MEL
17/11/2015 08:37
GENERAL
NOT PRICE SENSITIVE
REL: 0837 HRS Meridian Energy Limited
GENERAL: MEL: Meridian subsidiary Powershop enters deal with RWE npower
Meridian Energy Limited is pleased to announce that its wholly owned
subsidiary company Powershop New Zealand Limited ("Powershop") has entered
into a franchise licence agreement with UK based RWE npower ("npower") to
take its successful utility customer service platform and distinctive
consumer brand to the UK.
The nature of the agreement gives Powershop access to the large UK domestic
electricity and gas markets without carrying wholesale energy market
exposure.
Powershop started retailing electricity in New Zealand in 2009. In 2013 it
entered the Australian market, licensing it's customer service platform and
brand to fellow Meridian Energy subsidiary Meridian Energy Australia. There
are currently more than 110,000 electricity accounts serviced by the
Powershop platform in Australasia.
npower is one of the "Big 6" energy retailers in the UK and currently holds
approximately 10% of Great Britain's (England, Scotland and Wales) 50 million
domestic electricity and gas accounts.
Mark Binns, Meridian Energy Chief Executive, said he was excited by the
prospects for the Powershop platform, with its high customer satisfaction
levels, in the large UK market.
"The UK deal is a natural extension of the entry into the Australian market
in 2013. The licensing deal gives
Powershop the opportunity to sell the technology and know-how its team has
developed, with no exposure to foreign wholesale energy markets and minimal
capital outlay. It's a good news story for Meridian and it's a good news
story for NZ Inc."
End CA:00273540 For:MEL Type:GENERAL Time:2015-11-17 08:37:08
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