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- Release Date: 01/05/13 10:28
- Summary: QUARTER: MEL: Meridian Energy Quarterly Operating Report to 31 March 2013
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MEL
01/05/2013 08:28
QUARTER
REL: 0828 HRS Meridian Energy Limited
QUARTER: MEL: Meridian Energy Quarterly Operating Report to 31 March 2013
For immediate release: Wednesday 1 May, 2013
Today, Meridian Energy Limited released its quarterly operational result for
the three-month period to 31 March, 2013.
Performance for the quarter was characterised by:
o Successful management of high lake inflows in early January and subsequent
low inflows through to the end of March
o A 33% increase in generation volumes compared with the same quarter last
year
o A 5% increase in contract sales volumes in all segments, compared with the
same quarter last year
Meridian's chief executive Mark Binns said: "Meridian has demonstrated strong
operational performance during this quarter managing high early January
inflows and the sustained dry period that followed."
Despite this inflow variability, Meridian's total sales volumes grew by 5%
across all customer segments.
"Our churn rate remains steady and reflects our commitment and focus on
customer experience in a highly competitive market," added Mr Binns.
Demand remained suppressed during the quarter - below the levels of the March
quarters from the last three years. This was compounded by a reduction in
load this quarter by Meridian's largest customer, New Zealand Aluminium
Smelters, which reduced its load to 540MW to help manage low national lake
levels.
A loss of 14,000 connections in the quarter reflected Energy Direct NZ's
decision to operate as an independent retailer. Powershop's customer
connection numbers grew by 3% during the period.
"The four-year, $40m Waitaki hydro station refurbishment announced in
February 2013 is the last of Meridian's major hydro refurbishment programme
that has included Manapouri and Benmore stations. The Waitaki refurbishment
will give Meridian more generation flexibility, while still operating within
our water consents," said Mr Binns.
During the quarter Meridian announced that it would suspend land access work
on the North Bank Tunnel project, which reflects the company's ongoing
rationalisation of future generation projects.
ENDS
Paul Clearwater
External Communications
Meridian Energy
021 847835
About Meridian
Meridian Energy is an integrated renewable energy company; the largest
generator in New Zealand, with a strong pipeline of development options in
Australasia; and an electricity retailer throughout New Zealand.
Meridian and its online subsidiary Powershop retail electricity to
approximately 285,000 connections - homes, farms and businesses throughout
New Zealand.
The Meridian Energy Group includes a parent company Meridian Energy,
subsidiary businesses in Australia and the USA and other innovative New
Zealand investments that complement our core activities as an electricity
generator and retailer.
Meridian generates electricity from renewable sources - wind and water in New
Zealand; wind in Australia; and solar in the USA. The company supplies 30 per
cent of New Zealand's total electricity needs. Meridian owns and operates
seven hydro stations, six within the Waitaki Hydro Scheme, and four wind
farms throughout New Zealand.
Meridian's commitment to renewable energy, environmental stewardship and
support for the communities living alongside its assets makes it
authentically sustainable. Meridian continually looks for ways to provide
positive energy solutions to customers to help them reduce their energy use.
End CA:00235684 For:MEL Type:QUARTER Time:2013-05-01 08:28:53
