Vector loses its fight against ComCom
Auckland lines company Vector has today lost its Supreme Court appeal against the Commerce Commission’s price setting case.
In June, the Court of Appeal overturned a decision from an earlier High Court ruling in favour of Vector.
Vector ceo Simon Mackenzie had called for a judicial review of the way the commission regulates price setting for monopoly utility providers such as Vector.
“Vector’s judicial review argument focused on the process and rules for setting the starting prices and the fact that these were not included in the final input methodologies, which makes investment decisions extremely difficult,” Mr Mackenzie said in June.
The Supreme Court dismissed Vector’s appeal and has ordered the monopoly to pay $40,000 costs to the Commerce Commission.
Commission spokeswoman Allanah Kalafatelis told NBR ONLINE the commission would spend some time working its way through the judgment.
Vector shares (NZX: VCT) have dropped 0.74% today to $2.70, after starting the year at $2.47.