NGC, which announced the moves last month in order to consolidate its energy role in NZ, has reached a conditional agreement to sell its mass market gas retailing business to Genesis Power. The sale is subject to Genesis receiving Commerce Commission clearance.
As for its power generation assets, NGC has called for expressions in the Taranaki Combined Cycle and Cobb Hydroelectric Power Stations. NGC said indicative bids are due in November with final bids due in December.
NGC, whose parent company is the Australia Gas Light Co, also invited parties to register their interest in the potential sale of NGC's share in the Southern Cogeneration and Rotokawa Geothermal Power Stations.
