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16/4/2018 — General
Dip for Trustpower in March quarter

The mass market volume per customer for Trustpower Ltd (NZX: TPW) in the March quarter was down marginally on the same period in 2017.

In its report for the three months the company said while overall electricity connections have dropped - due to the company losing a small number of commercial customers with a large number of connections – this was more than offset by gas and telco customer gains.

Trustpower said multi-product customer churn rates increased over the last 12 months but it continued to track well below the market average.

The company finished the quarter with a total of 397,000 total utility accounts – up by 2,000 for the quarter.

“We have nearly reached a milestone 100,000 customers with more than one service - up 2,000 for the quarter, and up 10,000 year-on-year,” the company said.

About 79% of customer acquisitions in the quarter have taken two or more products.

New Zealand wholesale prices averaged closer to normal levels in the quarter, up 12% at Benmore and 5% at Otahuhu on the prior 10- year average across the period.

New Zealand generation volumes were down 5% on the same quarter last year.

Trustpower said the Australian volume was down 9% compared to the March 2017 quarter, due to lower irrigation demand. However the price remained strong.

PDF File March quarter report. (360.7 kilobytes)
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