Chairman’s STATEMENT
POWERING THE EMPOWERING CONSUMERS. FUTURE ;
—
MICHAEL STIASSNY CHAIRMAN
Benjamin Franklin missed one vital point when he noted that nothing is certain in life except death and taxes – he should have added a third, change. When I joined the Board of Vector in 2002, the New Zealand electricity sector was in a state of flux on the back of the Bradford reforms and Commerce Commission intervention. Today, the electricity sector is once again transforming as new energy technology emerges, consumers take the driver’s seat and the regulatory environment struggles to keep pace with what are extraordinary changes and times. Change has been a constant. Increasingly, consumers have sought greater control and choice of the services they rely on to live their lives. Energy has not been immune. Vector’s response has been to determine how best to meet that desire for control and choice. Over the past 16 years, we have worked to transform our network from a traditional, one-way grid to an intelligent, connected, open and innovative platform. Vector is now at the centre of the ‘Internet of Energy’, the ultimate enabler for innovative retailers, both domestic and international, to create exciting new products and services to directly benefit consumers. What has set Vector apart has been our ability to identify those new trends, to pivot and to evolve to meet the future. We have chosen to lead, not to follow; to embrace change and to shake off the shackles of a traditional network business focused solely on electricity distribution. Today, Vector is a diversified, sustainable energy group; change has been hardwired into our DNA and as a result, we are well positioned to create and deliver a new energy future. Vector continues to play the long game for the best interests of consumers. We sold out of natural gas transmission in anticipation of the inevitable move away from fossil fuels; we have invested in intelligent network capabilities, advanced
metering, batteries and the ‘Internet of Energy’, fully aware that energy democratisation was on its way. We have stopped ‘live lines’ work wherever possible, in the knowledge that while it might affect our regulated operating performance measures, putting lives at risk is simply wrong. Over the past 12 months, we have also continued to accommodate Auckland’s relentless and rapid growth through smart investment in quality network infrastructure, adding more than 14,000 new electricity and gas connections to our network. This is our responsibility, but we do so with an eye on the future and what’s coming down the track to ensure that we avoid unnecessary expenditure on obsolete technologies or traditional assets that load unnecessary costs on consumers. There are newer and better ways to grow and improve the network to meet Auckland’s needs. And while we have a projected $2 billion investment spend to meet growth over the next 10 years, it can only be spent once. Vector can’t afford to get it wrong, so investment and technology decisions are not made lightly. Vector is committed to contributing to a decarbonising economy, and as New Zealand’s largest energy distributor we can, and will, lead by example. We are championing the adoption of clean
Increasingly, consumers have sought greater control and choice of the services they rely on to live their lives. Energy has not been immune.”
—
14
Vector://AR 18
Made with FlippingBook flipbook maker