Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Genesis signs up Newcall Group's Energy Online

30 August 2002
Media Release

Genesis signs up Newcall Group's Energy Online

AUCKLAND 30 AUGUST 2002: Newcall Group Limited announced today that it has signed an agreement in principle to sell certain assets of its electricity retailing subsidiary, Energy Online Ltd, to Genesis Power Limited for an undisclosed sum.

Newcall Group managing director, Jim Bracknell, says that while contingent on approval by the Commerce Commission and Newcall's shareholders, the sale will crystallise the value of the profitable subsidiary in the favour of shareholders.

"It also represents another important step in the group's transition to an IT focused company spearheaded by ISP Iprolink and specialised utility billing and CRM subsidiary, Newcall Technology," he says.

Genesis’ chief executive, Murray Jackson, says Energy Online will retain its separate customer base, its brand name and intellectual property. Energy Online has 20,000 customers throughout the North Island and is especially strong in Auckland, Hawke's Bay, Bay of Plenty and Waikato.

"Customers will continue to benefit from the competitiveness of Energy Online as we intend to substantially increase its presence throughout the electricity retailing market," says Mr Jackson.

Genesis Energy services 450,000 residential electricity customers, 2,200 large commercial and industrial customers and 95,000 gas customers throughout New Zealand.

ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>