AMP wins bulk-buy power

By Bob Dey

AMP and subsidiaries involved in property investment have joined Trans Tasman Properties and the Auckland Centra Hotel's owner, Colwall Property Investment, in getting an exemption from the Electricity Industry Reform Act allowing them bulk-buying power.

The Commerce Commission granted AMP the exemption yesterday. The act turned large landlords into distributors, who then had to allow for competitive supply, whereas the bulk-buying objective was to get better supply deals for participants. The commission exemption requires AMP to not introduce an electrical lines charge and to not keep competitors out.