Electricity Asset Management Plan 2019-2029
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Vector Limited://
Vector’s stakeholders have a broad range of requirements summarised in Table 2-1.
Public and worker health and safety risk management Sound management of customer issues and information, including timely outage management
Confidence in board and management
Participating in policy proposals and addressing regulatory issues Ensure service providers have stable forward work volumes and construction standards
Good governance, reputation, and ethical behaviour
Quality, security and reliability of electricity supply
Maintain legal and regulatory compliance Maintain effective relationships and ensure ease of doing business
Sustainability and the environment
Prudent risk management
Work with stakeholders to influence regulators and government Share our experience and what we’ve learnt with the industry Ensure effective co-ordination of planning and operations with other utilities and stakeholders Ensure transmission network interface is well maintained
Timely network connections and asset relocations Engage with the community and stakeholders on relevant issues
Develop and maintain a clear strategic direction Return on investment and sustainable growth
Provide cost-effective and efficient operations
Accurate and timely information and reporting
Table 2-1 Examples of the broad range of stakeholder requirements
These requirements not only influence our asset management practices but they guide our values, shape our objectives and inform our service-level requirements.
Vector accommodates stakeholders’ expectations in its asset management practices by, amongst other things:
• due consideration of the health, safety and environmental impact of Vector’s operations; • providing a reliable distribution network; • due consideration for the affordability of our services; • quality of supply performance meeting consumers’ needs and expectations, subject to; trade-off of capital and operational expenditures (capex and opex); • maintaining a sustainable business that caters for consumer growth requirements; comprehensive risk management strategies and contingency planning; • compliance with regulatory and legal obligations; development of innovative solutions; and comprehensive asset replacement strategies.
With numerous stakeholders with diverse interests, it may happen that not all stakeholder interests can be accommodated, or conflicting interests exist. From an asset management perspective, these are managed by:
• clearly identifying and analysing stakeholder conflicts (existing or potential); • effective communication with affected stakeholders to assist them to understand Vector’s position, as well as that of other stakeholders that may have different requirements; • having a clear set of fundamental principles drawing on Vector’s vision and goals, on which compromises will normally not be considered and where Vector fundamentals are not compromised, seeking an acceptable alternative or commercial solution. Vector has developed an extensive set of asset management and investment policies, guidelines and standards which implicitly embrace practical solutions to the requirements of stakeholders. These policies and standards provide guidance to the safe operation and maintenance of the electricity network assets. We have assessed our stakeholders’ requirements in service terms and defined a set of service-level metrics and associated performance targets. Our metrics have been developed in such a way as to be meaningful to our stakeholders. They are also relevant in terms of the investments required to meet and maintain our service-level performance. We provide details of our key service-level metrics in the section below.
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