Mercury gains; Genesis down

Damian Foster.
Damian Foster.
The December customer numbers shows recent trends in New Zealand's electricity sector are continuing, Forsyth Barr broker Damian Foster says.

Mercury again led the gainers and Genesis lost the most customers.

The first key point for the month was the first big loss at King Country Energy, majority owned by Trustpower, which offset the gains by Trustpower.

However, most of the King Country Energy losses were in Auckland, which probably meant the customers were being branded Trustpower, he said.

''Either way, Trustpower's net position is no movement, hence another disappointing month.''

The second key point was the big gains by Switch Utilities which was bought by Vocus Communications on December 1.

Competition in the retail space was not going to disappear in a hurry.

''That said, we are not overly concerned by the losses Contact Energy and Genesis are making,'' Mr Foster said.

Summary:

Mercury, up 1153 customers; Switch Utilities up 680; Flick Electric up 667; Electric Kiwi up 449; Trustpower up 407; King Country Energy down 411; Contact down 1294; Genesis down 2204.

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