GasNet Limited is 100% owned by Whanganui Gas Limited which is itself owned by Whanganui District Council Holding Limited, the Whanganui District Council "Council Controlled Trading Organisation".

GasNet Limited commenced trading on 1 July 2008 after purchasing the network and metering business from Whanganui Gas Limited. Previously GasNet had been operating as an independent trading division of Whanganui Gas Limited and was responsible for managing the network and metering assets for the company.