Melbourne, 29 October 2007
Vector Group and Siemens (N.Z.) announced today the establishment of a 50:50 joint venture to deliver advanced metering technology and operational services to customers throughout New Zealand and Australia.
Vector’s Acting Chief Executive Officer Simon Mackenzie said the joint venture incorporates Vector’s metering business, NGC Metering, and the global capabilities of Siemens, particularly its metering services operation in the United Kingdom.
The joint venture further strengthens the relationship between Vector and Siemens, which already sees Siemens providing electricity and gas network asset services in Auckland and Wellington.
Under the new arrangement, metering assets will be owned by Vector, with the joint venture offering bundled value-added services tailored to market and customer needs. They extend from providing meter assets to the ongoing collection, processing and management of energy consumption data.
“The joint venture represents a unique synergy of smart metering experience, combining Siemens’ worldwide technical and operational expertise with Vector’s local market experience, understanding and presence,” said Mr Mackenzie.
“As an independent operator, it is strongly positioned to achieve growth in New Zealand and overseas, and to extend smart metering solutions to other utility services, such as water.”
Siemens (N.Z.) Managing Director, Gottfried Pausch, said New Zealand, with its deregulated energy market and the recent introduction of a new energy policy, is an early adopter of innovative energy solutions.
“This technology will take metering to the next level and allow end users to more effectively monitor and manage their energy consumption,” said Mr Pausch.
As part of the New Zealand Government’s ambitious plan to fight climate change, the country’s electricity sector is to become carbon neutral by 2025 with 90 percent of electricity supply to originate from renewable energy sources. Smart metering is recognised by the Government as an important element in managing electricity demand and facilitating load control.
The smart metering initiative further compliments Siemens’ portfolio of carbon emission reducing solutions, including its recent order to supply wind turbines for New Zealand’s largest wind farm.