What excites the Board most about Vector’s future?
We remain excited by Vector’s vision to create a new energy future, recognising the changing world, the development of new technologies and how the consumer is at the centre of new technology and behaviours. Much of this is driven by the responsibilities we have within an environment characterised by relentless growth and the increasing electrification of motor vehicles which will only accelerate as New Zealand works towards achieving its net zero carbon goals. Our ambition is to remain at the forefront of new technology solutions that deliver for our customers. Vector’s strategy has two key elements. The first is optimising our core network – the foundation of our business – by making it truly intelligent. Traditional assets will continue to play a key role but they will be integrated with digital and consumer assets. This capability will allow us to more efficiently manage loads and smooth out the demand curve. This will mean we don’t have to invest so much in continuing to build more and more infrastructure that runs the risk of future redundancy as technology drives energy efficiency and alternatives. The second element is to enable a new energy future by empowering customers to better manage and use their energy. Vector has led the way in smart metering and is now developing real traction in alternative technologies such as batteries and solar. We have engaged expertise in New Zealand and internationally, and will continue to take in these insightful global perspectives as we progress this element of our strategy. Furthermore, the Board is energised by our responsibility to have a strong voice on behalf of our customers and to represent their interests on a variety of industry issues. Some parties won’t agree with the positions we take – but at least they know where we stand! What’s keeping you awake at night? At a time of ultra-low interest rates and pressures on growth, real infrastructure investment in an economy assumes even greater importance. I worry that aspects of regulatory settings risk harming incentives to invest by not being aligned to the uncharted territory we are now in. Inflation within regulatory settings has been consistently over-forecast without correction for a decade. It cannot continue because it has the effect of significantly reducing cashflow available for critical infrastructure investment. Settings must adapt to changing times and regulation is no exception. Click here to watch an interview with Dame Alison Paterson.
DAME ALISON PATERSON, CHAIR
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