VCT - OPERATIONAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2022

Thursday 21st July 2022

Operational performance highlights:

• 600,112 electricity network connections, up 1.6% on June 2021

• 117,995 gas network connections, up 1.3% on June 2021

• 6.0% growth of advanced meter fleet since 30 June 2021 (total of 1,976,111 now installed across Aus/NZ)

• Over 489,000 advanced meters now installed in Australian market

Commentary:

The year ended 30 June 2022 has seen Auckland’s growth continue, with network connection numbers growing across Vector’s electricity and gas networks. In the year to 30 June 2022, total electricity connection numbers rose by 1.6%, however, new electricity connections in the year to 30 June 2022 were down 9.7% on the prior year reflecting the impact of Covid-19 restrictions in Auckland. Electricity distributed volume for the period was up 0.4% compared with the year ended 30 June 2021. Residential volumes were up 4.1% while SME/I&C volumes were down 2.3%.

There has been a 1.3% increase in total connections on Auckland’s gas distribution network over the 12 months to 30 June 2022. However, new gas connections in the 12 months to 30 June 2022 were down 18.2% on the prior year reflecting the impact of new developments not connecting to gas amid uncertainty over the Government’s response to the Climate Change Commission’s recommendations. Gas distribution volume for the year to 30 June 2022 was down 7.1% compared with the year to 30 June 2021, driven by lower consumption of gas and reduced activity from the industrial and commercial sectors.

Vector’s metering business continues to perform in an increasingly competitive market both here and in Australia. Connection numbers increased by 6.0% in the year to 30 June 2022, with a total fleet of 1,976,111. We have now installed more than 489,000 advanced meters in Australia.

BottleSwap has seen a 7.4% decrease in the number of 9kg bottles swapped in the 12 months to 30 June 2022 compared with the same period last year. BottleSwap volumes have been negatively impacted by Covid-19 alert level restrictions.

Natural gas volumes are down 38.4% on the June 2021 comparative period, with the reduction driven by lower sales including the loss of a large customer in June 2021. Liquigas LPG tolling volumes are up 10.3% on the June 2021 comparative period due to higher customer demand.

SAIDI and SAIFI targets have been met for the second year running. Total SAIDI minutes for the three months ended 30 June 2022 are slightly unfavourable compared to the same period last year. This is largely due to the outages caused by a storm in June which triggered a Major Network Event. These results are preliminary and subject to audit.

While Covid-19 has impacted Vector’s business operations during the year ended 30 June 2022, Vector has continued to work to minimise the impacts of Covid-19 to its operations and the safety and wellbeing of its staff in both New Zealand and Australia.

Year ended 30 June

2022 2021 % change

Electricity

Customers(1,4): 600,112 590,799 1.6%

New connections: 13,538 14,995 (9.7%)

Net movement in customers(2): 9,313 10,739 (13.3%)

Volume distributed (GWh): 8,361 8,325 0.4%

SAIDI (minutes) – 3 months to 30 June(3):

Normal operations – unplanned: 21.7 21.3 1.9%

Normal operations - planned: 11.9(4) 11.6 2.6%

Major network events: 3.8 0.0 N/A

Total: 37.4 32.9 13.7%

Gas Distribution

Customers(1,4): 117,995 116,472 1.3%

New connections: 3,146 3,844 (18.2%)

Net movement in customers(2): 1,523 2,512 (39.4%)

Distribution volume (PJ): 13.1 14.1 (7.1%)

Gas Trading

Natural gas sales (PJ)(5): 5.3 8.6 (38.4%)

LPG volumes (tonnes): 44,330 45,043 (1.6%)

9kg LPG bottles swapped(6): 629,651 680,099 (7.4%)

Liquigas LPG tolling (tonnes): 112,913 102,351 10.3%

Metering

Electricity: advanced meters(1,7): 1,976,111 1,864,724 6.0%

(1) As at 30 June.

(2) Net number of customers added during the period, includes disconnected, reconnected and decommissioned ICPs.

(3) SAIDI (minutes) for the three months ended 30 June 2022 is an unaudited value and subject to change.

(4) Billable ICPs.

(5) Excludes gas sold as gas liquids.

(6) Number of 9kg LPG bottles swapped and sold during the year.

(7) The number of advanced meters as at 30 June 2022 includes 182,895 meters managed but not owned by Vector (30 June 2021: 177,397).

The Excel version can be found at: http://vector.co.nz/news

ENDS

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