Hamilton, New Zealand --- (METERING.COM) --- August 29, 2008 – New Zealand’s Genesis Energy has concluded an agreement with NGC Metering which will see the end of 60-year-old technology and will bring the latest metering services to the bulk of its electricity customers. Over the next five years most of Genesis Energy’s 500,000 residential and business customer accounts will have their existing analog meter replaced with a new digital meter which will be connected wirelessly to Genesis Energy’s customer information systems.

The new technology will enable Genesis Energy to provide significant benefits for its customers by removing the need for estimated bills and the need for physical meter reading, in particular those meters that require internal access to houses and commercial properties. Customers with advanced meters can expect to receive a bill based on actual usage every month.

Genesis Energy has signed a contract with Vector’s NGC Metering to provide advanced metering services to its customers. The new meters will be owned by NGC Metering, with services provided by Advanced Metering Services – a joint venture between Vector and Siemens. There will be no additional cost to customers.

Genesis Energy’s Chief Executive Murray Jackson said the company’s recent multi-million dollar investment in back-office technology has given it the ability to take immediate advantage of new advanced metering technology. “Not only are advanced meters less intrusive, in time they will give customers the ability to see their daily consumption in graphical formats. They will begin to get a much better understanding of how much energy they are consuming and when they are consuming it. This is a powerful new tool for the people of New Zealand to manage their personal energy use.”

As advanced meters are deployed through Genesis Energy’s retail base, advanced metering services will provide customers with a tool to manage their electricity consumption. Customers will be able to manage the cost of energy by receiving price signals that will allow them to use energy at low cost times. Market pricing with peak and off-peak tariffs that is available today to industrial customers only will eventually become the norm for residential and small to medium business customers.

The commercial arrangement between Genesis Energy and NGC Metering also meets the long term policy requirements of the New Zealand Energy Strategy, which promotes demand side response and the efficient use of energy. The Electricity Commission (EC) has provided an advanced metering policy in line with the government strategy outlining key drivers for an advanced metering infrastructure after consultation with the industry. Genesis Energy’s contract with NGC Metering is consistent with the EC policy.