Investments

The Power Company Ltd (TPCL) has investments in the electricity network sector. Following is a summary of these investments.

In 1994, TPCL and EIL entered into a 50/50 partnership to form PowerNet Limited.  In November 2024, the Southland Power Trust (SEPSCT) acquired through The Power Company Ltd EIL’s share of investment in the OtagoNet Joint Venture, Lakeland Network Ltd and PowerNet.

TPCL and EIL retain the ownership of their respective network assets and PowerNet manages the assets on their behalf. This management is implemented through agreed capital and maintenance works programmes which constitute the major part of the business plans. Each company has its own business plan prepared by PowerNet and approved by the respective network owners.

TPCL is owned by Lakeland Network Ltd (formerly Electricity Southland Ltd) and takes advantages of investment and development opportunities. Lakeland Network owns a network in the Queenstown-Lakes and two embedded networks in Wanaka and Cromwell in Central Otago. This network is also managed by PowerNet.

OtagoNet Joint Venture (OJV) is also owned by TPCL.  OJV was formed in 2002 following the purchase of the electricity network assets from the shareholders of the consumer co-operative company Otago Power Ltd.