Industry Energy Website www.powerco.co.nz Founded 1999 | Area served 39,000 sq km Headquarters New Plymouth, New Zealand Subsidiaries BBI PES Pty Ltd | |
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Predecessor Taranaki Energy Limited Services Electricity distribution
Natural gas distribution Number of employees 330 full-time equivalent Owners Queensland Investment Corporation (58%), AMP Limited (42%) Profiles | ||
Powerco is the second-largest gas and largest electricity distributor in New Zealand. It is one of only two companies to distribute both electricity and natural gas through their network (the other being Vector Limited). Its network delivers electricity and gas to households around the North Island from the national electricity transmission network Transpower and the natural gas transmission system owned and operated by Vector Limited.
Contents
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. The company is 58% owned by Queensland Investment Corporation and 42% owned by AMP Limited.
Business
The New Zealand electricity reforms of the 1980s split the electricity industry broadly into four sections - generators, transmitters, distributors and retailers. Six main generator businesses (Contact Energy, Genesis Energy, Mercury Energy, Meridian Energy, Trustpower and Nova Energy) generate electricity and supply it to New Zealand's national grid, operated by Transpower. Transpower transmits high-voltage electricity to grid exit points (or substations) around New Zealand for transmission to households and businesses. The local distribution network (mostly consisting of underground wires and/or overhead wires) that transmit electricity to end-users like households and businesses are owned and operated by local distribution companies, mostly regionally based.
Powerco is a distributor whose business is completely separate from generation, national transmission and retail (selling delivered electricity to end-users). It operates a 30,000 km local electricity distribution network supplying 320,000 households, industries and businesses from Transpower's national grid and a 6,000 km natural gas distribution network supplying 102,000 households, industries and businesses from Vector's transmission system.
Its electricity network currently supplies the following regions:
Powerco's natural gas distribution network covers: