Chair and Group Chief Executive report
New Zealand. It will set the key regulatory principles that will then bind the way electricity networks can operate and invest for the next seven years and possibly even beyond that to 2035. Like any other commercial entity, investments can only be made where it is both commercially attractive and financially viable. In the period leading to the final Input Methodology (IM) decision, we will continue to strongly advocate for improved financeability, creating a sustainable investment pathway to enable decarbonisation. In these next seven years, which is the period covered by the IM decision, we will increasingly see the impacts of climate change force the need for significant and rapid action. Therefore, we must choose the path of more resilience, more decarbonisation, more customer benefit and more long-term affordability. We’re doing our part by laying the foundations for this on our own network, so that we can enable effective orchestration of load around peak times and integrate more flexible, cost-effective solutions to demand-growth challenges. Outside of our network, we’re engaging widely to share thinking and advocate smart investment, including with other electricity
distribution businesses in our region via the Northern Energy Group, and we continue to develop tools to help others on their own journey. As the country’s largest electricity distributor, Vector absolutely wants to continue to play our part in enabling electrification and doing it in the most affordable way possible for our consumers. However, alongside other electricity network companies, we can only do so within the bounds of the Commission’s strict regulatory returns and funding regime. FINAL WORDS We’ve seen strong performance across our portfolio this year, highlighted by the successful Vector Metering transaction, as we continue to follow our Symphony strategy to create a new energy future. As demand for clean energy grows and the importance of resilience against climate change is further highlighted, we continue to take a long-term view on, and chart a leading course through, the energy sector transformation, so that we can deliver a more affordable decarbonisation, and the best outcomes for our customers. We thank you for your support as a shareholder.
Jonathan Mason Chair
Simon Mackenzie Group Chief Executive
2023 REPORTING SUITE This annual report is published as part of a reporting suite, which also includes our Greenhouse Gas Emissions Inventory Report, and Taskforce for Climate-related Financial Disclosures Report. All three reports are available at vector.co.nz.
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Vector Annual Report 2023
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