Ann: OFFICE: MRP: Metrix Chief Executive Appointm

• Release Date: 13/05/14 16:42
• Summary: OFFICE: MRP: Metrix Chief Executive Appointment
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					MRP
13/05/2014 14:42
OFFICE

REL: 1442 HRS Mighty River Power Limited (NS)

OFFICE: MRP: Metrix Chief Executive Appointment

Mighty River Power today announced the appointment of Matthew Olde to the
newly-created position of Chief Executive of the Company's metering business,
Metrix.

Mighty River Power has signalled growth opportunities in advanced metering,
both domestically and internationally, as a key focus for the Metrix business
which is New Zealand's second-largest provider of electricity metering
services with more than 330,000 active 'smart' meters.

Mighty River Power Chief Executive, Doug Heffernan, said the immediate
appointment of Mr Olde as acting Chief Executive for Metrix, directly
reporting to the Mighty River Power Chief Executive, reflected the strategic
importance of Metrix progressing growth plans in partnering with electricity
retailers and other companies to provide them with enhanced information
solutions.

"This appointment is about applying strong leadership to an area where there
is significant growth potential, with two of the largest electricity
retailers in New Zealand still to appoint a deployment partner. That
represents about 440,000 consumer premises, and the potential to more than
double Metrix's current smart meter business. While this is our primary
growth focus, in the medium term we are also looking at the potential to
apply the expertise and capability we have through Metrix in electricity
markets offshore.

"This is an exciting space where Metrix is one of the established leaders,
and where opportunities are developing rapidly on the back of demand from
retailers' for real-time visibility of their customers' electricity
consumption, and services that have become possible with AMI (Advanced
Metering Infrastructure) smart meters already covering more than 50% of New
Zealand's 1.6 million homes and businesses."

"In a New Zealand first for a lines company we have this month completed the
roll-out of more than 4,000 smart meters through a partnership with Counties
Power, which will grow to 40,000 over the next 18 months. Metrix is now
providing data services that mean customers on their network will have the
potential to utilise smart meter services as these are introduced by
retailers, and the network owner [Counties Power] through this 'smart grid'
platform will also in future be able to identify and address power outages
and quality issues more quickly for the benefit of customers."

Along with the Chief Executive appointment, Dr Heffernan said a business
transformation function would be established within Metrix to respond to the
range of current and emerging areas of growth. Current Metrix General
Manager, Tim O'Halloran, will head this function reporting to Mr Olde, with
core responsibility for execution and integration of all major capital
projects.

Over the past five years Metrix has built its AMI business to over 340,000
installations through capital investment of nearly $100 million. Dr Heffernan
said Metrix's annual capital expenditure of $13 million in FY2014 could
double or triple in the medium-term depending on the success of the business
in securing further value-enhancing growth opportunities, with revenues
flowing progressively through the deployment phase.

Mr Olde joined Mighty River Power in 2010. He was appointed to the Company's
executive team as General Manager Business Strategy and Solutions in December
2012 and as IPO Project Manager, was responsible for overseeing the Company's
preparations for the Initial Public Offering in May 2013. Mr Olde's previous
experience was in the investment banking industry in Auckland, Sydney and
London.

Dr Heffernan said Mr Olde's focus would now be solely on the Metrix business.
His former GM Business Strategy and Solutions role has been disestablished,
with a temporary reassignment of functions including Tony Nagel (General
Counsel, with responsibility for Communications) reporting to Dr Heffernan,
ICT (Information, Communication and Technology) reporting to Human Resource
General Manager, Marlene Strawson, and Business Strategy now assumed by the
Company's Chief Executive function.
End CA:00250392 For:MRP    Type:OFFICE     Time:2014-05-13 14:42:47