NEWS RELEASE 13 May 2014 NZX: MRP ASX: MYT
Metrix Chief Executive appointment signals significant growth opportunity
Mighty River Power today announced the appointment of Matthew Olde to the newly-created position of Chief Executive of
the Company’s metering business, Metrix.
Mighty River Power has signalled growth opportunities in advanced metering, both domestically and internationally, as a
key focus for the Metrix business which is New Zealands second-largest provider of electricity metering services with
more than 340,000 active „smart meters.
Mighty River Power Chief Executive, Doug Heffernan, said the immediate appointment of Mr Olde as acting Metrix Chief
Executive, directly reporting to the Mighty River Power Chief Executive, reflected the strategic importance of Metrix
progressing growth plans in partnering with electricity retailers and other companies to provide them with enhanced
information solutions.
“This appointment is about applying strong leadership to an area where there is significant growth potential, with two
of the largest electricity retailers in New Zealand still to appoint an AMI (Advanced Metering Infrastructure) partner
for the deployment of smart meters. That represents about 440,000 consumer premises, and the potential to more than
double Metrixs current smart meter business. While this is our primary growth focus, in the medium term we are also
looking at the potential to apply the expertise and capability we have through Metrix in electricity markets offshore.
“This is an exciting space where Metrix is one of the established leaders, and where opportunities are developing
rapidly on the back of demand from retailers for real-time visibility of their customers electricity consumption, and
services that have become possible with AMI smart meters already covering more than 50% of New Zealands 1.6 million
homes and businesses,” Dr Heffernan said.
“In a New Zealand first for a lines company we have this month completed the roll-out of more than 4,000 smart meters
through a partnership with Counties Power, which will grow to 40,000 over the next 18 months. Metrix is now providing
data services to retailers based on smart meter information. Through this „smart grid platform the network owner,
Counties Power, will also in future be able to identify and address power outages and quality issues more quickly for
the benefit of customers.”
Along with the Chief Executive appointment, Dr Heffernan said a Business Transformation function would be established
within Metrix to respond to the range of current and emerging areas of growth. The role of Metrix General Manager will
be disestablished and Tim OHalloran will move to head Business Transformation reporting to Mr Olde, with core
responsibility for execution and integration of all major capital projects.
Over the past five years Metrix has built its AMI business to over 340,000 installations through capital investment of
nearly $100 million. Dr Heffernan said Metrixs annual capital expenditure of $10-15 million in FY2014 could double or
triple in the medium term depending on the success of the business in securing further value-enhancing growth
opportunities, with revenues flowing progressively through the deployment phase.
Mr Olde joined Mighty River Power in 2010. He was appointed to the Companys executive team as General Manager Business
Strategy and Solutions in December 2012 and as IPO Project Manager, was responsible for overseeing the Companys
preparations for the Initial Public Offering in May 2013. Mr Oldes previous experience was in the investment banking
industry in Auckland, Sydney and London.
Dr Heffernan said Mr Oldes focus would now be solely on the Metrix business. His former GM Business Strategy and
Solutions role has been disestablished, with a temporary reassignment of functions including Tony Nagel (General
Counsel, with responsibility for Communications) reporting to Dr Heffernan, ICT (Information, Communication and
Technology) reporting to Human Resource General Manager, Marlene Strawson, and Business Strategy now assumed by the
Companys Chief Executive function.
ENDS. For further information:
David Glendining Anna Hirst Head of Communications Head of Investor Relations T 0272 105 337 T 0275 173 470
Mighty River Power is one of New Zealands largest electricity companies – with its core business based on reliable, low fuel-cost
electricity generation complemented by sales to homes and businesses.
The Company generates about 15-17% of New Zealands electricity. It operates the nine hydro stations on the Waikato
River, five geothermal power stations in the Central North Island and a multi-unit gas-fired station in Auckland. More
than 90% of its annual electricity production is from renewable sources. Mighty River Power sells electricity to end
customers through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty
Power. Mighty River Powers metering business, Metrix, is one of New Zealands largest providers, supplying electricity
retailers with enhanced information solutions for their residential and commercial customers.
Mighty River Power is one of the worlds largest geothermal power station owners, and has a successful track record in
geothermal development, investing more than $1.4 billion in geothermal development since FY2006. The Company is applying
this capability and experience – gained through domestic geothermal exploration, development, construction and
operations – to invest in international growth opportunities.