Vector warns on $80 mln hit from falling electricity consumption, CEO says

Wed, 22 Oct 2014

By Suze Metherell Oct. 22 (BusinessDesk) - Vector, the Auckland lines company, says falling electricity consumption will cost it up to $80 million because of the way it's regulated, according to chief executive Simon Mackenzie. The lines company's electricity and gas distribution business is regulated by the Commerce Commission, and the regulator's forecasting doesn't recognise declining electricity consumption trends, Mackenzie told shareholders in Auckland. That has translated to a shortfall in revenue of about $25 million in the 2013 t...

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