re: genesis energy -just another scam?
Is this the same Genesis Energy??? If so, maybe a contact no. for them could be obtained through the no's listed below! .............................................................................
NGC Concludes Retail Gas Customer Sale to Genesis 30 September 2002
Please find attached media release from the Natural Gas Corporation (NGC) which was released to the New Zealand Stock Exchange this afternoon. NGC is a 66% owned subsidiary of The Australian Gas Light Company (AGL).
Further Enquiries: Jane McAloon Mobile: 0419 447 384
Natural Gas Corporation Holdings Limited (NGC) said today it has concluded the sale of its mass-market retail natural gas business to Genesis Power Limited. This follows Commerce Commission clearance of Genesis’ application to acquire the business, which allowed the conditional sale agreement announced on 23 September to become unconditional.
The sale of NGC’s residential and small commercial customers for $44 million, together with the value of debtors and unbilled sales amounts, currently estimated at $17 million, is effective today, with the cash settlement of the transaction.
NGC intends to use the proceeds of the sale to further reduce goodwill. Accordingly, no profit on disposal will be realised.
As part of the agreement, NGC will supply Genesis with at least 4 petajoules of wholesale gas a year for the next five years to service the gas retail customer base.
The sale follows a comprehensive review of NGC’s future business direction, and the announcement on 20 August of the Company’s intention to sell its gas retailing business and electricity generation assets.
NGC Chief Executive Mr Phil James, said: "The gas retail sale is consistent with NGC’s change of focus from a mass market energy supplier, to an infrastructure-focused energy services company with primarily business-to-business commercial relationships."
He added: "NGC’s withdrawal from electricity retailing last year meant we no longer had the capability to service mass-market customers and we therefore established a strategic alliance with Genesis, under which Genesis provides all marketing and customer service delivery, and sells the gas under the Genesis Energy brand. For the customers, therefore, the sale of this business to Genesis will be seamless."
Mr James concluded: "The effect of the sale on NGC staff will be minimal because much of the activity associated with the natural gas retail business has already passed to Genesis under the strategic alliance arrangements."
NGC will continue to directly supply gas to approximately 500 larger industrial and commercial sites.
Contact: Keith FitzPatrick, Communications Manager, Natural Gas Corporation Phone: 04 – 576 8804, Mobile: 027 – 443 8349
