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Trustpower picks MightyRiverPower's metering service

MightyRiverPower's [NZX: MRP] metering business Metrix will be Trustpower's preferred provider to supply its 225,000 customers with smart meters.

The long-term service contract between Metrix and Trustpower will cost MRP $100 million in capital expenditure over the next three years, the Auckland-based energy generator and retailer said in a statement. Tauranga-based Trustpower had been running a competitive tender for the right to provide smart meters to its customers for the past 15 months.

The government-controlled energy company is targeting growth through its Metrix service which provides electricity retailers and companies with ‘smart’ meters and is currently New Zealand’s second largest provider of meters. Over the past five years Metrix has installed 340,000 smart meters, through capital investments of $100 million. In the medium term, Metrix was looking at expanding to offshore electricity markets.

The shares in MRP last traded at $2.255, and have gained 5.9 percent this year. Shares of Trustpower, which is controlled by infrastructure investor Infratil, last traded at $7.05 and have increased 8.3 percent this year.