Genesis confirms partial NGC interest

Genesis Energy is one of the 20-plus companies interested in acquiring all or part of NGC Holdings.
Genesis confirms partial NGC interest Genesis confirms partial NGC interest Genesis confirms partial NGC interest Genesis confirms partial NGC interest Genesis confirms partial NGC interest

The DominionPost today said Genesis has registered an interest in NGC Holdings, along with Auckland-headquartered network company Vector, and probably Genesis’ government-owned cousins Meridian Energy and Mighty River Power.

Genesis chief executive Murray Jackson confirmed to EnergyReview.Net this morning that his company had registered an early interest, “but only for the large industrial and commercial customers and NGC’s LPG business”.

Genesis had already expressed interest in those customers when it bought 95,000 retail gas customers from NGC last year.

Jackson said Genesis was not interested in NGC’s extensive pipeline reticulation network around the North Island.

“I am fairly hot on this. There should be transparency, a clear delineation, between gas retailing and network ownership; much as there is in the electricity sector,” Jackson told ERN.

MRP has declined to comment on whether it is interested in NGC, though it is known MRP and Wanganui Gas (in which NGC is a part-owner) have worked together in the past.

Meridian Energy is believed to be interested in NGC's electricity meters.

There are also rumours that the Australian Pipeline Trust and Prime Infrastructure are also interested in NGC, though commentators doubt if Brisbane-based Prime would rush into a bigger deal than its yet-to-be-completed Powerco purchase.

Australian Gas Light is asking for indicative bids by October 6 for its 66% stake in NGC.

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