IES buys stake in New Zealand distribution firms

IES Industries Inc., USA, has acquired minority interests in two electric distribution companies on the north island of New Zealand. IES owns a 6-percent interest in Powerco Ltd. and a 5-percent interest in Central Power Ltd.

New Zealand has begun privatizing its government-run electric distribution companies across the country. The changes in the New Zealand utility industry in many ways mirror the changes under way in the US utility industry, according to Blake O. Fisher Jr., IES executive vice president and CFO.