Vector had always recognised the need for regulation to protect consumers, in markets dominated by big players, the onus was on the regulator to provide an appropriate balance of consumer and investor interests, he said.
The appeal would focus on key aspects of error of law and merits review, he said.
Mr Mackenzie said the commission has misapplied the intention of the 2008 Commerce Act amendments, which were enacted with cross party support and recognised the need for a merits review process to ensure robust regulatory decisions.
No comments yet
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report