11:01am

Small power retailer Flick Electric is to be sold by Australian-owned fuel retailer Z Energy to one of the big four power generator-retailers, Meridian Energy.


Meridian will pay $70 million for Flick's 41,000 customers, most of whom are domestic consumers. The acquisition will lift its market share to about 18%.


"Ampol's divestment of Flick is about strategic fit as Z Energy evolves its strategy to focus on public, business and home EV charging solutions to scale and deliver a strong customer value proposition to support the energy transition," a statement from Meridian said.


Meridian, which already owns small retailer Powershop, said it would look
after Flick customers it would acquire.


"Flick customers can be confident of moving to a company that's committed to outstanding customer service and great value, and we look forward to having them come on board," chief customer officer Lisa Hannifin said.


Z Energy acquired a majority stake in Flick in 2018, which it enlarged to
near complete control as a diversification from its fuel retailing business, but several years later wrote off three-quarters of the purchase price as
Flick lost customers when wholesale electricity prices surged.


Flick moved from wholesale power pricing to trying to be a niche operator looking to undercut the big power companies, which brought it into conflict
on occasions with the big four.


Z Energy was taken over by Australian fuel refiner and retailer Ampol in 2022.


Ampol said it was simplifying its business as it concentrated on vehicle charging and sustainable fuels.


rnz.co.nz

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