TLC deals strengthen metering arm
1 March 2021
The Lines Company (TLC) has further grown its metering subsidiary, FCL Metering (FCL), in a move that will bring even more income from outside the network region.
The purchase of Legacy Metering Group (LMG) and Northpower (NP) metering assets will “further grow our data and metering presence throughout New Zealand” said TLC Chief Executive, Sean Horgan.
Purchased by FCL, the assets will be managed and maintained by the 38 strong team who specialise in metering services and energy data.
The move follows the 2019 buy-out of the GoodMeasure business and Trustpower’s metering assets which saw the company’s revenue from outside the electricity network area grow to 80% this year. FCL is now the third largest electricity metering business in the country having grown its fleet to service 155,000 homes and businesses following the completion of the deals.
“FCL has made a strong contribution to TLC’s financial performance which aids the amount we can give back to owners through the WESCT Customer Discounts.
“The metering business has been proven to be very successful in growing returns by buying metering assets from other businesses.
“These latest purchases are another step on our growth path for the wider TLC business – completing the two acquisitions, in addition to the Trustpower meter purchase in 2019, has reinforced our position in the New Zealand metering market” said Sean Horgan.