Monday 24th June 2019
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Meridian Energy’s Australian business has agreed to supply power and gas to a new energy service being started by online retailer Kogan.com.
The multi-year agreement is expected to take effect before the end of 2019. Powershop will supply energy and retail services and Kogan will be responsible for all sales and marketing.
Meridian said Kogan, which acquired the online arm of the failed Dick Smith’s chain in 2016, is aiming to simplify power and gas provision for millions of Australians and make those essential services more affordable through digital efficiency.
Ed McManus, chief executive of Meridian’s Australian arm, says the venture will help provide choice and transparency to Australian energy consumers.
“We generate some of the cleanest and greenest energy in Australia,” he said in a statement to the NZX. “Together with Kogan, we believe we can make a real difference to the energy space by delivering simple, great value, energy offerings through Kogan Energy.”
Meridian shares, which last week reached a record $4.85, recently traded 2 cents lower at $4.71. They have gained about 38 percent this year.
Meridian launched its Powershop brand in Australia in 2012 and expanded the business last year through its purchase of Trustpower’s three hydro schemes in New South Wales.
The business, which had about 108,300 power customers and 21,400 gas connections at the end of May, also operates the Mt Millar and Mt Mercer wind farms. It accounted for $41 million of the group’s $389 million of operating earnings in the six months through December.
Melbourne-based Kogan has more than 1.5 million active customers. As well as online retailing, the ASX-listed firm also offers insurance, internet, mobile and travel services.
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