Creating a new energy future – a bold vision
Ongoing capital investment in making the electricity network more resilient has also contributed to improved performance, including field deployment this year of digital solutions that link asset assessment tools used by our Field Service Providers with our asset information systems in real time. This enables further evolution in our risk- based approach to asset management. Together with our Field Service Providers, we are maintaining our focus on improving network performance for our customers, including how we respond to severe weather events, such as the June 2021 tornado in Papatoetoe, Auckland. “We are continuing to transform our electricity network through a combination of new engineering solutions and digitalisation to meet the needs of the future.
Maintaining high levels of capital expenditure
Improving network reliability We have seen notable improvements in network availability over the past year. We measure these improvements through mechanisms such as SAIDI, where we achieved compliance within the regulatory limit and other measures that monitor how effective we are in keeping the lights on. Continued innovation in work practice and technology across our teams and our Field Service Providers, has contributed to these results. We are gratified to see that the field work supporting this effort has been delivered safely, especially in the context of ongoing disruption and adaptation to Covid-19.
Gross regulated capex decreased by 0.8% to $314.7 million compared to $317.1 million a year earlier. Capex net of capital contributions was 16.3% lower than the prior year at $193.6 million. Capex continues to be at high levels due to higher growth capex reflecting the continued growth in connections and infrastructure projects, as well as investment to improve the reliability and resilience of our networks.
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