Orion Annual Result spurred on by record growth

1 July 2021

Local electricity distribution company, Orion, announced a record number of new customers were connected to its network in the 12 months to 31 March in its annual results released today.

More than 4,100 new residences and businesses were connected to the local power supply, reflecting strong growth in central Canterbury.

On the back of the resulting increase in total power consumption, the company announced it had made a $33m profit after tax for the year to 31 March 2021.

Interim Orion Group Chief Executive, Jono Brent, said customer number growth had exceeded expectations.

“We have been connecting around 3,000 new customers per year for the past 20 years and had expected that to level off by now. Last year was bigger than ever for us.

“Residential and business growth in Selwyn District is booming and new residential subdivisions in the north of Christchurch are driving much of this growth.

“We have stepped up our plans to upgrade the network to serve increasing numbers of customers and make sure our network is ready to support the move to electricity as a more sustainable energy source.

“As New Zealand addresses climate change and transitions to a low-carbon economy, the electricity sector is a critical part of the solution.

“We’re one of the first lines companies in New Zealand to install street level monitoring of energy usage patterns so we are prepared for the take up of EVs, and home energy generation, storage and sharing technology.

“We are also the first electricity company in New Zealand to commit to being carbon neutral for corporate emissions by June 2022.

“It’s an exciting time to be part of an industry that’s playing a vital role in building a more sustainable New Zealand.”

Orion delivered $30m in dividends to local community shareholders Christchurch City Council through Christchurch City Holding Limited, and Selwyn District Council.

Orion Group Annual Report 2021

Key figures are:

Financial

  • $33m profit after tax
  • $30m fully-imputed dividends to community shareholders
  • $169 electricity distribution revenue
  • $71m network operating expenditure
  • $84m Group capital expenditure
  • $359m borrowings
  • $1,281 Group assets

Network

  • 211,600 customer connections
  • 3,384 gigawatt hours of electricity delivered
  • 629 megawatts maximum network demand
  • 57 minutes of network outages per customer


Community

  • $400,000 supporting community activities
  • Top 20% of our industry for safety
  • 1000 customers gave their views on Orion’s performance and future plans via formal research