Aurora Energy Continuing to Make Progress

Brief version

Aurora Energy has released its Annual Report for the financial year ended 30 June 2021.

Chief Executive Dr Richard Fletcher said, “Aurora Energy has come a long way since it was established as a stand-alone business in 2017 and we’ve been working hard to deliver on our investment promises and improve our responsiveness and service to our customers.

“Last year, Aurora Energy invested $96.3 million in renewing, maintaining and building our network, which is $25 million more than the previous year.  We also progressed a number of major projects to upgrade the electricity network in Dunedin, Central Otago and Queenstown Lakes,” he said.

In March 2021, the Commerce Commission approved the company’s five-year investment plan (customised price-quality path or CPP), which provided Aurora Energy with future revenue certainty. “Our job now is to ensure we deliver the network improvements on time, invest efficiently and deliver for our customers,” Dr Fletcher said.

For the first time, Aurora Energy’s Annual Report outlines the company’s greenhouse gas emissions as part of the company’s wider sustainability planning.

Dr Fletcher said that minimising the impact of Aurora Energy’s environmental footprint is important and sustainability is now a core focus for the business.

“Now and into the future, we see the electricity network as central to supporting our communities’ changing energy needs as they opt for more environmentally-friendly options.

“As the uptake of new technology and electrification increases, so will the need to have a reliable network.  In the Otago context, where 100% of our energy is renewable, we are dedicated to enabling a more sustainable future,” he said.

ENDS

Full version

Aurora Energy has released its Annual Report for the financial year ended 30 June 2021. The report provides a comprehensive analysis of Aurora Energy’s business activities during the reporting period and a commentary on health and safety, work delivery, customer service, environmental and financial performance for the year.

Chief Executive Dr Richard Fletcher said it was a defining year for Aurora Energy, and the company is proud of the progress it is continuing to make and the benefits to customers from the work the company is doing.

“Aurora Energy has come a long way since it was established as a stand-alone business in 2017 and we’ve been working hard to deliver on our investment promises and improve our responsiveness and service to our customers.

“Last year, Aurora Energy invested $96.3 million in renewing, maintaining and building our network, which is $25 million more than the previous year.  We also progressed a number of major projects to upgrade the electricity network in Dunedin, Central Otago and Queenstown Lakes, including removing existing steel towers and laying three new submarine cables on the seabed between Port Chalmers and Portobello, erecting new lines and steel poles along the Waipori line in Dunedin, installing lines and poles to create an alternative power supply for Clyde, and upgrading zone substations in Cromwell and Outram,” he said.

Dr Fletcher says that in March 2021, the Commerce Commission approved the company’s five-year investment plan (customised price-quality path or CPP).

“This decision provided us with some much-needed future revenue certainty, and our job now is to ensure we deliver the network improvements on time, invest efficiently and deliver for our customers, which means lifting communication to ensure that that our communities know what we’re delivering on their behalf.”

Financially, Aurora Energy has turned a corner and recorded a net profit after tax of $681k. The company had forecast a loss of $9.1m and the positive result was in part driven by higher-than-expected growth in new connections and customer-driven work, particularly new house builds in Queenstown, Wānaka, Lake Hawea and Dunedin. The number of customer connections grew from 91,577 to 92,665 homes, farms and businesses.

For the first time, Aurora Energy’s Annual Report outlines the company’s greenhouse gas emissions as part of the company’s wider sustainability planning.

Dr Fletcher said that minimising the impact of Aurora Energy’s environmental footprint is important and sustainability is now a core focus for the business.

“Now and into the future, we see the electricity network as central to supporting our communities’ changing energy needs as they opt for more environmentally-friendly options.

“As the uptake of new technology and electrification increases, so will the need to have a reliable network. In the Otago context, where 100% of our energy is renewable, we are dedicated to enabling a more sustainable future,” he said.

“I am proud of our achievements in the last year,” he said. “Our work would not be possible without our hard-working and dedicated Aurora Energy team, including our highly skilled contractors who ensure the safe, efficient and timely execution of our projects, and kept the lights on. As always, we appreciate the support of the Aurora Board of Directors, our Shareholder and our wider community of stakeholders.”

ENDS

For further information contact Aurora Energy External Relations Team, [email protected] or 03 742 0931

Aurora Energy is New Zealand’s seventh largest electricity network by customer connections, supplying electricity to 92,000 homes, farms and businesses in Dunedin, Central Otago and Queenstown Lakes. Aurora Energy Limited is a wholly owned subsidiary of Dunedin City Holdings Limited, owned by the Dunedin City Council.