24 Feb 2012

Maui gas leak investigation

7:01 am on 24 February 2012

Vector is expected to release the results of an investigation into the Maui pipeline leak within two months.

Thousands of businesses were affected when a crack was found in the northern Taranaki pipeline in October.

The gas supply was shut off for about a week, forcing firms to cut production, and farmers to spill milk.

The New Zealand Institute of Economic Research estimated the leak cost the country $40 million per day.

Vector chief executive Simon Mackenzie says the results of the investigation will be released within two months.

Vector made $105.3 million in profit in the six months to December, 7% more than the $98.5 million the previous year.

Electricity volumes edged up 1.4%, while earnings within its wholesale gas division rose 15% because of new contracts with businesses such as Carter Holt Harvey.

Mr Mackenzie says electricity volumes are expected to hold steady this year.

He says there may be a small amount of volume growth, but there are no signs of any major increase in new connections.