Operational performance for 9 months ended 31 March 2024

creating a new energy future


OPERATIONAL PERFORMANCE FOR THE
9 MONTHS ENDED 31 MARCH 2024

Operational performance highlights:

• 621,983 electricity network connections, up 2.0% on March 2023
• 120,273 gas network connections, up 0.7% on March 2023
• Distributed electricity volumes of 6,547GWh, up 3.2% on comparative period in prior
year
• LPG volumes for the period were 33,111 tonnes, up 6.1% on comparative period in
prior year.
Commentary:

The nine months ended 31 March 2024 has seen Auckland’s growth continue, with network
connection numbers growing across Vector’s electricity and gas networks. In the year to 31
March 2024, total electricity connection numbers grew by 2.0%, with new electricity
connections for the nine months up 7.9% on the comparative period in the prior year.
Electricity distributed volume for the period was up 3.2% compared with the nine months ended 31
March 2023 largely driven by colder temperatures in the half year to December 2023, as well as an
increased level of connections. Residential volumes were up 5.5% while business volumes
were up 1.5%.

There has been a 0.7% increase in total connections on Auckland’s gas distribution network
over the year to 31 March 2024. New gas connections in the nine months to 31 March 2024
were down 22.2% on the comparative period in the prior year. Gas distribution volume for the
nine months to 31 March 2024 was down 4.0% compared with the same period in the prior
year, due to lower demand from both the residential and industrial and commercial sectors.

BottleSwap has seen a 0.9% decrease in the number of 9kg bottles swapped in the nine
months to 31 March 2024 compared with the same period in the prior year. LPG volumes for
the nine months are up 6.1% compared to the March 2023 period due to higher bulk swap
sales.

Natural gas volumes for the quarter are down 17.5% on the March 2023 comparative period
due to reduced trading activity as historic contracts come to an end. In December 2023 Vector
Gas Trading Limited signed a conditional agreement with Nova Energy Limited for the sale of
the remaining contracts in the natural gas business as at the completion date, 1 July 2024.
Vector expects the conditions to be satisfied prior to completion. Accordingly, we will not be
reporting natural gas operating performance beyond 30 June 2024.

Liquigas LPG tolling volumes are up 0.8% on the March 2023 comparative period due to higher
customer demand.

SAIDI minutes for normal operations for the twelve months ended 31 March 2024 are lower
compared to last year (results for the prior year included the impacts of the Auckland floods
and Cyclone Gabrielle) and are below the regulatory limit. We note these results are
preliminary and subject to audit.
market release
22 April 2024

creating a new energy future


market release
22 April 2024
9 months ended 31
March


2024 2023 % change
Electricity
Customers
1, 4
621,983 609,550 2.0%
New connections
Net movement in customers
2

12,308
9,074
11,403
9,438
7.9%
(3.9%)
Volume distributed (GWh)

6,547 6,344 3.2%
SAIDI (minutes) – 12 months to 31 March
3

Normal operations – unplanned
Normal operations - planned
98.4

53.2
118.8
43.6
(17.2%)
22.0%
Major network events 14.1 316.6 (95.5%)
Total 165.7 479.0 (65.4%)

Gas Distribution
Customers
1, 4
120,273 119,391 0.7%
New connections
Net movement in customers
2

1,585
642
2,037
1,396
(22.2%)
(54.0%)
Distribution volume (PJ)

9.7 10.1 (4.0%)

Gas Trading
Natural gas sales (PJ)
5
3.3 4.0 (17.5%)
LPG volumes (tonnes) 33,111 31,221 6.1%
9kg LPG bottles swapped
6

Liquigas LPG tolling (tonnes)
453,612
80,346
457,722
79,674
(0.9%)
0.8%

creating a new energy future


market release
22 April 2024
1. As at 31 March.
2. Net number of customers added during the period, includes disconnected, reconnected,
and decommissioned ICPs.
3. SAIDI (minutes) for the twelve months ended 31 March 2024 is an unaudited value and
subject to change.
4. Billable ICPs.
5. Excludes gas sold as gas liquids.
6. Number of 9kg LPG bottles swapped and sold during the year.

The Excel version can be found at: http://vector.co.nz/news


ENDS

Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz, 021 312 928

Media contact
Matthew Britton, Senior Communications Partner, Vector
Matthew.britton@vector.co.nz, 021 224 2966


About Vector
Vector is an innovative New Zealand energy company, which runs a portfolio of businesses
delivering energy and communication services to more than 600,000 residential and
commercial customers across New Zealand. Vector has a leading role in creating a new
energy future through its Symphony strategy which puts customers at the heart of the energy
system. Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT. Our
majority shareholder, with voting rights of 75.1%, is Entrust. For further information, visit
www.vector.co.nz.