Vector > Corporate > History

History

2010: Vector purchased Siemens’ 50% shareholding in Advanced Metering Services Limited (AMS) and now owns a 100% shareholding in AMS.
 
2010: Vector acquires an additional 47,980,362 shares, through the New Zealand Windfarms rights issue, taking our shareholding up to 22.11%, from 19.99%. 
 
2009: Vector announces the building of a 150km fibre optic network connecting Transpower’s 14 Auckland substations. 
 
2008: Vector sells its Wellington electricity network to Cheung Kong Infrastructure Holdings Limited for a price of $785 million. 
 
2008: Vector announces plans to extend its fibre optic network by over 300km in Auckland with Vodafone as its flagship customer. 
 
2007: Vector establishes a joint venture with Siemens (NZ) to deliver advanced metering technology and services throughout New Zealand. 
 
2007: Vector acquires a 19.99% cornerstone shareholding in NZ Windfarms Limited. 
 
2005: Vector lists on the NZSX. 
 
2005: Vector announced its intention to list on the New Zealand Stock Exchange and to initiate a takeover of the remaining shares in NGC. 
 
2004: Vector acquires 66.05% stake in NGC Holdings Ltd from the Australian Gas Light (AGL). 
 
2002: Vector successfully acquired UnitedNetworks, making Vector the largest multi-utility company in New Zealand. Under the deal, Vector purchased the Auckland and Wellington lines and telecommunications networks, and the Auckland gas network. 
 
1999: Further government reforms were introduced by the Electricity Industry Reform Act 1998. This prohibited a company from being involved in both the electricity distribution business, and the electricity generation and retail business. To comply with those reforms:
  • Mercury Energy Limited sold its electricity retail business, and its interest in electricity generation, principally in gas powered generation stations at Stratford in Taranaki and Southdown in Auckland
  • The retail business and the interest in Southdown station were sold to Electricity Corporation of New Zealand Limited, and subsequently passed on to Mighty River Power Limited
  • Mercury Energy changed its name to Vector Limited. Mighty River Power Limited took over the brand name "Mercury Energy" and now trades under that name in supplying electricity.
1994: Under the government reforms introduced by the Energy Companies Act 1992, the Auckland Electric Power Board was corporatised and became Mercury Energy Limited, a company owned by the Auckland Energy Consumer Trust (AECT). 
At that time, Mercury Energy Limited owned the distribution business in Auckland, Manukau and Papakura, and also retailed electricity to customers connected to the network and elsewhere.