Customer Sale To Genesis Concluded

NGC North Island Electricity Customer Sale To Genesis Concluded

Natural Gas Corporation Holdings Limited (NGC) advises it has concluded the sale of its 290,000 North Island electricity customers to Genesis Energy, as detailed in the Company’s announcement of 25 July 2001.

The Managing Director, Mr John Barton, said the agreement for NGC to provide transitional call centre, billing and credit services for these customers over the next several months had also been finalised.

Settlement of the sale agreement finalises NGC’s withdrawal from the retail electricity market. NGC continues to be involved in the electricity market through its electricity generation operations. It also retains a natural gas customer base of approximately 100,000 industrial, commercial and residential gas users throughout the North Island, as well as strong gas infrastructure and processing operations and an expanding LPG business.

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