VECTOR LIMITED
New Zealand energy and communications infrastructure company best known for operating Auckland's electricity and gas distribution networks.
Last updated August 26, 2026
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Overview
Vector Limited is a New Zealand infrastructure company whose principal activity is the distribution of electricity across most of the Auckland region. It also operates a natural-gas distribution network in Auckland and parts of northern Waikato and has developed businesses spanning bottled gas, metering, fibre connectivity, solar infrastructure, cybersecurity and data services. The company does not primarily function as a conventional electricity retailer or power generator; its central role is to own, maintain and modernise the local networks that transport energy to homes and businesses. Vector's institutional history reaches back to the Auckland Electric Power Board, established in 1922 after local councils transferred responsibility for electricity generation, distribution and supply to a dedicated consumer-owned utility. Auckland's network was progressively integrated into New Zealand's wider electricity system: locally generated electricity initially supplied demand, while transmission connections to Horahora and later Arapuni linked Auckland to the national development of hydroelectric power. The Energy Companies Act 1992 transformed the power-board model into a corporate structure. The Auckland Electric Power Board became Mercury Energy Limited, owned by the Auckland Energy Consumer Trust. Further industry reform in the late 1990s separated electricity distribution from generation and retailing. Mercury's retail business was transferred to Mighty River Power, which continued to use Mercury Energy as a trading name and later adopted Mercury as its corporate name. The remaining network company changed its name to Vector Limited. In 2005 Vector floated 24.9 percent of its shares on the New Zealand market, raising capital for acquisitions including the gas infrastructure company NGC Holdings. Entrust retained a controlling interest, preserving the community-ownership model associated with Auckland's electricity network. Expansion made Vector a multi-utility operator. Its 2002 acquisition of UnitedNetworks added electricity and gas networks in Auckland's North Shore and Waitakere areas as well as telecommunications infrastructure. Vector acquired NGC Holdings from Australian Gas Light in stages during 2004 and 2005, although the gas transmission and distribution business was later sold and became Firstgas. Vector also invested in New Zealand wind generation, advanced metering, fibre networks and other technology-led infrastructure. It sold its Wellington electricity network in 2008 to Cheung Kong Infrastructure, after which the network operated as Wellington Electricity. The company's current electricity network covers the majority of the Auckland region, extending from Wellsford in the north to central Papakura in the south and including Waiheke Island. The network includes approximately 19,280 kilometres of lines, with more than half underground, and connects with Transpower's national grid at multiple grid-exit points. Vector's gas distribution system serves Auckland and the northern Waikato localities of Tuakau and Pokeno. The company has also pursued grid flexibility and decarbonisation projects, including a lithium-ion battery installation at Glen Innes in 2016. Vector's portfolio has continued to change through divestments and reorganisations. Its metering business, formerly Vector Metering, became Bluecurrent after Vector completed the sale of a 50 percent interest to Queensland Investment Corporation in 2023. Vector also completed the sale of HRV to a consortium of franchisees and management in 2025, according to the supplied reference material. The enduring strategic focus is infrastructure ownership and operation: reliable energy networks, increasingly digital asset management, distributed energy resources and selected communications and technology services.
History
Vector's roots lie in the Auckland Electric Power Board, which was formed in 1922 when electricity responsibilities were consolidated from several local councils. The board initially generated electricity locally, but Auckland became connected to the wider national system after a transmission line from Horahora Power Station to Penrose was commissioned in 1925. A further connection to the newly completed Arapuni Power Station followed in 1929. New Zealand's electricity-sector reforms in the early 1990s required power boards to adopt corporate structures. The Auckland Electric Power Board became Mercury Energy Limited, owned by the Auckland Energy Consumer Trust. The trust model was intended to preserve consumer control over the local electricity network. The trust was established in 1993 as part of a national group of energy consumer trusts and later became the principal shareholder in Vector. The Electricity Industry Reform Act 1998 introduced a separation between electricity distribution and generation or retailing. Mercury's electricity retail business was sold to Mighty River Power, a state-owned enterprise, while the network operation remained with the company. Mercury Energy Limited changed its name to Vector Limited, and Vector retained the Auckland lines business. The former retail operation continued to use the Mercury name under its new owner and ultimately became associated with Mercury Energy. Vector expanded through acquisitions. In 2002 it bought UnitedNetworks, adding electricity and gas networks in Auckland's North Shore and Waitakere areas, together with telecommunications assets. Vector then acquired NGC Holdings from Australian Gas Light in two stages, buying two thirds in 2004 and the balance in 2005. The transaction expanded Vector's gas infrastructure interests and helped establish it as a multi-utility company. In 2005 Vector completed an initial public offering in which 24.9 percent of its shares were sold. The capital raised supported the NGC acquisition and further investment, while the Auckland Energy Consumer Trust retained control. The company's portfolio later broadened into renewable energy, metering, telecommunications and technology. Vector acquired a cornerstone stake in NZ Windfarms in 2007 and increased it to approximately 22 percent. It formed Advanced Metering Services with Siemens in 2007 and acquired Siemens' remaining interest in 2010. Vector acquired Arc Innovations from Meridian Energy in 2014. It also developed fibre-optic infrastructure and other digital services. Vector disposed of assets that were outside its longer-term core focus. In 2008 it sold its Wellington electricity network to Cheung Kong Infrastructure Holdings for $785 million; the network was subsequently known as Wellington Electricity. Vector's gas transmission and distribution business was sold in 2016 and became Firstgas, although Vector retained the Auckland gas distribution network. In 2023, Vector completed the sale of half of its metering business to Queensland Investment Corporation, with the business rebranded Bluecurrent. The supplied reference material also records the completion of Vector's HRV sale in 2025. Today Vector remains principally an Auckland electricity-network operator. Its network extends from Wellsford to central Papakura and includes Waiheke Island, with approximately 19,280 kilometres of lines and connections to Transpower's national grid at fourteen grid-exit points. It also owns and operates gas distribution infrastructure in Auckland and northern Waikato. Alongside these regulated networks, the company participates in metering, fibre, solar, data and cybersecurity services, reflecting the increasing convergence of energy infrastructure and digital systems.
- 2025
HRV sold
[1]Vector completed the sale of HRV to a consortium of existing franchisees and management, according to the supplied reference material.
- 2023
Vector Metering becomes Bluecurrent
[1]Vector completed the sale of a 50 percent interest in its metering business to Queensland Investment Corporation and rebranded the business Bluecurrent.
- 2016
Glen Innes battery installed
[1]Vector installed a 1 MW, 2.3 MWh lithium-ion battery to support Auckland grid resilience.
- 2008
Wellington electricity network sold
[1]Vector sold its Wellington electricity network to Cheung Kong Infrastructure Holdings; the network later operated as Wellington Electricity.
- 2005
Vector listed on the New Zealand Exchange
[1]Vector floated 24.9 percent of its shares to raise capital for expansion while the Auckland Energy Consumer Trust retained control.
- 2002
UnitedNetworks acquired
[1]The acquisition added Auckland electricity, gas and telecommunications network assets.
- 1998
Generation, retail and distribution separated
[1]Industry reforms required the separation of electricity distribution from generation and retailing, leading to the sale of Mercury's retail business.
- 1992
Power-board corporatisation
[1]Energy-sector reforms converted the Auckland Electric Power Board into Mercury Energy Limited.
- 1929
Arapuni connection completed
[1]Auckland was connected to the newly completed Arapuni Power Station.
- 1925
Auckland connected to Horahora transmission
[1]A transmission line from Horahora Power Station to Penrose connected Auckland with a broader electricity supply system.
Products and positioning
Community-linked energy infrastructure operator focused on reliable electricity and gas networks, network modernisation and adjacent digital and distributed-energy services.
Electricity infrastructure
Electricity distribution network
Vector owns and operates the electricity sub-transmission and distribution network serving most of the Auckland region, from Wellsford in the north to central Papakura in the south, as well as Waiheke Island. The network comprises approximately 19,280 kilometres of lines, with about 57 percent underground, and receives electricity from Transpower's national grid through fourteen grid-exit points.
Gas infrastructure
Natural-gas distribution
Vector operates natural-gas distribution infrastructure in the Auckland region and in northern Waikato, including Tuakau and Pokeno. The business is distinct from the gas transmission assets Vector sold in 2016, which became part of Firstgas.
Telecommunications infrastructure
Vector Fibre
Vector Fibre represents the company's fibre-optic network interests, developed from telecommunications assets acquired through UnitedNetworks and subsequent infrastructure investment. It forms part of Vector's broader strategy of operating utility-adjacent connectivity infrastructure.
Energy metering · 2023
Bluecurrent
Bluecurrent is the rebranded metering business formerly known as Vector Metering. It provides advanced electricity and gas metering capabilities and became a jointly owned business after Vector sold a 50 percent interest to Queensland Investment Corporation in 2023.
Energy technology
Distributed energy and solar infrastructure
Vector has developed and managed solar and other distributed-energy infrastructure projects, complementing its traditional network business. These activities support the integration of customer-side generation, storage and flexible demand into electricity networks.
Gas products
Bottled gas
Vector has operated a bottled-gas business as part of its wider energy portfolio. The supplied reference material does not provide enough detail to identify specific product names or current distribution arrangements.
Technology services
Cybersecurity and data services
Vector offers cybersecurity and data-platform services linked to the increasing digitisation of energy infrastructure. These activities extend the company beyond physical network ownership into operational technology and information services.
Brand decisions
2025
Sale of HRVM&ABackground
Vector continued to adjust its portfolio by exiting the HRV business.
Action taken
Vector completed the sale of 100 percent of HRV to a consortium of current franchisees and management, according to the supplied reference material.
Aftermath
HRV left Vector's wholly owned portfolio.
2023
Partial sale and rebranding of the metering businessM&ABackground
Vector reshaped its metering portfolio and sought an investment partner for the business formerly known as Vector Metering.
Action taken
Vector sold a 50 percent interest to Queensland Investment Corporation and rebranded the business Bluecurrent.
Aftermath
Bluecurrent became a jointly owned metering business, while Vector retained a substantial interest without full ownership.
2016
Installation of Glen Innes grid batteryProduct launchBackground
Auckland's electricity network required additional local flexibility and strengthening as demand and distributed-energy integration evolved.
Action taken
Vector installed a 1 MW, 2.3 MWh lithium-ion battery system near Glen Innes, consisting of 24 Powerpacks.
Aftermath
The project provided a visible early example of battery storage being used as a network-support asset in New Zealand.
2008
Sale of Wellington electricity networkM&ABackground
Vector reviewed its portfolio of electricity-network assets and chose to divest its Wellington operation.
Action taken
The Wellington electricity network was sold to Cheung Kong Infrastructure Holdings.
Aftermath
The network was renamed Wellington Electricity and operated separately from Vector's Auckland-centred network business.
Sale price. NZ$785 million (2008)
2005
Partial public flotation to fund expansionStrategyBackground
Vector needed additional capital to support the acquisition of NGC Holdings and pursue further infrastructure investments while retaining the community-linked ownership structure.
Action taken
The company floated 24.9 percent of its shares on the New Zealand Exchange. The Auckland Energy Consumer Trust remained the controlling shareholder.
Aftermath
Vector gained access to public-market capital while the trust continued to represent the principal community ownership interest.
Sources1 sources
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