Operational performance highlights:

- 626,636 electricity network connections, up 1.6% on September 2023
- 120,556 gas network connections, up 0.6% on September 2023
- Liquigas LPG  tolling for the quarter was 29,164 tonnes, up 1.4% on the prior September quarter 

Commentary:

The quarter ended 30 September 2024 has seen network connection numbers continue to grow across Vector’s Auckland electricity and gas networks. In the year to 30 September 2024, total electricity connection numbers grew by 1.6%.  However, new connections in the quarter alone have been lower than the September 2023 quarter, reflective of the broader economic slowdown. Electricity distributed volume for the period was down 1.1% compared with the quarter ended 30 September 2023, largely driven by warmer temperatures. Residential volumes were down 1.6% while business volumes were down 0.5%.
 
There has been a 0.6% increase in total connections on Auckland’s gas distribution network over the year to 30 September 2024. However, new gas connections in the quarter to 30 September 2024 were down 34.5% on the September 2023 quarter. Gas distribution volume for the quarter to 30 September 2024 was down 9.8% compared with the prior September quarter, due to lower demand from both the residential and industrial and commercial sectors.
 
The number of 9kg bottles swapped in our BottleSwap business for the September quarter has remained consistent with the prior comparative period. LPG volumes for the quarter are down 9.8% compared to the September 2023 quarter due to lower bulk swap sales.
 
Liquigas LPG tolling volumes are up 1.4% on the September 2023 quarter due to higher customer demand1.
 
SAIDI minutes for normal operations (planned and unplanned) for the six months ended 30 September 2024 are slightly lower compared to the prior comparative period and are under the year-to-date regulatory threshold.  We note these results are preliminary and subject to audit.

¹ On 25 July 2024 , Vector entered into a conditional agreement for the sale of its LPG business Vector Ongas, and the group’s 60.25% shareholding in Liquigas Limited, for $150.0 million. The agreement has a number of regulatory approvals and commercial conditions to satisfy. It is anticipated this will take until late 2024/early 2025 to complete.



 

1. As at 30 September.
2. Net number of customers added during the period, includes disconnected, reconnected, and decommissioned ICPs.
3. SAIDI (minutes) for the six months ended 30 September 2024 is an unaudited value and subject to change.
4. Billable ICPs.
5. Number of 9kg LPG bottles swapped and sold during the year.

ENDS