Electra

Brief History of Electra:

1922:

The Horowhenua Electric Power Board forms to provide electricity to the Kapiti and Horowhenua communities.

Over the next 70 years it builds and operates an extensive network of power lines and transformers.

Its customers are spread from the small coastal settlement of Paekakariki in the south, to Foxton and Tokomaru in the north. And from the Tararua Ranges in the east, to the Tasman Sea.

1990:

The Government of the day appoints an interim board of directors to establish a company that will take over the business of the Power Board. The previous incumbent, elected board members are appointed interim trustees, responsible for representing the interests of Kapiti and Horowhenua customers during the restructuring.

1991:

The interim directors consult rigorously with the interim trustees and the public. From this consultation process comes a plan to establish a new company responsible for the distribution and sale of electricity to the Kapiti/Horowhenua.

The plan is put to the Minister of Energy. Recommendations include shares in the company be held on behalf of its customers by a trust a public unlisted company take over the business operations of the Power Board trustees be elected by customers

The Minister of Energy accepts the plan and the interim directors of the Power Board are appointed Directors of the new company – Horowhenua Energy Ltd.

The new company inherits the Power Board’s 34,000 customers and assets valued at $40 million, amassed since its formation 70 years earlier.

1994:

The trading name of the company is changed to Electra. Electra (the loyal daughter of a King in Greek mythology) is adopted as the company’s logo.

The Construction and Maintenance portion of the business becomes a wholly owned subsidiary, Linework Ltd.

1995:

Electra operates the first electricity company call centre in New Zealand.

1996:

Electra scores another first by successfully negotiating a joint venture with Tasman Energy to supply services to 28,000 Richmond-Tasman customers.

1998:

The Electricity Reform Act forces Electra (and all electricity companies) to separate into two distinct businesses – Lines and Electricity Retailing – and the sale of one of these businesses.

Horowhenua Energy Ltd Directors and Trustees vote to retain the low risk line business and sell the company’s more risk electricity supply business, including meters.

The Energy Supply business is sold to Contact Energy with the proceeds returned to owners.

Electra changes its name to Electralines to reflect its new focus. All shares in the company continue to be held in trust by the Horowhenua Energy Trust.

Shareholders vote to retain the customer trust model for the ownership of Electralines.

The Horowhenua Energy Ltd has 37,500 customers and assets worth $73.1 million. Eight energy retailers use the Electralines' network to deliver electricity to households and businesses in the region.

Horowhenua Energy Ltd changes its name to Electra Ltd, the company trading name is simplified to Electra and all shares in the company are now held in trust by the Electra Trust.

Related Items

• More history of Electra