GNE
29/06/2015 10:30
GENERAL
PRICE SENSITIVE
REL: 1030 HRS Genesis Energy Limited (NS)
GENERAL: GNE: Genesis Energy retires second Rankine unit
Genesis Energy announced today that it is permanently retiring a second 250MW
coal/gas fired Rankine unit at the Huntly Power Station, effective 30 June
2015.
A Rankine unit has been in long term storage with a possible return to
service should exceptional circumstances arise. Even with one of the driest
periods in New Zealand in recent years occurring earlier this year, the
stored unit had not been required by the wholesale electricity market.
Genesis Energy Chief Executive Albert Brantley said recent market events had
proven there was no justification for keeping the additional Rankine unit in
storage, even as a three-month return to service unit.
"In our view, New Zealand electricity customers have a more than reliable
supply of renewable and thermal generation. Supply growth over the past few
years has been strong, while consumer and industrial demand growth has been
relatively flat. As a result, we have taken the decision to retire a second
Rankine unit, delivering further operational efficiencies to Genesis Energy,"
he said.
Huntly Power Station remains an important site for Genesis Energy with two
coal/gas units remaining available as well as the gas-fired Units 5 and 6.
These thermal units support Genesis Energy's hydro generation from the
Tekapo, Tongariro and Waikaremoana Power Schemes.
End CA:00266289 For:GNE Type:GENERAL Time:2015-06-29 10:30:01
