It has come to light that the Vector has been successful in raising its profits by the margins of 4.1% by concluding a deal with Transpower New Zealand Ltd. It has been reported that the company's net profit for the year stood at $203.8 million.
Vector is dissatisfied by the Commerce Commission's final consultation regarding the input methodologies for the electricity distribution division released today.
Vector Chief Executive Simon Mackenzie expressed that in spite of a rigorous consultation process the Commission has showed bit of progress regarding the robust and balanced frameworks essential to bring regulatory certainty and investor confidence.
Vector, which is an Auckland based electricity and gas distributor, and which has produced 4.7% lift in basic net proceeds to $172.6 million for 2009-10 term, has kept its hopes high, stating that one more solid perk up in its proceeds will be seen in the remaining period of the year.
Vector is reported to be on the tracks of Chorus, launching efforts to grab a portion of the Government's $1.35 billion ultrafast broadband investment initiative, uncovers a source, which preferred not to be named.
The country's largest installation project of 160 thin film solar PV panels, covering 227.5 square meters has been financially supported by Vector, Auckland's infrastructure Company and Hubbard Foods, the breakfast cereal maker.
The equipment, being installed at the roof of Hubbard building in South Auckland is expected to generate 29,000 kilowatts of electricity a year.
Vector will get $53 million from Transpower to place high-voltage cable through its Auckland isthmus tunnel and North Shore transmission passageway.
Vector Chief Executive, Simon Mackenzie said that the sum, about be made in two portions, would be part of general profits.
The 9km lengthy, Penrose to Hobson St. tunnel, is around 3m in width and was constructed in 2001 to enhance safety of supply into the Auckland CBD.