- Release Date: 08/07/14 08:37
- Summary: GENERAL: MELCA: Meridian Energy signs dry year hedge contract with Genesis
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MEL 08/07/2014 08:37 GENERAL REL: 0837 HRS Meridian Energy Limited GENERAL: MELCA: Meridian Energy signs dry year hedge contract with Genesis 8 July 2014 Meridian Energy has signed a four-year electricity hedge contract that will provide the company with hedge cover for dry years. The agreement begins on 1 January 2015 and allows for up to 150MW to be available every year. If Meridian's contract with NZ Aluminum Smelters saw a reduction in volume, the agreement has a provision to terminate after the first two years. The structure of the new agreement allows for 100MW to be available year round, with an additional 50MW available from 1 April to 30 October in each year of the contract. Meridian currently has a 200MW hedge contract with Genesis that ends in October 2014. Meridian General Manager Markets and Production, Neal Barclay, says the transaction with Genesis follows a competitive process that Meridian initiated in December 2013. "This arrangement with Genesis is more flexible than the existing arrangement and gives us confidence that we will meet our commitments to customers if we experience a drought or face other market challenges," says Neal. "We're happy to have reached this conclusion with Genesis. They are our neighbour in the McKenzie Basin and we know them well, given our current swaption that has been in place for five years." For media queries, please contact: Michelle Brooker Media Manager 021 225 9624 For Investor Relations queries, please contact: Owen Hackston Investor Relations Manager 021 246 4772 End CA:00252529 For:MEL Type:GENERAL Time:2014-07-08 08:37:42
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- Ann: GENERAL: MELCA: Meridian Energy signs dry year hedge contract with Genesis
Ann: GENERAL: MELCA: Meridian Energy signs dry year hedge contract with Genesis
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