Vector’s administrative settlement proposal has today been released by the Commerce Commission for consultation.

As previously reported, the administrative settlement offer was agreed in principle by the Commission in October 2006 following an intention to declare control regarding Vector’s electricity networks.

The administrative settlement agreement involves the completion of a rebalancing programme of electricity pricing across Vector’s networks. Vector voluntarily initiated this programme and the administrative settlement outlines a commitment to complete the rebalancing by 2009.

Vector CEO (acting) Simon Mackenzie said the company had reached agreement with the Commission in October last year, and had continually advised the Market that this is the next stage that the company had been awaiting. Vector looks forward to the final resolution of this matter.

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