Vector, New Zealand’s largest owner of electricity and gas infrastructure assets, is disappointed in the Court of Appeal’s decision released today. The decision overturned the High Court ruling in favour of Vector’s Judicial Review action.
Vector CEO Simon Mackenzie said the decision was disappointing from a good regulatory process perspective.
“While it’s not a positive outcome, it’s still part of a larger process and we don’t see it having an impact on our operations today. However, the material issues will be heard in the merits appeals later this year and we will be considering our options with respect to this Court of Appeal decision.”
Vector’s Judicial Review argument focused on the process and rules for setting the starting prices and that fact that these were not included in the final input methodologies, which makes investment decisions extremely difficult. The High Court ruled in favour of Vector’s Judicial Review action on 27 September 2011.