April 28 (Reuters) - Meridian Energy (MEL) said on Wednesday it had agreed to an electricity swap to help Rio Tinto's (RIO) aluminium smelter in New Zealand voluntarily reduce its electricity consumption as the country battles dry weather.
New Zealand's Aluminium Smelter (NZAS), 79.4% owned by Rio Tinto, is the country's single largest power user.
The swap will compensate NZAS for any load it voluntarily decides to reduce up to 30.5 megawatt per hour and remains in place until the end of May.
The smelter had come under the threat of closure last year due to high costs and a challenging market before Rio reached a deal with Meridian to continue operations until December 2024.
News: RIO NZ's Meridian Energy agrees to electricity swap to help Rio smelter reduce consumption
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