|
Monday 11th June 2012 |
Text too small? |
Vector, Auckland gas, electricity and telecommunications networks owner, has extended its firmly contracted gas, with 5 petajoules of annual gas contracts signed with three major industrial users.
The new contracts, with Fonterra Cooperative Group, New Zealand Steel, and power company MightyRiverPower, extend the life rather than size of Vector's gas book, a company spokeswoman said. Vector sold 26.1PJ last year, with the new contracts representing around 19 percent of the company's total gas portfolio.
Terms for the contracts are between one and six years running from the middle of this year, while Vector has also signed for 5PJs of gas annually from Shell New Zealand, running between January 2015 and December 2018.
“These transactions are significant to Vector as they extend certainty of gas supply and sales volumes from now to 2018,” said chief executive Simon Mackenzie.
Signing three new contracts with blue chip customers was a significant win in a very competitive market, he said.
The Vector share price was unchanged at $2.66 today.
BusinessDesk.co.nz
No comments yet
Vector ekes out 2.3% gain in FY profit as technology unit bolsters earnings
Vector may beat guidance for FY 2013, suffer 2014 earnings drop
Vector cleared to buy Contact Energy's gas metering business for $63M
Vector to cut gas distribution prices by 18 percent
Vector 1H result up 10.8 percent in flat economy
ComCom takes issue with Vector on regulated rates of return
Vector credit rating may come under scrutiny
Vector profit steady, underpined by revenue growth
Long-running battle over power line prices coming to a head
Vector appoints Beddoe as chief risk officer
