NGC reaches agreement to sell gas business to Genesis

The deal is conditional on Commerce Commission approval, for which Genesis applied on September 11. The commission is due to announce its decision tomorrow unless Genesis seeks an extension.

NGC said on August 20 it wanted to sell 94,000 gas retail customer business, and also offload its electricity generation assets, 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. It was crippled by last winter's high prices, forcing it to sell it 400,000 electricity.

State-owned Genesis has also applied for commission approval to buy electricity retailer Energy On Line, owned by small technology company Newcall Group.

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