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NGC to Seek Partners in Electricity Generation

21 March 2002

Natural Gas Corporation Holdings Limited (NGC) announced today an intention to seek partners in the development of its electricity generation business.

Chief Executive Officer, Mr Phil James, said that following a strategic review of NGC’s generation business, the Company had concluded that its position in energy wholesaling could be enhanced by involving industry partners in its electricity generation activities.

NGC intends to have discussions with prospective partners over the next few months to assess interest and to explore mutually beneficial opportunities. These may include gas contracting arrangements and the further development of existing generation sites.

NGC has identified potential partners, but it was too early to discuss particular arrangements that may arise. Mr James said: “We have identified a number of options potentially involving existing or new entrant participants in the market.”

Mr James said generation remained a key business for NGC and the Company believed opportunities exist to enhance the competitive position and value of this activity, while also providing mutual benefits in the management of risks associated with electricity trading.

NGC’s core businesses comprise gas and electricity wholesaling, asset management and the provision of energy services. There is a strong link between the natural gas and electricity generation activities from which NGC and any future partner could leverage value.

NGC has retained financial advisor, J.B. Were (NZ) Limited, to assist in the process.

ends

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