Auckland based electricity infrastructure company Vector is taking its ICT innovations to market through new unit Vector Technology Services (VTS).
Announcing a strong result today, group chief executive Simon Mackenzie told investors Vector had developed its strategy to capitalise on the infrastructure and technology the company uses to create new commercial opportunities, including selling solutions to third parties.
“Vector Technology Services has been established to take to market solutions we have developed as part of our own digital transformation journey," MacKenzie said.
"We are exploring global opportunities for key priority solutions including the New Energy Platform created through our strategic alliance with Amazon Web Services (AWS), Distributed Energy Resource Management Systems (DERMS), cyber security, and others."
As an example, MacKenzie said, VTS was providing cyber security services to another New Zealand electricity distribution business from Vector’s 24/7 security operations centre.
Amazon Web Services inked a multi-year alliance with Vector last year to jointly develop the New Energy Platform (NEP).
Powered and jointly engineered with AWS, the NEP is an internet of things (IoT) and analytics solution for the energy industry using machine learning to deliver more affordable, reliable, and cleaner energy options to consumers.
The NEP was designed to help Vector deliver advanced meter processing from 30 minute to five minute intervals in Australia by 2021.
"We have begun the roll-out of advanced gas meters in New Zealand, and are seeing high levels of consumer satisfaction throughout the process," Vector's annual report said.
The advanced gas data service was the first on the New Energy Platform developed under the AWS aliance.
"Advanced gas metering provides consumers with access to more data more often about their gas usage, giving them the ability to make more informed energy choices."
In June, MacKenzie said VTS would focus at first on Vector's cyber security capability, developed by Vector’s own cyber experts with input from global partners.
"We will also take to market our distributed energy resource management systems (DERMS), the system co-developed with our partner, mPrest."
In future, Vector said it would look to add to its catalogue of services working alongside partners.
Vector today announced adjusted EBITDA of $513.5 million, up $23.5 million or 4.8 per cent, off relatively flat revenue of $1.29 billion.
Group net profit after tax was $194.6 million, up $97.3 million.
Vector invested $529.5 million in capital expenditure, an increase of $40.8 million or 8.3 per cent.
Vector's metering business has had a strong year, with adjusted EBITDA growing by $16.8 million, or 10.9 per cent, to $171.6 million
"This was a result of continued growth in advanced meter deployments in New Zealand and Australia, and is a great result given the challenges of Covid-19," MacKenzie said.