Auckland lines company Vector and national grid operator Transpower have signed a conditional security of supply agreement covering the greater Auckland region, which has seen a number of serious power outages in recent years.Under the agreement, Transpow
Auckland lines company Vector and national grid operator Transpower have signed a conditional security of supply agreement covering the greater Auckland region, which has seen a number of serious power outages in recent years.
Under the agreement, Transpower will pay Vector a total of $53 million in exchange for long-term access to some of Vector's network assets so it can install a high-voltage cable between two substations, in Penrose and Albany.
"This cable is a vital component of our North Auckland and Northland project to reinforce the electricity supply to customers north of the Auckland isthmus," said Transpower chief executive Patrick Strange.
The payment will be in two instalments over the next two years, with the agreement expected to become unconditional next May.
Transpower will gain access to Vector's Penrose to Hobson Street tunnel, its Hobson St and Wairau Rd substations, and its North Shore transmisson corridor from Constellation Drive to Albany.
