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2018 Annual Report

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2018 Annual Report VECTOR:// EMPOWERING AR 2018 for new zealand’s energy consumer revolution. 01/05: 2 Vector://AR 18 TODAY POWERFUL FORCES ARE SHAPING ENERGY USE. NEW ENERGY TECHNOLOGIES ARE IMPROVING. CONSUMERS ARE EXPECTING MORE AND MORE CHOICE AND CONTROL. THE ECONOMY IS PROGRESSIVELY ELECTRIFYING – STARTING WITH TRANSPORT. USE OF SOLAR, WIND, AND BATTERY IS ON THE WAY UP. CLIMATE CHANGE IS INCREASINGLY BEING FELT. VECTOR IS EMBRACING ALL THESE FORCES – TO PUT MORE POWER IN YOUR HANDS. VECTOR.CO.NZ EMPOWERING YOU. 3 Vector://AR 18 02/05: STAYING AHEAD OF THE CURVE.WE BELIEVE IT’S ABOUT SHOWING LEADERSHIP, TECHNOLOG- ICALLY, CONNECTIVELY AND SUSTAINABLY. LEADERSHIP ON ENERGISING YOUR LIFE, HOME, AND BUSINESS. LEADERSHIP ON DIVERSIFYING INTO NEW BUSINESSES AND NEW ENERGY TECHNOLOGIES TO CREATE FRESH CUSTOMER SOLUTIONS. LEADERSHIP ON CREATING CHANGE TO BENEFIT CONSUMERS. LEADERSHIP ON ADDRESSING CLIMATE CHANGE AND EXTREME WEATHER EVENTS. LEADERSHIP ON SAFETY, DIVERSITY, AND THE THINGS THAT MATTER MOST. 4 Vector://AR 18 5 Vector://AR 1718 03/05: 6 Vector://AR 18 CHANGE WILL ONLY ACCELERATE. VECTOR HAS COME A LONG WAY OVER THE YEARS. WE’VE STRENGTHENED OUR CONNECTION TO AUCKLAND, AND REPOSITIONED FOR THE FUTURE. WE’RE THINKING BEYOND TODAY, AND LEARNING FAST AS WE GO. NEW ZEALAND’S ENERGY FUTURE WILL BE EVEN MORE DISRUPTIVE, MORE CONSUMER ORIENTED, MORE TECHNOLOGY-ENABLED, MORE RESILIENT, MORE DEMOCRATIC, MORE SUSTAINABLE AND, ULTIMATELY, MORE ABOUT CHOICE. YOUR CHOICE. 7 Vector://AR 18 04/05: COMMITTED TO THE LONG GAME. ACCELERATING CHANGE MAKES OUR VISION MORE VITAL THAN EVER. WE HAVE TO KEEP MOVING AND STAY COMMITTED TO PLAYING THE LONG GAME, BEING RESILIENT AND BEING RESPONSIVE TO THE POWERFUL FORCES THAT ARE SHAPING ENERGY USE. WE ARE UNDERPINNING NEW ZEALAND’S ENERGY CONSUMER REVOLUTION FOR HOWEVER YOU CHOOSE TO POWER YOUR LIFE. 8 Vector://AR 18 WHY? BECAUSE IT’S THE RIGHT THING TO DO. TO EMPOWER YOU. 9 Vector://AR 18 05/05: TAKING THE LEAD. VECTOR HAS ALWAYS LOOKED TO THE FUTURE, TO STAY READY FOR ENERGY CHANGE. 10 Vector://AR 18 2002 2009:// 2014:// 2017:// - A lines company 100% owned - Supported the introduction of - Joined the ’25% group’ of - Invested in E-Co Products Group by Auckland Energy Consumer one of the first bottle swap corporates having at least and PowerSmart to help enable Trust (AECT) programmes in New Zealand 25% female representation distributed generation, energy on its board democracy and more - Michael Stiassny appointed consumer choice to Vector’s Board - Acquired Arc Innovations from Meridian Energy, further - mPrest machine learning - Acquired UnitedNetworks 2010:// expanding advanced metering introduced to help identify (including Northern Auckland failure risks before they happen. and Wellington electricity Vector acquired stake in mPrest networks, plus gas distribution in Auckland and broadband in - Partnered to trial New Zealand’s - Committed to the United Wellington and Auckland) largest installation of solar 2015:// Nations Sustainable panels Development Goals, initially focusing on seven that - Acquired Siemens’ 50% specifically support our 2004:// shareholding in Advanced strategic focus on Metering Services Limited - Announced a new vision for decarbonisation and climate (AMS) to become 100% owner the company: ‘Creating a action and social inequalities New Energy Future’ - New state-of-the-art bottle - Acquired majority stake in - Switched on our first electric swap plant in Papakura NGC Holdings Ltd to continue vehicle charging station, the commissioned, with first diversifying 2011:// first of many across Auckland accepted Major Hazard Facility Safety Case in New Zealand - Advanced metering business continued to grow, now - Commenced a digital - Bought Kwik-Swap (that then supplying more than one transformation by establishing 2005:// became Bottle Swap) million meters a strategy to drive new levels of efficiencies - Implemented a new policy requiring lines work to be - First large New Zealand - AECT floated 25% of Vector undertaken in a de-energised corporate to be Living Wage on NZX to raise capital for 2012:// state wherever possible, putting accredited further diversification into new the health and safety of its energy solutions and to people first - Vector committed to be Net complete full takeover of NGC Zero Carbon by 2030 Holdings Ltd - Deployed solar and battery arrays for Department of Conservation on Hauraki Gulf islands 2016:// 2007:// - First photovoltaic solar and battery storage system installed 2018+ at Quay Street substation - Switched on New Zealand’s first Tesla Powerwall battery - Began trialling micro wind turbine technology - Installed a state-of-the-art - In partnership with Auckland grid-sized battery in Glen Council, ‘Vector Lights’ - Invested in advanced metering 2013:// Innes substation to strengthen illuminated Auckland’s technology to better manage network resilience Harbour Bridge with 90,000 infrastructure and give more LED bulbs, showcasing transparency over power bills - Collaborated with Ngāti Whātua the potential of solar and - Connected first residential Ōrākei to demonstrate future battery technology to light customer to solar power and community energy solutions New Zealand’s energy future. battery technology - Sold national gas transmission - Founding member of Climate 2008:// - Completed the acquisition and non-Auckland distribution Leaders Coalition Group of Contact Energy’s gas businesses to focus on metering business Auckland - Divested Wellington electricity - Outage Manager app - Awarded ‘Rainbow Tick’ for network to focus on Auckland launched efforts to create an open and inclusive workplace - First Australian advanced meters went live in Sydney - Major shareholder, AECT, rebranded to become Entrust 11 Vector://AR 18 About this report:// The report has drawn from a wide range of information sources. These include: our stakeholders, our customers, our communities, our sustainability framework, our value drivers, our risk register, our Board reports, our asset This report, dated 23 August 2018, is a review of management plan, our financial accounts, and Vector’s economic, social, and environmental performance our operational reports. for the financial year ended 30 June 2018. Throughout the report, we have focused on what matters The financial information has been prepared in accordance most to our stakeholders and our business. with appropriate accounting standards, and has been Care has been taken to ensure all information in this independently audited by KPMG. report is accurate, including internal assurance and The social, economic and sustainability information has verification processes and Board approval. been compiled in line with NZX rules and recommendations Forward-looking statements in this report are based on best for investor reporting, as well as Vector’s commitments available information and assumptions regarding Vector’s to the United Nations Sustainable Development Goals. businesses and performance, the economy and other Our greenhouse gas (GHG) emissions as reported on future conditions, circumstances and results. As with any page 51 were also independently assured by KPMG forecast, forward-looking statements are subject to in accordance with ISAE3410. The approach is also uncertainty. Vector’s actual results may vary from those consistent with GHG protocol. expressed or implied in these forward-looking statements. SECTION: 01. 02. New Zealand’s energy 28 — 35 Vector 14 — 27 consumer revolution:// today:// We’ve been playing the long game, to help empower you A more integrated look at how Vector strives for the energy consumer revolution that is coming. to create long-term value. 14 ————— Chairman’s Statement 30 ————— Performance snapshot 16 ————— Board tribute to the Chairman 32 ————— About Vector: Our business model 18 ————— Group Chief Executive’s Report 34 ————— Creating long-term value 22 ————— Case study: Electrification of the economy 24 ————— Case study: Internet of Energy 26 ————— Case study: Vector Lights 12 Vector://AR 18 CSONTENT 2018 Vector 03. 04. 361 — 6 Operations, leadership and 624 — 13 Statutory sustainable business:// report:// A closer look at the Vector Group and operations. All the statutory numbers and information. 38 ————— Business Unit Reports 64 ————— Financial statements 38 —————— Regulated networks 108 ————— Independent auditors report 40 —————— Gas trading 115 ————— Statutory information 42 —————— Technology 125 ————— Risk management 44 —————— People, safety and risk 128 ————— Corporate governance 52 ————— Our Board 132 ————— Remuneration and performance 54 ————— Our management team 134 ————— Financial calendar and directory 5 6 ————— E n t r u s t 57 ————— Joint ventures and investments 58 ————— Operating statistics 59 ————— Non-GAAP financial information 60 ————— Financial performance trends 13 Vector://AR 18 CHAIRMAN’S STATEMENT 2018 POWERING THE FUTURE; EMPOWERING — MICHAEL STIASSNY CHAIRMAN CONSUMERS. Benjamin Franklin missed one vital point when he noted that metering, batteries and the ‘Internet of Energy’, fully aware that nothing is certain in life except death and taxes – he should energy democratisation was on its way. We have stopped ‘live have added a third, change. lines’ work wherever possible, in the knowledge that while it might affect our regulated operating performance measures, When I joined the Board of Vector in 2002, the New Zealand putting lives at risk is simply wrong. electricity sector was in a state of flux on the back of the Bradford reforms and Commerce Commission intervention.
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