WEL Networks Limited is an electricity distribution company, serving the northern and central Waikato region of New Zealand. WEL is the fifth largest electricity distribution companies in New Zealand, with over 95,000 connections and 5,523 km of lines and underground cables. The company is 100% owned by the WEL Energy Trust.: 25 WEL was formed when legislation in 1988 amalgamated the Central Waikato Electric Power Board with Hamilton City Council's Electricity Division from 1989 to form Waikato Electricity Limited. After amalgamation, ownership of WEL was vested in the Waikato Electricity Authority (WEA). WEA formed WEL Energy Trust in 1993, with the first election in June, so that the community could have some ownership of WEL. In 1992 a third of WEL was sold to Utilicorp for almost $40m, a third retained for the Trust and a third given to customers. The Electricity Industry Reform Act 1998 forced WEL to sell its retail business. It sold to the State owned (but later bought as NGC by Vector Limited) Natural Gas Corporation for $89.9m. The Trust then bought back all WEL's shares to become its sole owner. In 2001 WEL was renamed WEL Networks Ltd. More information...
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