Powerco cookin' with gas

Chairman Barry Upson says the purchase comprises approximately 1,000 km of gas assets for $102.5 million and meters and regulators for $15.5 million.

The purchase expands Powerco's gas network to around 2,000 km, giving the company 22% of the national market in terms of gas connections.

Powerco's chief executive, Steven Boulton, says the purchase represents significant gas industry growth for the company.

"The network is relatively modern due to recent refurbishments and upgrades, and has a strong record for reliability and quality of supply".

Mr Boulton says the company is also looking for further acquisition or diversification growth, which could include new electricity and gas networks, as well as opportunities to manage and service other networks such as water or telecommunications.

Following the purchase of the new gas assets the company says it will have 155,000 electricity customer connections and around 48,000 gas customer connections, consolidating its position as the country's third largest energy retailer.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Powerco, showing resilience in face of recession, posts first-half profit
Longstanding Powerco chief financial officer retires
Powerco profit on target
Powerco mulls joint bid for HED
Powerco all fired up
Special Report: Electricity - Worth A Flutter?
Infratil keeps finger in Powerco pie