History

The New Zealand Government energy reforms of the 1990s were designed to introduce a more competitive environment in the generation, distribution and retailing of electricity, ultimately resulting in a better deal for consumers.

The reforms commenced with the establishment of Contact Energy and the wholesale electricity market in 1996, and the separation of the former electricity supply companies into the network service companies and retail businesses.

The split of the Electricity Corporation of New Zealand (ECNZ) into three state-owned enterprises — Genesis Power (trading as Genesis Energy), Mighty River Power and Meridian Energy — was completed on 1 April 1999.

The Government's energy reforms meant that Contact Energy, Genesis Power, Mighty River Power, Meridian Energy, along with Trustpower and (then) TransAlta, were the principal competing generation companies. They generated electricity that was fed into the national grid, which is owned and operated by Transpower, a state-owned enterprise.

Under the reforms, generation companies were able to own retail businesses, but could not be network distribution companies. Existing power companies had the choice of continuing as network companies or retailing to the consumers. However they could not have substantial ownership of both.

Genesis Power, as we were then, commenced trading on 1 April 1999.With a primary focus on generation, trading and retailing of energy in New Zealand.

Backed by a unique combination of hydro and thermal generation, we own seven power stations in the North Island. These include New Zealand's largest thermal plant — Huntly Power Station, the Tongariro Power Scheme, Waikaremoana Hydro Scheme, Hau Nui wind farm and a co-generation plant.

We acquired the retail electricity business of Wairarapa Electricity Ltd, Central Power Ltd and Powerco Ltd, effective from 1 April 1999. These acquisitions provided us with 155,000 customers located primarily in the Wairarapa, Manawatu, Taranaki and Wanganui regions.

In August 2001 we also acquired Natural Gas Corporation's - On energy, North Island’s electricity customer base of 288,000 customers. In August 2002 we acquired Energy Online’s retail electricity business from Newcall, additionally in October 2002 NGC’s residential gas business comprising of 95,000 customers was also acquired and in June 2003 we acquired the FreshStart retail customer base from Todd Energy.

In 2007 we commissioned a 400MW high-efficiency combined cycle gas-fired turbine in Huntly. We have a consented wind farm site at Awhitu Peninsula and have been consenting a gas-fired power station in the Rodney District, north of Auckland.

Today we trade as Genesis Energy and have more than 660,000 electricity and gas customers throughout New Zealand.