11
2017 WEL Networks
|
Annual Report
wel.co.nz
CHAIRMAN’S REPORT
The 2016-17 financial year saw the WEL Group continue to grow as a future-focused and
innovative infrastructure provider, with a number of strategic initiatives delivered during
the year and further work underway on exciting projects such as community solar and
data analytics.
Our vision to expand beyond a traditional lines company has
been a key focus over the past 12 months, while maintaining
levels of service to our current customers. We successfully
executed the first year of WEL Services, our contracting
subsidiary, while further investment in Ultrafast Fibre set the
stage for us to become a $1 billion multi-utility.
We continue to play a strategic role in the promotion
of the national electric vehicle programme through the
installation of four fast chargers across the region – sites
are operational at Maui Street, Te Kauwhata, Raglan and
Waikato Innovation Park. We are working with Hamilton
City to install a fifth charger at a central city site.
WEL recognises its role within the Waikato and is fully
committed to supporting the economic and social
development of the region. We continue to develop and
strengthen partnerships with key partners from economic
development sectors, local and Central Government and
the wider business fraternity.
INVESTMENTS
In September, WEL Networks Limited announced that we
had reached an agreement with Crown Fibre Holdings
(CFH) to purchase all of the Government’s shares in
Ultrafast Fibre Limited. This makes WEL the majority
shareholder of Ultrafast Fibre, with partner Waipa Networks
Limited retaining a 15% shareholding.
The purchase was an exciting step in WEL’s overall growth
strategy, and reinforces the business’s position as an innovative
and future-focused investor in regional infrastructure.
With greater control over our investment we can explore
new ways to support economic growth for our business
and our communities, both now and into the future.
Ultrafast Fibre successfully bid to extend the Ultra-Fast
Broadband (UFB) network to a further 12 central North
Island towns. As majority shareholder, WEL, along with
partner Waipa Networks, will jointly invest approximately
$60 million to fulfil the UFB2 contract. This will bring the
total investment in fibre infrastructure to almost $450
million by 2018.
WEL’s investment in smart metering in the Top Energy
network area is nearing the final stages of the installation
phase, with the project due for completion by the end of
the 2017-18 financial year.
MARGARET DEVLIN
Chairman
