21 March, 2002 – New Zealand power company Natural Gas Corp Ltd (NGC) said on Thursday it was interested in growing its electricity generation business and was seeking partners to work with.

“NGC intends to have discussions with prospective partners over the next few months to assess interest and to explore mutually beneficial opportunities,” NGC said in a statement.

“These may include gas contracting arrangements and the further development of existing generation sites.”

NGC’s core businesses comprises gas and electricity wholesaling, asset management and the provision of energy services.

“There is a strong link between the natural gas and electricity generation activities from which NGC and any future partner could leverage value,” the company said.

NGC, 66 per cent owned by The Australian Gas Light Co, with 24 per cent of its shares being in public ownership.

NGC holds interests in five electricity generation plants with thermal and hydro generation capacity totalling 460 MW.

* Taranaki Combined Cycle Plant, Stratford – 354MW (100 per cent owned)

* Southdown Cogeneration Plant, Auckland – 118MW (50 per cent owned)

* Cobb Hydro Station, Takaka – 32MW (100 per cent owned)

* Kapuni Energy Cogeneration Plant, Kapuni – 25MW (50 per cent owned)

Their total annual capacity of about 4000 GWh represents approximately 12 per cent of New Zealand’s annual demand.