Pulse Continues Strong Customer Growth

Pulse Continues Strong Customer Growth

Genesis Energy gained electricity customers for a third straight month in August, restoring account numbers to levels last seen in March.

The government-owned generator, including its Energy Online unit, gained a net 2,047 installation control points (ICPs) last month, its biggest increase this year. Contact Energy shed 2,345 accounts, its biggest decline this year and the largest mover among any of the retailers in August.

Just over 30,000 customers changed supplier last month as Genesis and Meridian Energy seek a broader base of customers to support new assets they are building or will acquire as part of the government's industry reforms. Mighty River Power, the country's third-largest retailer after Genesis and Contact, last month said it expects its customer gains to slow as it consolidates recent gains and rivals fight harder to retain customers.

Contact's loss follows a 763 customer drop in its gas accounts in August, the biggest decline in 17 months. Still, with 486,425 electricity ICPs it retains close to 25 per cent of the market. Genesis, with 524,194 customers, remains the biggest retailer with 26.5 per cent of the market.

Mighty River declines

Mighty River was the next largest decliner last month, with its Mercury Energy and Bosco Connect units losing a net 364 customers. TrustPower shed 170 accounts and Meridian lost a net 136 customers despite ongoing gains by its Powershop unit.

Pulse Energy was the biggest gainer after Genesis, signing up another 1,835 customers and breaching 10,000 accounts for the first time.

Todd Energy continued its gains, adding 694 accounts. Including Bay of Plenty Energy and Auckland Gas the group now has 40,325 customers or 2 per cent of the market.

Powershop added 1,034 customers, taking its total accounts to 18,771 and overtaking King Country Energy for the first time.

ENDS

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