Vector buys Contact's metering business for $63 million

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 says.

Contact acquired the meters from Enerco in 1999 and their sale to Vector is subject to Commerce Commission clearance.

Contact says it will retain ownership of the data the meters provides so it can maintain its relationship with the gas customers affected.

Contact is the retailer for about 40% of the gas meters. The 128,000 meters are located at residential, commercial and industrial premises.

In 2008, Vector started the installation of smart meters to electricity and gas customers nationwide. As at June 2012 it had installed 369,394 units.

Vector owns and operates the electricity distribution network in the greater Auckland region and owns and operates 2286km of high-pressure transmission gas pipelines throughout the North Island.

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7959 -0.0001 -0.01%
AUD 0.9075 0.0004 0.04%
EUR 0.6264 0.0040 0.64%
GBP 0.4941 0.0013 0.26%
HKD 6.1735 -0.0023 -0.04%
JPY 85.1880 0.1030 0.12%

Commods

Commodity Price Change Time
Gold Index 1248.5 4.340 2014-10-21T00:
Oil Brent 86.2 0.820 2014-10-21T00:
Oil Nymex 82.5 -0.260 2014-10-21T00:
Silver Index 17.5 0.190 2014-10-21T00:

Indices

Symbol Open High Last %
NZX 50 5233.1 5264.6 5233.1 0.57%
NASDAQ 4359.2 4419.5 4316.1 2.40%
DAX 8693.1 8889.8 8717.8 1.94%
DJI 16406.0 16620.8 16399.7 1.31%
FTSE 6267.1 6372.3 6267.1 1.68%
HKSE 23300.5 23300.5 23088.6 0.55%
NI225 15038.2 15129.1 14804.3 1.49%