MEL
22/03/2016 13:57
GENERAL
PRICE SENSITIVE
REL: 1357 HRS Meridian Energy Limited
GENERAL: MEL: MEL extends 400MW first notice period on NZAS agreement
Meridian Energy and New Zealand Aluminium Smelters Ltd (NZAS) have agreed to
amend their electricity agreement by extending the first period within which
NZAS can give a one year 400MW notice to Meridian.
The period within which such notice can be given by NZAS has been extended
from 30 April 2016 to 29 July 2016. The second period when the smelter may
give a 400MW notice remains unchanged and commences on 30 April 2017. All
other terms of the Agreement remain unchanged.
"This extension allows NZAS more time to evaluate its future capital
requirements over coming years for the plant before making a decision on the
contract volume," said Meridian Chief Executive Mark Binns.
"It will also give the smelter time to factor in outcomes of the Electricity
Authority's Second Issues Paper in relation to Transmission Pricing which may
deliver the smelter a significant saving on transmission costs," said Mr
Binns.
Following the 31 July 2015 contract amendment, Meridian disclosed a summary
of the history of the Tiwai Point Electricity Contracts and key outcomes.
This summary is republished with the above 400MW notice date amendment
included.
In addition a conformed copy of the current contract (with commercially
confidential clauses redacted) is now available on the Meridian website at
http://www.meridianenergy.co.nz/investors
End CA:00279685 For:MEL Type:GENERAL Time:2016-03-22 13:57:17
