Powerco is the second-largest gas and largest electricity distributor in New Zealand. It is one of only two companies to distribute both electricity and natural gas through their network. Its network delivers electricity and gas to households around the North Island from the national electricity transmission network Transpower and the natural gas transmission systemowned and operated by Vector Limited. Powerco arose from the energy reforms in New Zealand in the 1990s. It can trace its history back to a number of local power boards and gas companies that operated throughout the North Island. The company is 58% owned by Queensland Investment Corporation and 42% owned by AMP Limited.
Business
The New Zealand electricity reforms of the 1980s split the electricity industry broadly into four sections - generators, transmitters, distributors and retailers. Six main generator businesses generate electricity and supply it to New Zealand's national grid, operated by Transpower. Transpower transmits high-voltage electricity to grid exit points around New Zealand for transmission to households and businesses. The local distribution network that transmit electricity to end-users like households and businesses are owned and operated by local distribution companies, mostly regionally based. Powerco is a distributor whose business is completely separate from generation, national transmission and retail. It operates a 30,000 km local electricity distribution network supplying 320,000 households, industries and businesses from Transpower's national grid and a 6,000 km natural gas distribution network supplying 102,000 households, industries and businesses from Vector's transmission system. Its electricity network currently supplies the following regions:
* Powerco purchases Wairarapa Electricity's network business
August 2000 - Powerco merged with CentralPower.
June 2001 - Powerco purchases the Hutt Valley and Porirua gas networks from AGL.
February 2002 - Powerco purchases the Electricity Assets of United Networks Limited in Tauranga, Eastern and Southern Waikato, Thames and Coromandel, plus gas networks in Wellington, Horowhenua, Manawatu and Hawke's Bay.
2004 - Powerco purchased Siemens Energy Services' Tauranga based contracting division
November 2005 - Powerco sold its New Zealand field services contracting business to Tenix Alliance
2008 - Divestment of Powerco Australia Group to Babcock & Brown Infrastructure
