Sharechat Logo

Vector appeals Commerce Commission decision

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.

 

NZPA



  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:

Seeka Limited (NZX: SEK) Confirms Market Guidance
Australia and New Zealand Banking Group Limited (NZX: ANZ) Acknowledges Class Action Proceedings
1st December 2021 Morning Report
Livestock Improvement Corporation Limited (NZX: LIC) Appoints New Chief Executive
30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete