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Reference: PNCC 00082

Record type: Series

Record: Powerco Ltd

Powerco Ltd


Series No:PNCC 00082
Creating Agency:Palmerston North City Council
End Date:1996
Arrangement:

Volume 1: Agendas and Minues
Volume 2: Subject Files
Volume 3: Photographs

Physical Characteristics:12 boxes
Shelf Metres:1.1 meters
Location of Holdings:Ian Matheson City Archives

Powerco (formerly Manawatu Electricity Department until name change in1992) files created by PNCC as a majority shareholder in the company.

A merger with CentralPower was negotiated in 1993, which was shelved until 1996 whereupon the new bid succeeded. As a former shareholder in Powerco, PNCC sold CentralPower shares in 2000 for a consideration of $70M after CentralPower became a "lines" business in the wake of the Electricity Industry Reform Act of 1998, requiring companies to be either "lines" or "supply" businesses.

Powerco's files were donated from CentralPOwer to the Ian Matheson City Archives in 2000 with a considerable upfront payemnt towards the cost of storing the files in perpetuity.

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