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Success Drives Changes For M-co

Sustained success and growth for the administrator of the New Zealand electricity market is bringing about top level management changes to the M-co Group of companies. The changes will allow M-co to maintain its primary focus on New Zealand electricity while the company continues to expand overseas.

Christopher Russell was recently appointed Chief Executive of M-co's New Zealand operations. Mr. Russell replaces Philip Bradley, who is now Chair of M-co New Zealand. Mr. Bradley is spearheading M-co's international expansion and will continue to be based in New Zealand. Hugh Rennie QC moves from his role of Chair of M-co in New Zealand and becomes Chair of the M-co Group.

"The challenge for M-co is to internationalise its business without affecting the services it provides to the New Zealand electricity industry", said Mr. Rennie.

"M-co is a New Zealand success story. The next phase of M-co growth will be challenging and potentially extremely rewarding for both our customers and our shareholders. We have a very strong team of professionals in New Zealand with considerable experience and expertise, particularly in the design and operation of electricity markets," said Mr. Bradley. "While M-co continues to expand internationally, New Zealand remains a core focus of our business."

M-co New Zealand administers the wholesale market for electricity (NZEM) and the Metering, Reconciliation and Information Agreement (MARIA), and is part of the project team revamping the structure of electricity governance in this country.

"Mr. Russell's appointment adds considerable additional strength to the team and demonstrates the resource commitment M-co has to its New Zealand business," Mr. Bradley continued.

Mr. Russell previously headed the Auckland Regional Services Trust and the Crown Company Monitoring Unit (CCMAU).

Mr. Bradley also announced the appointment of Alison Payne as General Manager Market Operations. Ms Payne was previously the Clearing Manager for the wholesale electricity market and has been with M-co for five years. Ms Payne replaces Allan Dawson who has moved to Singapore to head M-co's joint venture with the Singaporean Government that will establish a wholesale electricity market based on the New Zealand model.

M-co is now working in New Zealand, Australia, Singapore, Taiwan, South Africa and in Europe.

-ends-

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