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Shareholders

Since 1994 PowerNet Limited has managed electricity networks on behalf of its respective owners Electricity Invercargill Limited (EIL) and The Power Company Limited (TPCL) who each hold a 50% shareholding in the company.

PowerNet is charged a fee for the use of those two networks and adds maintenance costs and overheads to this. The total fees are on-charged to electricity retailers through what is known in the industry as wheeling fees or line charges.

 

EIL is owned by the ratepayers of the Invercargill City Council and TPCL is owned by the Southland Electric Power Supply Consumer Trust (SEPSCT) which represents consumers connected to their network.

PowerNet manages the assets of the OtagoNet Joint Venture (OJV) which is jointly owned by PowerNet’s two shareholders EIL and TPCL.

PowerNet charges OJV a network management fee. OJV then adds maintenance costs, depreciation, overheads and a return on investment to the PowerNet charges and the total fees are on-charged to electricity retailers as wheeling fees or line charges.

PowerNet also manages embedded networks in the Frankton, Wanaka and Cromwell areas, known as Lakeland Network. The Central Otago network is owned by EIL and TPCL.

The Stewart Island Electrical Supply Authority (SIESA) network is managed by the Southland District Council (SDC) it provides businesses and homes on Stewart Island with a reliable power supply.

PowerNet has a service contract agreement with SDC, providing general maintenance services and engineering support across the SIESA network through our field services teams. We have three field services staff stationed on the Island.