Metrix confirmed as preferred metering partner for Trustpowe

Metrix confirmed as preferred smart metering partner for Trustpower

Mighty River Power today welcomed an announcement confirming that the Company’s metering business, Metrix, had been selected by Trustpower as its preferred partner for the provision of nationwide metering services and the roll-out of ‘smart’ meters to its retail customers.

Mighty River Power Chief Executive, Doug Heffernan, said Metrix was selected following a tender process, and commercial negotiations were expected to be finalised within the next few months.

“Subject to concluding commercial terms, this partnership will result in Metrix providing metering services to Trustpower over a long-term service contract which will include Metrix deploying AMI (Advanced Metering Infrastructure) technology to over 225,000 Trustpower customers.”

This will involve capital expenditure of approximately $100 million from Mighty River Power over a three year period, with revenues growing progressively through the deployment. Dr Heffernan said this level of investment in growth would be more than double the previous annual rate.

“This is an exciting space and an area of primary growth focus for Mighty River Power, where we can apply our expertise and capability in metering to grow earnings quickly at a time when there is little or no growth in electricity demand in New Zealand.”

Over the past five years Metrix has built its AMI business to more than 340,000 installations through capital investment of approximately $100 million, making it New Zealand’s second-largest provider of electricity metering services.

Metrix Chief Executive, Matthew Olde, said this positive step in progressing a long-term partnership with Trustpower was important to growth – as one of two major electricity retailers in New Zealand still to appoint an AMI partner for the deployment of smart meters.

“Building a strong long-term partnership with Trustpower is a key element and opportunity in our domestic growth plans for metering deployment and providing metering services to retailers.”

Mr Olde said growth in New Zealand and internationally offered the potential to more than double Metrix’s business by responding to demand from electricity retailers to provide greater visibility of electricity consumption for their customers, and other services made possible with AMI smart meters.

ENDS.

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