New deals in new Zealand

British Petroleum (BP) and Carter Holt Harvey (CHH) have completed the first two major contracts in the recently deregulated New Zealand power market. BP will buy electricity from Capital Power`s electricity trading company, Netco, which will negotiate distribution agreements with the 26 companies supplying the 163 BP sites. CHH will buy electricity from three sources–Mercury Energy, Valley Power and Mainpower–to supply its various sites around the island.