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Vector buys Contact's metering business for $63 million
Vector buys Contact's metering business for $63 million
Oct. 25 (BusinessDesk) - Vector is buying Contact Energy’s gas metering business for $63 million and is signalling an upgrade of the 128,000 meters acquired.
"We have been trialing smart gas metering technology and in the longer term we hope to retro-fit this technology on the acquired gas meter fleet as customers request such technology,” Vector chief executive Simon Mackenzie said.
Contact acquired the meters from Enerco in 1999 and their sale to Vector is subject to Commerce Commission clearance.
Contact said it would retain ownership of the data the meters provided so it could maintain its relationship with the gas customers affected.
Contact is the gas retailer for about 40 percent of the gas meters.
The 128,000 gas meters are located at residential, commercial and industrial premises around New Zealand.
In 2008, Vector started the installation of smart meters to electricity and gas customers across New Zealand. As at June 2012 it had installed 369,394 smart meters.
Vector owns and operates the electricity distribution network in the greater Auckland region and owns and operates 2,286 kilometres of high pressure transmission gas pipelines throughout the North Island.
(BusinessDesk)
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