Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

RMG Completes Power Company Deal

Melbourne: Friday, November 23, 2001 - Receivables management company RMG Limited today announced that it had completed its landmark agreement to provide credit reporting and debt recovery services to the NZ power industry.

Chairman Tony Hodgson said that as of yesterday, the last outstanding energy supplier had agreed to become part of the group.

“RMG announced in the latter part of 2000 that it was embarking on a project involving energy suppliers to form a closed user group effectively providing credit information between the various suppliers, with RMG correlating and providing the information,” Mr Hodgson said.

The conclusion of the agreement means the energy database will commence operating and become a revenue source for RMG from next month.

“This has been a major coup for the company in that it represents the first significant step in creating an information database which is one of the major areas of business RMG will look to develop in future years,” Mr Hodgson said.

RMG Executive Deputy Chairman Jim Boult said power companies had very large customer bases, with 250,000 customers switching power suppliers each year.

“Increased efficiencies in managing the exit and entry of these customers and identifying persistent bad debtors will make a significant difference to the power retailers,” he said.

“In the management and provision of quality information, RMG will provide a valuable service to the New Zealand power industry.”

-ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Wainui: Major Infrastructure Partnership For North Auckland

Minister of Housing and Urban Development Phil Twyford and Auckland Mayor Phil Goff today announced a partnership that will fund $91 million of roading and wastewater infrastructure to support the building of 9000 homes... More>>

ALSO:

NZ's Space Programme: Rocket Lab Reaches Orbit Again

Rocket Lab has continued the success of its 2018 orbital launch program with the launch of seven payloads to orbit. The mission marks Rocket Lab’s second successful orbital launch and deployment of customer satellites. More>>

ALSO:

Supreme Court: Labelling Swamp Kauri Slab A Tabletop Doesn't Make It One

New Zealand's highest court has ruled that exporting slabs of swamp kauri as "tabletops" or swamp kauri logs as "totem or temple poles" is illegal under the Forests Act. More>>

ALSO:

Starting Ending Offshore Drilling: Green Party Celebrate Passing Of Oil And Gas Bill

“This Bill is an essential first step in winding down offshore exploration for new sources of fossil fuels. We are in Government together to do this work, to create the change our people and our planet need to flourish." More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020. More>>