NGC sets out schedule for power station sales

Final bids on its Taranaki Combined Cycle and Cobb Hydroelectric Power Stations would be taken in December, with indicative bidding to start in November.

The bidding process was confirmed today and details would be made available to potential bidders.

NGC also called for bids on its share of the Southdown Cogeneration station in Auckland and Rotokawa Geothermal Power station near Taupo, which it was considering selling.

NGC said on August 20 it wanted to sell its electricity generation assets and gas retail customer busin ess to concentrate on gas distribution and energy metering.

NGC has returned to its core gas transmission and distribution business since it bought TransAlta New Zealand in 2000.

Yesterday, the energy company reached a conditional agreement to sell its retail gas customers to Genesis Power.

Commerce Commission approval for the deal is expected today unless Genesis seeks an extension.

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