Angelo elected to ETNZ group

Northpower Electric Power Trust chairman Erc Angelo has been elected as an executive member of New Zealand's national organisation for energy trusts.

Mr Angelo, who has been chairman of the NEPT since 1994, is now part of the Energy Trust of New Zealand, whose 22 member trusts have investments of more than $5 billion in lines companies throughout the country.

His appointment to ETNZ has been welcomed by its executive committee chair Karen Sherry who says he brings invaluable experience to the group.

The trustees of the NEPT appoint the Directors of the company and over the years the company Board of Directors have been instrumental in steering the success of Northpower.

"In my role as Chairman of the NEPT, along with the new involvement with ETNZ, it continues to be an exciting challenge and it is great to be able, along with all other trustees to provide the consumer owners of Northpower with the benefits the company's ongoing progress and growth provides," Mr Angelo said.

In that time, Northpower has grown from a company with annual revenue of $54 million in 1993 to one with revenue of $242 million in 2012.

"That in itself is a very pleasing growth curve and it shows that Northland-owned companies can grow beyond our local market and become a force throughout New Zealand while also contributing positively to communities," he said.

In the 2011/2012 financial year Northpower's profit rose 26 per cent to $9.6 million and revenue rose 11 per cent to $242.1 million. "Along the way, a key contract was secured with Transpower, more contracts were secured in the Pacific Islands and our Australia operation had an improved financial performance, Mr Angelo said.

"And of course Northpower Fibre is well advanced with Ultra-Fast Broadband fibre network it is constructing in Whangarei, which is really pleasing."