Published 2 June 2011
The tunnel agreement between Vector Ltd & Transpower NZ Ltd, allowing Transpower’s high voltage cable circuit to be installed in Vector tunnels between Transpower’s Penrose & Albany substations, has gone unconditional.
The access agreement was signed last June to enable Transpower to deliver its North Auckland & Northland project, reinforcing electricity supply. Vector will use the opportunity to upgrade its own substations on the North Shore and in the central business area. In exchange for the rights granted under the agreement, Transpower will pay Vector $53 million in 2 instalments of $28 million this month and $25 million in June 2012. Want to comment? Go to the forum.
Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.