Powerco
Encyclopedia
Powerco is the second-largest gas
and electricity
company based in New Zealand
. The company is 58% owned by QIC Limited and 42% owned by Brookfield Infrastructure Partners
.
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. It currently (as of May 2011) has nearly 420,000 home and business connections in the Coromandel
, Western Bay of Planty, Hauraki Plains, North-East and South Waikato, Taranaki, Whanganui
, Rangitikei
, Manawatu and Wairarapa
. The gas network includes Taranaki, Manawatu, Horowhenua, Wellington and Hawkes Bay.
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
and electricity
Electricity
Electricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...
company based in New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
. The company is 58% owned by QIC Limited and 42% owned by Brookfield Infrastructure Partners
Brookfield Infrastructure Partners
Brookfield Infrastructure Partners is a publicly traded limited partnership headquartered in Hamilton , that engages in the acquisition and management of infrastructure assets on a global basis....
.
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. It currently (as of May 2011) has nearly 420,000 home and business connections in the Coromandel
Coromandel
Coromandel may refer to:*Coromandel, New Zealand*Coromandel Peninsula, New Zealand*Coromandel *Coromandel International*Coromandel Coast, India**Dutch Coromandel*Coromandel, Minas Gerais, a Brazilian city*Coromandel, Mauritius...
, Western Bay of Planty, Hauraki Plains, North-East and South Waikato, Taranaki, Whanganui
Whanganui
Various places in New Zealand are called Whanganui:*Whanganui, a city at the mouth of the Whanganui River, also often spelled "Wanganui", Manawatu-Wanganui Region*Whanganui District, Manawatu-Wanganui Region*Whanganui Island, Waikato Region...
, Rangitikei
Rangitikei District
The Rangitikei District is a Territorial Authority located primarily in the Manawatu-Wanganui Region in the North Island of New Zealand, although a small part, the town of Ngamatea , of it lies in the Hawke's Bay Region...
, Manawatu and Wairarapa
Wairarapa
Wairarapa is a geographical region of New Zealand. It occupies the south-eastern corner of the North Island, east of metropolitan Wellington and south-west of the Hawke's Bay region. It is lightly populated, having several rural service towns, with Masterton being the largest...
. The gas network includes Taranaki, Manawatu, Horowhenua, Wellington and Hawkes Bay.
Key dates
- April 1993 - New Plymouth Energy (the electricity division of the New Plymouth District Council) merges with Taranaki Electricity (former Taranaki Electric Power Board) to become Taranaki Energy Limited.
- 1994 - Taranaki Energy acquired the Hawera Gas Company.
- October 1995 - Taranaki Energy Limited merges with Wanganui-based Powerco (the former Wanganui Electric Power Board) to become PowerCo Limited.
- September 1997 - Powerco acquires Hawera based Egmont Electricity.
- April 1998 - Government pass Electricity Industry Reform Act. PowerCo decided to become a "network business" (or lines company), and the following changes are made:
- Electricity Retail Business (customer base) sold to Genesis Power
- Gas Retail Business sold to Natural Gas Corporation
- Natural Gas Corporation's Taranaki gas networks sold to Powerco
- Powerco's five hydro power stations sold to TrustPowerTrustPowerTrustPower Limited is a New Zealand electricity generation and electricity retailing company, listed on the New Zealand stock exchange.TrustPower is New Zealand's fifth largest electricity generator and the fourth largest electricity retailer , serving 260,000 customers throughout New Zealand...
- Powerco purchases Wairarapa Electricity's network business (formerly part of the Wairarapa Electric Power Board)
- August 2000 - Powerco merged with CentralPower (itself formed by the merger of CentralPower (for former Manawatu-Oroua Power Board) and ElectroPower, the former electricity division of Palmerston North City Council).
- June 2001 - Powerco purchases the Hutt Valley and Porirua gas networks from AGLAGL EnergyAGL Energy is the largest Australian gas and electricity retailer, with over six million customers. It has large investments in the supply of gas and electricity, and has recently invested in sustainable energy businesses such as wind farms and a hydroelectric power station in Victoria’s High...
. - February 2002 - Powerco purchases the Electricity Assets of United Networks Limited in TaurangaTaurangaTauranga is the most populous city in the Bay of Plenty region, in the North Island of New Zealand.It was settled by Europeans in the early 19th century and was constituted as a city in 1963...
, 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 (Tasmania gas distribution) to Babcock & Brown Infrastructure