1958 the SHD was renamed the New Zealand Electricity Department (NZED). By the early 1990s the power board was supplying those areas the city of Tauranga, where it had expanded out of the defined city electricity department's geographical inner city area, the surrounding Tauranga country and the towns of Te Puke and Mt Maunganui. In 1990 it had a staff of 201, 43,158 customers and was making a profit of 2.55 million. In response to the introduction of the Energy Companies Act in 1992, the Tauranga and Rotorua Electric Power Boards proposed to merge, but it was rejected both by the public and the government. The power board investigated other options and in 1994 changed its name to Trustpower and its financial structure so that 50% of the ownership was held in a consumer trust, 49% was directly held by customers with the remaining 1% in an employee share ownership scheme. On 18 April 1994 Trustpower listed on the New Zealand stock exchange. This allowed the specialist infrastructure and utility investor Infratil Ltd to acquire 11 million shares and become its largest shareholder. By this time it had approximately 40,000 customers as well as a half share in the Kaimai hydro power scheme. Meanwhile, the Rotorua Electric Power Board had also changed its financial structure to become the Rotorua Electricity Ltd. By 1995 Trustpower had built up a 67.7% shareholding in this new entity and in 1996 took full control. In 1995 Trustpower purchased Taupo Electricity Limited and Taupo Generation Limited which gave it a total of 89,000 customers to make it New Zealand's fourth largest power company and third largest power generator. Merger with Tauranga Electricity While for many years the directors of Tauranga Electricity had been opposed to merging with other companies to create a Bay of Plenty wide energy company as they were of the opinion the resulting monopoly would push up prices. Eventually however the City Council after receiving many proposals over the years agreed to merge with Trustpower. The merger which occurred on 31 October 1997 guaranteed that the City Council's shareholding in Trustpower would provide an annual revenue of NZ$3.3 million over the next five years. By 1998 the addition of the Tauranga City's customers meant that new company was supplying 96,513 customers. In 1998 the state-owned Electricity Corporation of New Zealand sold five of its smaller hydro stations, of which Trustpower purchased Coleridge