Outspoken Powerco chief takes post in Australia

Team leader: Steven Boulton

The energy sector is about to farewell one its most outspoken leaders as Powerco chief executive Steven Boulton returns to Australia for a post with Babcock & Brown.

Babcock & Brown, then known as the Australian infrastructure fund Prime, bought New Plymouth-based Powerco last year.

In the five years since Boulton took the helm at Powerco, it has grown into the country's largest gas distributor and the second-biggest lines company, almost quadrupling in size.

"We've had a good run," Boulton said yesterday. "It's been a great growth opportunity for the company and great for me to have been given the chance to lead a group of people who provide a great support for that growth, for the board and shareholders."

Boulton has been at the forefront of industry opposition to many of the regulatory plans floated and introduced in recent years.

He has recently warned of a looming need for urgent investment in upgrading local power lines networks, investment he believes is threatened by over-zealous regulation.

Babcock & Brown said Boulton would "continue to be closely involved with Powerco" after his move to Sydney.

Boulton said he would be working in a team as a manager of existing assets, but also looking to identify "other opportunities for growth".

"Part of the role - again in a team environment - is to look at all sorts of other investment opportunities internationally, not just in New Zealand."

Boulton said the Powerco board would look at the issue of a replacement for him in the months ahead, but until that happened he would be staying in the role of chief executive while in Australia.