Customer growth for TrustPower

By Phil Boeyen, ShareChat Business News Editor

Wednesday 27th September 2000

Listed electricity supplier TrustPower says it has gained 500 new customers in the past week and now has more than 230,000 customers in total.

TrustPower chairman Avon Carpenter told the company's annual meeting that the new figure compares with just over 212,000 customers at the start of the year -- an 8.5% increase.

Despite his company's efforts Mr Carpenter says it is clear that the electricity industry is still experiencing a number of problems particularly in the very competitive retail area.

In particular he points a finger at the government for not taking any action following a Ministerial Inquiry into the electricity industry, which reported back to government in early July 2000.

"It is disappointing that the Inquiry made no recommendation in respect of generation - in particular the dominant position of the State-owned generators and the consequent lack of a true wholesale market."

"This position of dominance has not diminished and has been highlighted by the recent temporary shutdown of Contact's Otahuhu gas fired plant. Because of the lack of a true market and the constraint on the Transpower system north of Taupo, Genesis - the state-owned generator - is in a position to demand whatever price it wishes."

Mr Carpenter says his company has continued to make steady progress in the marketplace but would do better still if these distortions were addressed.

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