First Gas appoints Chief Executive

First Gas Limited has appointed Paul Goodeve as its Chief Executive Officer effective from mid-June, 2016.

Following his graduation with degrees in Law and Commerce from Victoria University, Mr Goodeve has gained extensive gas and electricity network experience following more than 12 years working for Powerco across a broad spectrum of senior management roles.

Mr. Goodeve takes over the role from interim CEO, Richard Krogh, who will stay on as a director on the board. Mr. Goodeve will be based in New Plymouth.

First Gas chair, Pip Dunphy, says Mr. Goodeve has the right mix of skills the company was looking for as it prepares for its next development phase.

“At Powerco, Paul was looking after a team of similar size and turnover to First Gas,” says Mrs. Dunphy.

“His experience at a gas and electricity network utility extends from Information Technology and regulation through to business development opportunities which will help us build on what is already a great operation.”

First Gas will continue to operate more than 2,200kms of high pressure gas transmission pipelines and stations that supply natural gas from Taranaki to industrial consumers throughout the North Island.

First Gas will also operate gas distribution networks across the North Island. These gas distribution networks comprises more than 4,800kms of pipes in Whangarei, Hamilton, Rotorua, Taupo, Whakatane, Gisborne, Tauranga, Wanganui, Palmerston North, Hastings and the Kapiti Coast. Through these distribution networks, First Gas provides gas distribution services to gas retailers who sell gas to more than 60,000 customers.

First Gas is owned by First State Funds, which comprises two infrastructure funds managed by First State Investments. First State Investments (known in Australia as Colonial First State Global Asset Management) is a leading global infrastructure asset manager, with approximately $7 billion of equity invested in infrastructure assets across Australia, New Zealand and Europe.

While First Gas represents the first major infrastructure asset acquisition in New Zealand by First State Investments, First State Investments has also agreed to acquire the Maui Gas Pipeline.

This transaction is subject to regulatory approvals including those under the Overseas Investment Act and is targeted for completion in the first half of 2016. It is intended that Maui Gas Pipeline will be combined into the First Gas business following completion.

Background Information

About First State Funds

First State Funds comprises the Global Diversified Infrastructure Fund and Colonial First State Active Infrastructure Income Fund. First State Investments is a leading global infrastructure asset manager, with approximately $7 billion of equity invested in infrastructure assets across Australia, New Zealand and Europe over a 20 year period. First State Investments has made 16 utility investments over that time; with existing investments including Ferngas (German gas network), EVG (German gas network), Reganosa (Spanish gas storage), ANZ Terminals (Australian and New Zealand bulk liquid storage network), Electricity North West (UK electricity distribution network), Caruna (Finnish electricity network) and Anglian Water Group (UK water utility).

Media Enquiries

First Gas Limited – ph 06 755 0861