Vector has an electricity and gas distribution monopoly in Auckland, but regulation affects returns.
Vector's full-year underlying EBITDA from continuing operations increased 5% on the prior period to NZD 473 million, excluding Vector Gas, which was sold during the year. This stronger performance was underpinned by growth in Auckland and metering and strong cost control across the regulated businesses, offset by a decline in gas trading. Our NZD 3.10 per share fair value estimate is unchanged following our initial impression of the fiscal 2016 result. We will circle back to update our financial...Vector and its subsdiaries are primarily engaged in electricity distribution, gas transportation, natural gas and liquefied petroleum gas (LPG) sales, gas processing, metering and telecommunications in New Zealand. Co. reports on four operating segments: Electricity, which is engaged in electricity distribution services; Gas Transportation, which is engaged in gas transmission and distribution services; Gas Wholesale, which is engaged in natural gas and LPG sales, storage and processing, and cogeneration; as well as Technology, which is engaged in telecommunications and metering services. As of June 30 2015, Co. had 544,513 electricity customers and 163,243 distribution customers.
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