- Release Date: 22/03/16 13:57
- Summary: GENERAL: MEL: MEL extends 400MW first notice period on NZAS agreement
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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
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