Powerco
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Powerco is a New Zealand electricity and gas distribution company. It operates networks in the North Island and is one of two companies in the country (the other being Vector) that distribute both electricity and natural gas. As of 2024, Powerco’s electricity network spans approximately 29,200km (18,100mi), while its gas network includes about 6,300km (3,900mi) pipelines. The company serves around 360,000 electricity and 113,000 gas counsumers.
Powerco is jointly owned by Queensland Investment Corporation and AMP Capital, both based in Australia.
History
- April 1993 - New Plymouth Energy (the electricity division of the New Plymouth District Council) merges with Taranaki Electricity (former Taranaki Electric Power Board) to become Taranaki Energy Limited.
- 1994 - Taranaki Energy acquired the Hawera Gas Company.
- October 1995 - Taranaki Energy Limited merges with Wanganui-based Powerco (the former Wanganui Electric Power Board) to become Powerco Limited.
- September 1997 - Powerco acquires Hawera based Egmont Electricity.
- April 1998 - Government pass Electricity Industry Reform Act. PowerCo decided to become a "network business" (or lines company), and the following changes are made: Electricity Retail Business (customer base) sold to Genesis Power Gas Retail Business sold to Natural Gas Corporation Natural Gas Corporation's Taranaki gas networks sold to Powerco Powerco's five hydro power stations sold to TrustPower Powerco purchases Wairarapa Electricity's network business (formerly part of the Wairarapa Electric Power Board)
- August 2000 - Powerco merged with CentralPower (itself formed by the merger of CentralPower (for former Manawatu-Oroua Power Board) and ElectroPower, the former electricity division of Palmerston North City Council).
- June 2001 - Powerco purchases the Hutt Valley and Porirua gas networks from AGL.
- February 2002 - Powerco purchases the electricity assets of United Networks Limited in Tauranga, Eastern and Southern Waikato, Thames and Coromandel, plus gas networks in Wellington, Horowhenua, Manawatū and Hawke's Bay.
- 2004 - Powerco purchased Siemens Energy Services' Tauranga based contracting division
- November 2005 - Powerco sold its New Zealand field services contracting business to Tenix Alliance
- 2008 - Divestment of Powerco Australia Group (Tasmania gas distribution) to Babcock & Brown Infrastructure.
- October 2025 - Powerco confirmed intentions to buy Firstlight Network, the electricity distribution business serving the Gisborne and Wairoa districts, from Clarus. The purchase is subject to regulatory approval.
Electricity network
Powerco's electricity distribution network serves the eastern Waikato, western Bay of Plenty, Taranaki, most of Manawatū-Whanganui, and Wairarapa.
| Parameter | Value |
|---|---|
| Regulatory asset base | $2,797 million |
| Line charge revenue | $427.4 million |
| Capital expenditure | $281.9 million |
| Operating expenditure | $123.0 million |
| Customer connections | 359,857 |
| Energy delivered | 5,003GWh |
| Peak demand | 967MW |
| Total line length | 29,202km |
| Distribution and low-voltage overhead lines | 20,145km |
| Distribution and low-voltage underground cables | 7,227km |
| Subtransmission lines and cables | 1,829km |
| Poles | 264,577 |
| Distribution transformers | 37,664 |
| Zone substation transformers | 212 |
| Average interruption duration (SAIDI) | 251 minutes |
| Average interruption frequency (SAIFI) | 2.00 |
Gas network
Powerco's gas distribution network serves Hawke’s Bay, Taranaki, Manawatū, and the Wellington metropolitan area.
| Parameter | Value |
|---|---|
| Regulatory asset base | $455 million |
| Line charge revenue | $65.0 million |
| Capital expenditure | $18.1 million |
| Operating expenditure | $19.7 million |
| Customer connections | 113,385 |
| Total gas conveyed | 8,183TJ |
| Maximum daily load | 36.6TJ |
| System length | 6,291km |