Good morning to you all, and welcome to this event, Vector's briefing for the full year ended 30 June 2021. My name is Jonathan Mason, and I am Vector's Chair. Joining me on the call today is Group Chief Executive, Simon Mackenzie, and Chief Financial Officer, Jason Hollingworth. A reminder that as in recent briefings, we are not intending to go through a detailed page-by-page recital of the investor material, but instead, we'll give you insights on what we see as the key aspect of our results, and then allow more time for questions and answers with you all. I will begin today's presentation with an overview of the key group financial results and the dividend for the full year. Then hand over to Simon to talk about insights and highlights from FY 2021. Jason will then comment in a bit more detail on the overall financial performance before Simon takes us through the performance of each business unit, prior to closing with a short statement on Vector's outlook. We will then be happy to take your questions, so save those up. Now to the financial performance. Vector has delivered a strong result for FY 2021, recording adjusted EBITDA of NZD 513.5 million. This was up NZD 23.5 million or 4.8% on last year's results and is in line with guidance provided at the half year result. Gross capital expenditure was NZD 529.5 million. NZD 40.8 million or 8.3% higher than last year. This increase reflects what we've seen over multiple years, ongoing investment in infrastructure to support Auckland's continued growth, as well as increasing deployments of advanced meters as market demand continues to accelerate in Australia. Note that this increase in capital expenditure was partly funded by a NZD 36.1 million increase in capital contributions recognized as income under IFRS. Turning to group net profit after tax, this was up NZD 194.6 million or NZD 97.3 million higher than the prior year's results due to a number of factors that Jason will go into more detail, but let me give you a brief overview. Higher earnings, lower interest cost, the impact of a non-cash impairment in last year's result, and as noted previously, an increase in capital contributions. Operating cash flow was 25.6% higher at NZD 499.1 million. This increase was largely due to the increase in capital contributions and lower tax paid as a result of the reduction in the level of dividend imputation. Turning to dividends. The board has determined that the final dividend is NZD 0.0850 per share, taking the full year dividend to NZD 0.1675 per share, which is NZD 0.0025 per share up from last year. The dividend is partially imputed at 10.5% and will be paid to shareholders on the 16th of September. Just before I hand over to Simon, I wanted to note one governance issue, that is that the Vector board has announced the appointment of Anne Urlwin as Director of Vector Limited with effect from the 1st of September 2021. We are delighted with Anne's appointment as she brings a broad range of complementary experience. We always look to have different skills on the board, and including Anne brings specifically, governance roles in renewable energy, infrastructure, telecommunications, and other sectors. She has had a long, rich governance career. We look forward to welcoming her to the Vector board when she starts with us in September. Now, I'll hand over to Simon to talk about insights and highlights from FY 2021. Simon. Thank you, Jonathan [Non-English-content] to everyone. We're pleased to report strong financial results this year. Now I'd like to commend our teams who have continued to respond to customer needs with urgency, commitment and adaptiveness, particularly as we continue to deal with the effects of COVID-19, not only here in New Zealand, but also Australia. Vector's results reflect the progress we've seen across our portfolio of businesses as we put the customer at the center of the energy system. The past 12 months have seen a dramatic sharpening of focus around the world and in New Zealand on climate change, and the efforts that will be required to transition to a low emissions future. In New Zealand, the recommendations put forward by the Climate Change Commission illustrate that our energy system must rapidly shift to a more localized customer-centric model. Not only is our energy infrastructure critical to our daily lives, but also to our collective future through its role in enabling the decarbonization of transport and industry. Legacy energy systems across the whole sector are increasingly unable to meet these new challenges and must become vastly more sophisticated and adaptable. Vector is well advanced globally in developing and operating digital platforms and new solutions to managing these challenging requirements with partnerships with a number of global leaders. This is a crucial time in our history, Vector is well positioned to respond to the challenges and opportunities decarbonization will bring. Over the past 12 months, we've seen continued progress against our Symphony strategy across our portfolio of businesses as they deliver for our customers and at a group level as we continue to reimagine what energy systems are capable of. Turning to our operating units. Firstly, our electricity and gas networks. In FY 2021, we saw the impact of the full year of the Default Price-Quality Path 3 reset, which saw prices reduce by 6.9% from 1 April 2020, this being a NZD 28 million impact in revenues. New electricity and gas connections increased 18,839 or up 22.1% on the prior full year period, reflecting the significant growth which we continue to see, particularly in Auckland. The level of gross investment continues to be at high levels, with capital expenditure for FY 2021 at NZD 314.7 million. Pleasingly, we saw a 22.3% improvement in SAIDI or our measure of reliability of the network. Electricity volumes were up 0.1% at 8,325 gigawatt hours. To metering. Our metering business has had a strong year. In FY 2021, we deployed 117,000 advanced meters in Australia and 34,000 in New Zealand. A great outcome given the COVID-19 challenges, particularly in Australia. Our advanced meter fleet now totals 1.86 million meters across New Zealand and Australia, with nearly 400,000 meters now in Australia. We invested CapEx of NZD 165.3 million or 24% more than the prior year. Importantly, our strategic alliance with Amazon Web Services has delivered its first output, this being an advanced metering platform for gas advanced meters. With respect to gas trading, these results include a full year impact of the sale of Kapuni on segment earnings. This is largely offset by interest consideration. NZD 6.3 million reported as part of net interest cost, reflecting the structure of the arrangement post the sale of Kapuni. We saw improved natural gas and LPG on gas margins. LPG volumes were up 3.9%, 45,043 tons, with bulk and cylinder volumes higher compared to the prior year. We saw a 3.1% decrease in 9 kg LPG bottle swaps to 680,099. This decline is partly attributable to the impact of COVID-19 as the prior year saw an increased, unseasonal increase, I should say, in the number of swaps during March 2020 in the lead up to the first lockdown in New Zealand. Other businesses. HRV has delivered a solid result despite the challenges of COVID-19, and continues to show positive improvement in what is a highly competitive environment, also making a positive financial community contribution. Vector PowerSmart had a challenging year that has seen a number of its projects in the Pacific Islands impacted by COVID-19, simply not being able to access those islands to deploy the solutions. However, there are ever increasing opportunities arising in New Zealand as solar farms and developments expand. As such, Vector PowerSmart is well positioned to advise and construct these solutions in New Zealand whilst also continuing with the projects in the Pacific when travel permits. There is a lot of activity that PowerSmart is currently engaged in. Vector Fibre has also delivered a steady performance over the year and is also well positioned with the growth in demand for high-speed fibre services. During the year, Vector Technology Solutions has been established to take to market solutions developed as part of our own digital transformation journey. We are exploring global opportunities for key priority solutions, including the new energy platform created through our strategic alliance with Amazon Web Services, Distributed Energy Resource Management Systems, otherwise known as DERMS, cybersecurity and others. As an example, Vector Technology Solutions is now providing cybersecurity services for another New Zealand electricity distribution business, leveraging Vector's 24/ 7 security operations center. Vector Property Services has also been established to explore the commercial potential of our property and facilities in the context of opportunities to partner with third parties to better utilize some of our passive land, building, and tunnel assets, such as co-location of other infrastructure and broad development in line with Symphony strategy. In terms of other highlights through the year, we expanded our EV smart charging trial in Auckland to close to 200 participants. This trial has already shown that smart dynamic charging using new digital platforms enables us to add more EVs into the system while managing the load on the network. This softens demand peaks as more and more people come home at the end of the day and plug their cars in to charge. This helps us lower the need for capital investment to meet increasing peak demand, also ensuring we can keep power as affordable and reliable as possible. This year, we also reset our carbon emissions baseline for financial year 2020 with a more comprehensive understanding of emissions created across our entire value chain, including Scope 3 emissions. Against this more robust baseline, in financial year 2021, we achieved a 12% reduction in our carbon footprint. We have implemented a number of programs aimed at providing extra support and information to help our people navigate the continued disruption from COVID-19, including supporting information around the vaccine rollout in New Zealand and Australia, and we acknowledge and commend the resilience of our teams in the face of this disruption. In particular, our Australian team. In recognition that mental wellbeing is a continuum and we must be vigilant about how concerns may manifest across our large workforce, we have begun to roll out the Mental Health First Responder program. So far, we have had more than 100 trained mental health first responders who can provide another avenue of support for any of our Vector team. I'd like to now hand over to Jason, our CFO, to go through our financials in more detail. Thank you, Simon. Vector's financial performance for the year reflects a strong result with adjusted EBITDA of NZD 513.5 million. This is up NZD 23.5 million or 4.8% on last year's result. Adjusted EBITDA for our regulated networks was NZD 350.7 million, up NZD 13.1 million or 3.9% against the prior year. This includes the full year impact of the Commerce Commission's DPP3 price reset, which came into effect on 1 April 2020 and saw prices reduced by 6.9%. It also includes the retention of lost winter rebates, which were retained in order to partially mitigate future electricity distribution price increases and to offset the impact of electricity volume reductions on revenue under the new revenue cap regulatory regime. Gas trading adjusted EBITDA was NZD 27.4 million, down NZD 6.5 million against the prior year total of NZD 33.9 million. As you can see, the reduction in earnings and gas trading was mainly due to the sale of the Kapuni gas processing plant and associated assets, which took place in March 2020. We continue to retain an economic interest in the performance of the Kapuni plant, with the net present value of future income recognized as a receivable on the balance sheet and NZD 6.3 million of interest income included in FY 2021 profit, as Simon has already mentioned. Adjusted EBITDA for Vector's metering segment grew NZD 16.8 million or 10.9% to NZD 171.6 million as a result of continued growth in meter deployments in both New Zealand and Australia. Group net profit after tax was NZD 194.6 million, which was NZD 97.3 million higher than the prior year. This result was largely due to increased earnings, higher capital contributions, and lower interest cost being partially offset by higher depreciation and amortization. The prior year also included a non-cash impairment of NZD 32 million. While the NPAT figure is stronger, the better indication of underlying result is the adjusted EBITDA because some of the factors contributing to the NPAT growth. I'll now hand back to Simon to look at segment performance in more detail. Thanks. Thanks, Jason. I will now talk through the segments in more detail, starting with Regulated Networks. Despite the adverse impact of the DPP3 reset and in particular, inflation forecast assumptions used to set DPP3, the Regulated Networks delivered a solid result in the period. We see a continued high level of our CapEx, with gross regulated CapEx decreased by 0.8% to NZD 314.7 million compared to NZD 317.1 million a year earlier. CapEx net of capital contributions was 16.3% lower than the prior year at NZD 193.6. Overall, CapEx continues to be at high levels due to the higher growth CapEx reflecting the continued growth in connections and infrastructure projects, as well as investment to improve the reliability and resilience of our networks, as evidenced by our SAIDI results. We note the government's response to the Climate Change Commission's report is due by 31 December this year. Although any definitive decisions could be deferred if the government requests further information or analysis. Commerce Commission is also scheduled to undertake the DPP3 reset of revenues for gas distribution businesses, with this to come into effect from 1 October 2022. We are working closely with other industry players, regulators, and government officials to ensure that regulatory compacts are upheld, especially at a time when confidence needs to be maintained to justify the significant ongoing investment required to maintain the integrity of existing gas network infrastructure and the impact on consumers. Turning to gas trading, LPG bulk and cylinder sales were higher compared to the prior year. LPG sales were up 3.9% at 45,043 tons. Bottle swap 9 kg volumes were down 3.1% to 680,099 bottles. Excuse me, from 701,923 bottles a year earlier. This decline is partly attributable to the impact of COVID-19 as the prior year saw an unseasonal increase, as mentioned earlier, for swaps in March 2020. Liquid gas LPG tolling volumes were down 11.8% to 102,351 tons from 116,024 tons a year earlier. Natural gas volumes were down 3.8 PJs to 8.6 PJs from 12.4 PJs in the prior year period due to a tight gas market and the loss of a major customer from January 2020. Metering. In the past year, we have installed 33,578 advanced meters in New Zealand and 117,472 additional meters in Australia. Our advanced meter base grew by 8.8% to 1.86 million from 1.71 million in the year before. As mentioned, we've now deployed 400,000 advanced meters in Australia and are averaging over 10,000 meter installations per month, subject to COVID constraints. Total metering CapEx increased by 24% to NZD 165.3 million, with the high level of spend reflecting the continued deployment of advanced meters in Australia, 4G modem replacement program in New Zealand, rollout of advanced gas meters, investment in their digital platforms, and increase in stock levels to help mitigate COVID-19 related supply chain concerns. Before we get to the outlook, I'd like to once again, particularly acknowledge our essential workers, including our field service partners, who have continued to display great resilience and commitment as we deliver our essential services to customers throughout ongoing disruption from COVID-19. In the coming year, while ensuring we deliver essential services efficiently and safely to our customers remains paramount, we are also focusing on delivering growth in our Australian metering business, developing and growing Vector Technology services, successfully responding to the challenges we see around resources, enabling growth and ensuring a sensible gas transition. We intend to provide guidance at the half-year result. I'll now hand back to Jonathan to close the call. Thank you, Simon. In closing, as Simon noted earlier, I'd like to thank everyone at Vector and our partners for their continued effort as we take further steps toward our vision of a new energy future. It's not easy to be providing essential services amid abrupt lockdowns in New Zealand. Just thank you for being able to pivot and continue to efficiently provide essential services. Now, we're into the Q&A, and Simon, Jason, and I are now happy to take any questions that you might have. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, please press the pound or hash key. Please stand by while we compile the Q&A roster. Our first question comes from the line of Grant Swanepoel from Jarden. Please ask your question. Good morning, Vector team. Thanks for taking my questions today. First one, just on loss rental rebates. I know in the first half you mentioned that about NZD 5 million of that number was accrued in the Fiscal 2021 first half. How much of the 2022 is actually accrued in FY 2021? Second question. You've pulled guidance. Normally, you do give guidance for the full year at this stage. Can you give some color on each of the segments? For example, for electricity distribution, it gets a bit of price increase. There's no real negative impact, a little bit of volume potentially. You've got continued growth in your meters business. Does that add another NZD 8 million-NZD 10 million? Your gas business should be flattered now that the Kapuni thing is through the numbers, et cetera. Can you talk to each segment in terms of where we should be expecting FY 2022? Thank you. I'm just going to turn this over to both Simon and Jason. There was a finance question in there that I think Jason will want to answer, the first part of your question, and then the outlook. I think you're asking for a steer qualitatively by segment on what our outlook might be. Yes, please. Jason and Simon. I'm happy to talk to the loss rental question, your first question. I think you asked how much was accrued. By that, I assume you're meaning how much we've got on our balance sheet at 30 June. We have made an announcement there. We're going to distribute NZD 20 per ICP in September, which will clear out that accrual at 30 June. The loss rental rebates we had on our balance sheet at year-end will be distributed to customers in September. Oh, no. NZD 100 million, I think. Can you hear me still? Yes, I can. Yeah, we can hear you. I can. Go on, sorry. Yeah. Sorry, that's not what I'm talking about. That NZD 22 is about what's occurred this year and in the past, as well as expectation for future. I want to know what is, of that NZD 22, is over capture in this year that's held on for recoup next year and the following year. What do we adjust this year to normalize it by? You want to know what you adjust FY 2022? I guess. What of the NZD 22 is still fat for next year and the following year if volumes don't hit the regulated volumes, et cetera? Of that NZD 22, the volume impact was about NZD 7 million. If that's what you're asking, then that's volume impact that we won't be recovering from customers that we've retained loss rental rebates for. Does that mean there's still NZD 15 million left for next year if volumes don't quite catch up to where they expect it to be for the regulator? Jason, Yeah. Maybe just go back to the point, is that the NZD 22 is up to 30 June, right? If I'm understanding correctly what you're saying, Grant, is that we don't currently have a forecast on any loss rental rebates that occur through the year. Our policy is that we will utilize those if there's going to be a volume shortfall. Otherwise, they get distributed to customers. The NZD 22 just pertains to the prior financial year. Okay. It's just a bit misleading that in your release, you do say that it pertains to this year and future years. Under the revenue cap, we can recover those volume shortfalls in future years. We've taken them in this year rather than putting our prices up in the future. Okay. Maybe take this offline then. The volume shortfall. Yeah. Jason. Grant, is that okay on the loss rental? Yeah. Yeah. Then on the, um- I'll come back to you, Jason. Okay. Hey, on the qualitative guidance, we're not going to be able to give you too much there. Over to Jason and Simon, what do you want to say on the outlook, qualitatively? I mean, we're going to talk about it at the half year and chose not to give quantitative guidance now, so we're going to be sort of limited on qualitative. Over to Simon and Jason, do you want to talk at all by segment about that? Yeah. Look, I can touch on quickly with regards to electricity. Maybe Jason can speak to metering and gas. Essentially with electricity, obviously, we predict to see CapEx around the same kind of levels, higher capital contributions. We would expect that the growth will be probably roughly in line with regards to the type of level of connections that we're seeing. We haven't seen any downward trajectory on new connections either in electricity or gas to date. With regards to the price reset, obviously that's a CPI adjustment, and that would take effect from 1 April next year. Really only see about a quarter of the year influenced by any CPI adjustment from the electricity business. Then lastly, as noted, the gas distribution business would go through a price reset from 1 October next year. That would be outside the current period for next financial year, Grant. Maybe Jason, you might just touch on metering. Yeah. I guess key points there being Australia subject to, COVID deployment. Maybe just talk to the CapEx increase there, largely driven by 4G rollout. I guess we're expecting the metering deployment rate to continue at a similar rate that it's done in this year, both in New Zealand and Australia. There should be, subject to COVID, but we've traded through post-COVID over this year. We are able to continue to deploy meters, you know, subject to lockdown rules. In New Zealand, we do have the 4G rollout program where over the next three years we're upgrading the modem connections to our meters. That's a CapEx item, not an OpEx item. That will just continue to ensure our meters can operate beyond 2025. Gas trading, we've had a tight gas market this year, which has helped our gas trading business in terms of margins. The outlook for gas is a little bit uncertain, going forward. We're a beneficiary if wholesale prices increase as they did sort of in the second half of this year. Again, that will depend on market conditions. And expecting continued performance from HRV. Yeah. Thanks, team. Appreciate that. Thank you, Grant. Any other questions? Our next question comes from the line of Andrew Harvey-Green from Forsyth Barr. Please ask your question. Morning, everybody. Just a couple of questions from me. First question is just around the dividend and I guess some of that growth that just resumed probably a wee bit earlier than I expected. I'm assuming, we can fairly assume that the plans are to continue to or have that dividend growth ongoing for the foreseeable future. I can speak to the dividend. Look, we had a good year this year. In some respects, one of our best years in the last five years, as a result, decided to bump up the dividend. We moved away two years ago from just the sort of mechanical progressive dividend rate. The board is really looking now at forward earnings. We have to fund CapEx, we have to fund metering growth, and then we also have to have funds sufficient to meet the current dividend and then increase the dividend. I wouldn't read anything into this dividend that's automatically continuing in the future. We'll look at the cash flow of the business, the developments on VTS, on metering, on other parts of the business and make a decision based on our balance sheet and cash flows. Does that answer your question on that? This dividend should be seen as we're giving a little bit of more money back to the shareholders as a result of a strong year. Yeah. Okay. No problem. That's good. Second question was just, I guess around the metering business and, I guess in New Zealand, we've got a largely mature market here, apart from, I guess, they've got the gas growth going on. On Australia, can you give us a sense of what the level of smart meter penetration is and how many more years, I guess, of growth at these sorts of levels you expect to see? Excellent. Thank you. Yeah. Simon, you want to start or Jason? Sure, yeah. I can start. Both know a lot about that issue, so. Yeah. Hi, Andrew. I think that obviously the growth we're seeing in Australia, we currently believe will just be getting stronger, as Australia also starts really dealing with a number of functions, one of those functions being a move to a five-minute market, which is obviously going to be in place later next year. As a result of that, it's super critical that the platforms that are in place to enable the five-minute market data are as sophisticated as possible. Also one of the key ingredients with that is the processing capability of the platforms, to be able to enable that five-minute meter data provided to customers, being obviously the retailers. We think that that's one feature that will drive more metering growth, as well as just the ongoing replacement of old legacy meters in Australia and the growth from new meters. As it stands at the moment, the penetration of meters, primarily in what we call the eastern states, you have to remove Victoria because that was rolled out by virtue of a regulated framework in Victoria. The distribution companies put the meters in, whereas New South Wales, Queensland, South Australia, ACT, Tassie, largely was a market-determined outcome, as per the New Zealand market. The penetration in that really started with what we saw occurring in solar installations where solar was the first kind of layer of smart meters, and then what's the new and replacement. We believe that that's just going to continue to grow very strong. There's in the order of about 5.5 million- 6 million meters in that kind of quantum, that's discounting Victoria, of which we're probably only at around about 15%, total smart meter penetration 15%, maybe an upper level of 20%. Still a significant amount of smart meters to be deployed into those states in Australia. With their climate change decarbonization initiatives, we think that lots of commentaries in the Australian context around smart meters being a key enabler and platform for all the data and information that not only retailers require, but also third parties and distribution companies. Andrew, did that give you the colors that you needed on Australian meter? Yeah. That's good. Last question from me was, just if you could talk to, I guess, the inflation pressures going on within the business, and what we can perhaps expect to see on the cost side over the coming 12-24 months? Yeah. Simon, take that? Yeah. Supply chain/inflation. Sure. Yeah. Clearly, we're obviously very aware of the inflation challenges, I think also particularly supply chain challenges. I guess we could characterize those, Andrew, into assets and obviously then resources, such as the labor market. With regards to the resources then, as noted in the presentation, we've taken the step a good six to nine months ago to increase stock levels. As a result of that, we sit in a reasonably comfortable position with most of our critical stock, not only in electricity but also into our metering business. We definitely can't be complacent. We are seeing those cost pressures, particularly in Auckland infrastructure builds, increasing. With regards to costs, you'll also note that we've changed our capital contribution policy, which means that, for all those growth of the electricity business and gas business in particular, we have largely managed that cost CapEx pressure in that space through changing our capital contributions. With also the metering business, the key costs really arising in that space are deployment costs. It's pleasing to say that we have actually had reducing cost focus in that business, as well as reducing deployment cost per meter. Importantly also, with the new platforms that we're deploying will be at a lower capital replacement cost than legacy platforms that are basically the other options in the market. The strategic alliance with AWS, for example, is really important in building these multi-fuel platforms at a much better capital cost. In the resources, particularly our people, we're seeing high cost pressure in areas such as field services resources, and also into our drivers and so forth in the LPG business. The reality of that is that's a cost that we have to manage, but it is definitely at a higher rate than inflation, as I'm sure many people are seeing. All in all, I think our focus for next year just remains about how else we can drive cost efficiencies from a cost perspective across the business, recognize that we just have to relentlessly focus on ensuring that we are only deploying capital into areas that are efficient, get an acceptable return. By and large, I think it'd be fair to say, Jason, you might want to add anything, but we believe that we have good cost control management. And then on the positive side, through the electricity and the likes of the resets with inflation increasing there, we should see a better upturn with regards to electricity resets because of higher inflations there and indexing flow through into our regulated asset base adjustments. Nothing to add, Simon. I agree, that's the key thing is we move with inflation on our regulated business, and that's helpful. Great. Yeah. Also to say with our field services contracts, they primarily are indexed to CPI. That's how those costs materialize through our field services contracts. That's great. Thank you. That's all from me. Thank you, Andrew. Other questions? Our next question comes from the line of Stephen Hudson from Macquarie. Please ask your question. Good morning, Jonathan, Simon, and Jason. Yeah. Just a couple of quick ones from me. Just firstly, your comment on the property partnering and co-location strategy. Can you just flesh out a few examples of what you're thinking of there? Secondly, the 4G modem CapEx envelope. Could you give us an idea of what that is, and whether or not those modems will be 5G compatible? Just thirdly, on the gas reset, can you give us an idea of the likely price reset there and the probability of a price rollover? Thank you. Okay. Thank you, Stephen. Simon. Look, I could pass property over to Jason, but I guess in essence, our focus is on recognizing that we have a lot of assets, particularly in Auckland, in the property space, where we do not see we're realizing as much value as we would otherwise expect from those property assets sitting in Auckland. Examples of that would be substation assets where we have the ability to develop those with, for example, building above the substations, which is done commonly in a lot of other entities globally. Co-location of services, whether it's things such as cellular towers or 5G kind of rollout solutions. That's the types of examples of property benefits that we see, that we can actually better focus on than just being, for want of a better word, static electricity use only. Jason, you might want to add anything to that. I don't think so, Simon. There are a lot of those assets. Obviously Auckland property prices doing what they've done, there's a lot of opportunity there to extract some value from those assets. We're looking at that carefully at the moment. A case in point would be one of our Auckland city substations that was always developed with the air rights preserved to be able to build something like 8-10 levels above it of either apartment or business facilities. Those are examples of a lot of the assets that we have right across the Auckland footprint. Jason, you might want to touch on the question Stephen had. 5G CapEx. -to modems, 5G modems. Yeah. They are 5G compatible and they're basically LTE 5G capable. They definitely have a very long life capability in line with the cellular upgrade pathways. Stephen, the sort of indicative full CapEx number is around NZD 150 million over three years. It's spread out. It needs to be completed by 2025. It gives you a rough idea of the size of the spend, and extends the life of all the meters that are deployed in New Zealand. It's also fair to say, Jason, that we have the plans to deploy most of those modems in the next couple of years. Yes. As opposed to leaving it over the three years. Yep. The CapEx will probably be better split probably over two and a half years, of which we've already deployed around NZD 30 million, I think, roughly of CapEx for the program. Yeah, that's right. We're trying to get it out of the way sooner rather than later. Yeah. Good. The last one was on. On the upgrades we said we have some uncertainty there, eh? Simon, what can we say? Yeah. Look, I think, good question. Obviously, you would have read the Commerce Commission's issues paper. Our perspective is that first and foremost, we have the decision that the government has to make with regards to the gas transition, particularly how that relates to gas distribution and customers, and particularly the impact on customers of any transition. I think it's important to say that we have, as mentioned in the presentation, that we've been working closely with Powerco and Firstg as and also regulators, Commerce Commission, MBIE and others as identifying exactly the challenges with the gas transmission. How do we actually ensure that there's the clear information around what are some of the issues with the gas transition? How does it impact on customers? How could we find a three-way arrangement that works for not only customers, but also for the government from initiatives? Clearly, one of those initiatives is to ensure that the optionality remains for more different biofuels, whether it's biogas or hydrogen blending. That optionality is obviously very critical for the government. Equally from the network owner's perspective is that, I guess the key point there is that we see that there has been a regulatory compact in place, which was essentially derived from a perpetual business model perspective, which now is actually something that has to be reviewed by the Commerce Commission. We are working closely with those parties as mentioned to identify how this transition could be managed. The Commerce Commission, through the legislation that it has to operate to, has kind of got its hand tied slightly because of the framework it operates to. They are kind of going through their process around what they expecting to think about with regards to the DPP3 reset. As you will have seen in their paper, they do kind of look at issues such as whether they should just roll over because of the uncertainty around what is going on with regards to a gas transmission and how that transition and how it applies to gas distribution companies. They also raise topics such as removing indexation, accelerated depreciation, and the likes. We'll be obviously and have engaged significantly on those points. I guess from our perspective, we believe that there's a different construct that needs to be put in place to recognize the situation we find ourselves in now, where the existing regulatory framework was not ever contemplated to deal with this kind of transition. Therefore, that's something that we're in conversations about with our other distribution network colleagues, as well as seeking that further engagement with the regulators and other government agencies. Yeah. Ultimately, Simon, to provide the commercial incentives to continue to invest in the gas network for the 30 years. Yeah. That we're going to need it. Yeah. Exactly. This transition will be very challenging. It's great that Vector's engaging with all the right players to try to find a transition path and watch the space. Stephen, did you have any other questions? That's it. Thanks for those responses, gentlemen. Very useful. Excellent. Thank you. Other questions? There's no more further question at this time. Excellent. And- Well, oh, go on. Yeah. Thank you. Go ahead. I will now hand back for closing remarks. Excellent. Thank you. Since we don't see any further questions, we'll end now the teleconference and webcast. If analysts and investors have any further questions, please contact Jason. For the media, first port of call is Matt Britton or call our usual media phone number. Thank you everyone for joining the full year 2021 Vector briefing. Have a good day. This concludes today's conference call. Thank you for participating. You may now disconnect.