Genesis eyes New Zealand NGC Assets

11 September 2002 – Genesis Power Ltd, the New Zealand state owned power generator and retailer has applied to acquire the retail gas customers of Natural Gas Corporation, the Commerce Commission said on Wednesday.

NGC said in August it planned to sell around one-third of its assets in a restructuring aimed at focusing on gas distribution and energy metering operations. Chief Executive, Phil James, said “Following NGC’s withdrawal from electricity retailing in 2001, we no longer maintain the capability to serve small customers. With the recently established marketing alliance with Genesis Power, NGC no longer has a direct relationship with its retail gas customers, who receive all customer support services from Genesis and are supplied with gas under the Genesis brand”.

Genesis is New Zealand’s largest electricity retailer with around 450 000 customers and owns seven power stations in the North Island. It also has a 70 per cent interest in the Kupe gas field.

The competition regulator has 10 working days to consider the application, although the timeframe may be extended.

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