TrustPower Completes Market Rationalisation
1pm Friday 20 June
TrustPower has announced the sale by of some 8,500 customers in the Auckland, Northland and adjacent areas to Mercury Energy.
The sale completes a process begun in March 2002, when TrustPower and Mercury both signalled their intention to exit markets where the two companies believed it would be increasingly difficult to acquire competitive scale.
TrustPower is advising the affected customers that their accounts will be transferred to Mercury Energy as from 27 June.
TrustPower Chief Executive Keith Tempest says the move completes TrustPower's recent market rationalisation, which has seen the company exit residential markets where it did not believe it could offer competitive prices, allowing it to focus on markets where it already had a strong and profitable retail presence.
"We believe that these moves have been in the best interests of our company, and our customers. We have strong market presence in all of the 12 regions where we are the incumbent retailer, and in several other regions, and it makes sense for us to focus on those markets."
Mr Tempest said the market rationalisation did not affect contracted commercial customers in the affected areas.