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- Release Date: 29/10/12 10:42
- Summary: QUARTER: MEL: Meridian Energy's quarterly operational result
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MEL
29/10/2012 08:42
QUARTER
REL: 0842 HRS Meridian Energy Limited
QUARTER: MEL: Meridian Energy's quarterly operational result
Quarterly operational result for the period to 30 September 2012
For immediate release: 29 October 2012
Today, Meridian Energy Limited released its quarterly operational result for
the three-month period to 30 September.
Performance for the quarter was characterised by:
o above average inflows to the company's South Island hydro catchments,
following record low inflows during the previous financial year
o increased generation compared with the previous quarter, 11% lower than the
same period last year, due to soft demand
o reduced average wholesale prices compared with last quarter and the same
quarter last year.
Meridian's Chief Executive Mark Binns says, "We successfully managed our way
through the unprecedented low inflows of last year. Since then our generation
volumes have increased with recent inflows."
Mr Binns says, "Meridian's diversified renewables approach and integrated
portfolio of generation and retail activities is key to the way we're
managing risk".
During the quarter, Meridian gained two new consents to access more water in
Lake Pukaki that help boost the company's ability to mitigate extreme
hydrology risks.
Meridian's financial performance in retail is improving and both brands,
Meridian and Powershop, held their positions - Powershop at the top - in an
independent consumer customer satisfaction survey released in August.
Mr Binns says, "It's great to get these results but we know we have to work
hard to attract and retain customers. Our renewable point of difference is
important, and a commitment alongside striving for higher levels of customer
service."
Meridian is continuing to leverage its renewables expertise in Australia. The
Mt Mercer wind farm, in Victoria, will begin construction later this year.
The addition of Mt Mercer strengthens Meridian's presence in Australia. The
company's first wind farm in Victoria, Macarthur - a joint venture on what
will be the largest wind farm in the Southern Hemisphere - started generating
power in September.
ENDS
Amy Lockyer
External Communications
Meridian Energy
021 722393
[email protected]
meridian.co.nz
End CA:00228958 For:MEL Type:QUARTER Time:2012-10-29 08:42:41
