Auckland growth and weather influence Vector's results

Extreme weather increased Vector's expenditure. (Image: Getty)

Tue, 27 Feb 2024

Population growth, extreme weather and the evolving energy sector all influenced Vector's increasing costs, revenue and underlying net profit.For the six months ending Dec 31, the Auckland-based electricity lines company reported adjusted earnings (Ebitda) of $185 million, up 7%, a 6% increase in capital expenditure to $238m and underlying net profit after tax (Npat) of $22m, up 29%.The Npat included a $60m impairment of the gas distribution business. A regulatory decision to lower returns on these assets and higher interest rates impacted...

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