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- Release Date: 28/03/12 18:08
- Summary: ADDRESS: MEL: Market briefing by Meridian Energy Limited
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MEL
28/03/2012 16:08
ADDRESS
REL: 1608 HRS Meridian Energy Limited
ADDRESS: MEL: Market briefing by Meridian Energy Limited
Mark Binns delivers his first market briefing as Meridian Energy's Chief
Executive
Today, Meridian Energy's Chief Executive Mark Binns and Chief Financial
Officer Paul Chambers presented a company update to analysts and investors at
briefings held in Wellington and Auckland (copy attached).
The presentation included updates on wind energy, hydrology and Meridian's
progress towards mixed ownership.
Chief Executive Mark Binns said "Meridian offers multiple future growth
opportunities and, with the prospect of mixed ownership, will bring a unique
and sizable renewable proposition to potential investors".
Meridian continues to pursue its pipeline development of generation options
to help meet New Zealand's future electricity demand growth, and the
Government's 90 per cent renewable generation target by 2025. Meridian
believes it has some of the best wind development sites in its pipeline.
Meridian is successfully managing current dry conditions (drier than 2008)
and expects to deliver improved financial performance compared with 2008.
This is being achieved by conservative generation, active purchasing of hedge
cover and more measured retail activity.
The presentation is also available on the Meridian Energy website at
www.meridianenergy.co.nz/company/investors/
ENDS
For further information contact:
Amy Lockyer
External Communications
Meridian Energy
021 722393
About Meridian Energy
Meridian is New Zealand's largest electricity generator and currently owns
and operates seven hydro stations, four wind farms within New Zealand, and
one wind farm in Australia:
o Manapouri power station and six hydro stations on the Waitaki River in the
South Island
o Te Apiti wind farm near Palmerston North
o White Hill wind farm in Southland
o West Wind farm in Wellington
o Te Uku wind farm in Raglan
o Mt Millar wind farm, Eyre Peninsula, South Australia
o CalRENEW-1 solar farm in Mendota, California
Internationally, Meridian has operations in Melbourne, Australia, and San
Francisco, California.
Meridian also retails electricity to around 280,000 individual customer
connections (including Powershop) throughout New Zealand, which includes
households, farms and businesses. It also provides electricity to New
Zealand's single largest electricity user, the New Zealand Aluminium Smelter
in Bluff.
Meridian invests strongly in renewable energy development and has over 1,500
megawatts of Australasian development opportunities in the development
pipeline.
End CA:00221267 For:MEL Type:ADDRESS Time:2012-03-28 16:08:55
