Operational performance for the 6 months ended 31 Dec 2024

creating a new energy future


OPERATIONAL PERFORMANCE FOR THE
6 MONTHS ENDED 31 DECEMBER 2024

Operational performance highlights:

• 628,990 electricity network connections, up 1.5% on December 2023
• 120,761 gas network connections, up 0.4% on December 2023
Commentary:

The six months ended 31 December 2024 has seen network connection numbers continue to
grow across Vector’s Auckland electricity and gas networks. In the year to 31 December
2024, total electricity connection numbers grew by 1.5%. However, new connections in the
six months ended 31 December 2024 have been 23.5% lower than in the December 2023
half, reflective of the broader economic slowdown. Electricity distributed volume for the
period was down 1.4% compared with the six months ended 31 December 2023, largely
driven by warmer temperatures. Residential volumes were down 3.0% while business
volumes were flat.

There has been a 0.4% increase in total connections on Auckland’s gas distribution network
over the year to 31 December 2024. However, new gas connections in the six months to 31
December 2024 were down 42.4% on the December 2023 half. Gas distribution volume for
the six months to 31 December 2024 was down 7.0% compared with the prior December
half, due to lower demand from the residential, industrial and commercial sectors.

The number of 9kg bottles swapped in our BottleSwap business for the December half is
1.2% down on the prior comparative period. LPG volumes for the six months are down 5.3%
compared to the December 2023 half due to lower bulk swap sales.

Liquigas LPG tolling volumes are down 2.5% on the December 2023 half due to lower
customer demand
1
.

SAIDI minutes for normal operations (planned and unplanned) for the nine months ended 31
December 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 complete in early 2025.


market release
24 January 2025

creating a new energy future


market release
24 January 2025

6 months ended 31
December


2024 2023 % change
Electricity
Customers
1, 4
628,990 619,996 1.5%
New connections
Net movement in customers
2

6,778
4,660
8,857
7,087
(23.5%)
(34.2%)
Volume distributed (GWh)

4,484 4,546 (1.4%)
SAIDI (minutes) – 9 months to 31 December
3

Normal operations – unplanned
Normal operations - planned
62.6

38.9
76.4
42.3
(18.1%)
(8.0%)
Major network events 16.3 14.3 14.0%
Total 117.8 133.0 (11.4%)

Gas Distribution
Customers
1, 4
120,761 120,302 0.4%
New connections
Net movement in customers
2

694
407
1,204
671
(42.4%)
(39.3%)
Distribution volume (PJ)

6.6 7.1 (7.0%)

Gas Trading
LPG volumes (tonnes) 23,114 24,415 (5.3%)
9kg LPG bottles swapped
5

Liquigas LPG tolling (tonnes)
313,066
53,724
316,884
55,126
(1.2%)
(2.5%)

creating a new energy future


market release
24 January 2025
1. As at 31 December.
2. Net number of customers added during the period, includes disconnected, reconnected,
and decommissioned ICPs.
3. SAIDI (minutes) for the nine months ended 31 December 2024 is an unaudited value and
subject to change.
4. Billable ICPs.
5. 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 and digital solutions company, which runs a
portfolio of businesses delivering energy, technology and communication services to more
than 620,000 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