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- Release Date: 05/06/14 11:02
- Summary: GENERAL: MRP: Metrix confirmed as preferred partner for Trustpower
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MRP
05/06/2014 09:02
GENERAL
REL: 0902 HRS Mighty River Power Limited (NS)
GENERAL: MRP: Metrix confirmed as preferred partner for Trustpower
Mighty River Power today welcomed an announcement confirming that the
Company's metering business, Metrix, had been selected by Trustpower as its
preferred partner for the provision of nationwide metering services and the
roll-out of 'smart' meters to its retail customers.
Mighty River Power Chief Executive, Doug Heffernan, said Metrix was selected
following a tender process, and commercial negotiations were expected to be
finalised within the next few months.
"Subject to concluding commercial terms, this partnership will result in
Metrix providing metering services to Trustpower over a long-term service
contract which will include Metrix deploying AMI (Advanced Metering
Infrastructure) technology to over 225,000 Trustpower customers."
This will involve capital expenditure of approximately $100 million from
Mighty River Power over a three year period, with revenues growing
progressively through the deployment. Dr Heffernan said this level of
investment in growth would be more than double the previous annual rate.
"This is an exciting space and an area of primary growth focus for Mighty
River Power, where we can apply our expertise and capability in metering to
grow earnings quickly at a time when there is little or no growth in
electricity demand in New Zealand."
Over the past five years Metrix has built its AMI business to more than
340,000 installations through capital investment of approximately $100
million, making it New Zealand's second-largest provider of electricity
metering services.
Metrix Chief Executive, Matthew Olde, said this positive step in progressing
a long-term partnership with Trustpower was important to growth - as one of
two major electricity retailers in New Zealand still to appoint an AMI
partner for the deployment of smart meters.
"Building a strong long-term partnership with Trustpower is a key element and
opportunity in our domestic growth plans for metering deployment and
providing metering services to retailers."
Mr Olde said growth in New Zealand and internationally offered the potential
to more than double Metrix's business by responding to demand from
electricity retailers to provide greater visibility of electricity
consumption for their customers, and other services made possible with AMI
smart meters.
End CA:00251234 For:MRP Type:GENERAL Time:2014-06-05 09:02:53
