The New Zealand economy entered 2021 in remarkably good shape having avoided much of the expected social and economic fallout from the Covid-19 pandemic. This has resulted in a faster bounce-back in the economy than was anticipated, with stronger employment numbers, increased consumer spending postlockdown and a booming housing and construction market. Locally, several key economic indicators (including business growth) lead the national averages and there is a growing interest in the region, particularly in northern areas. As a critical infrastructure provider and a large local employer, our activity and growth makes a significant contribution to the regional economy. The underlying performance of our core network business remains strong, and we are well positioned to achieve our ambitious growth targets. We will continue to seek acquisition and investment opportunities that complement our core capabilities, while delivering organic growth from our existing businesses. As always, our first priority is to focus on delivering a safe and reliable electricity supply while maximising the level of sales discount we can return to all the consumers connected to our network.