Power bill too vague: CEO

By RICHARD BRADDELL

UnitedNetworks is concerned ill-defined language in the Electricity Bill could undermine investor confidence and discourage innovation.

While it supports industry-led governance and reserve powers of price control, its says the language of the bill is vague.

"Unless greater precision and clarity is injected into the bill, the Government runs the risk of undermining investor confidence in infrastructure and discouraging innovation that leads to better outcomes," chief executive Dan Warnock told the annual meeting in Auckland on Monday.

Chairman Bob Green said the company was on track after the first quarter to meet a 5 to 6 per cent profit improvement target, set when it reported a record $109 million net profit last year.

The company owns a third of New Zealand's electricity networks and half its gas reticulation.

Two months ago, it commissioned a $30 million telecommunications network created by pulling fibre optic cables through 50km of disused cast-iron gas mains in Auckland and Wellington central business districts.

Mr Warnock said it had already received 180 "requests for service" which could translate into firm contracts worth $1.5 million.

Mr Warnock said the company would seize on further growth opportunities.