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- Release Date: 01/02/13 15:00
- Summary: QUARTER: MEL: Meridian's Quarterly Operating result for December quarter
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MEL
01/02/2013 13:00
QUARTER
REL: 1300 HRS Meridian Energy Limited
QUARTER: MEL: Meridian's Quarterly Operating result for December quarter
Strong quarterly operational result for Meridian for the period to
31 December 2012
For immediate release: 1 February 2013
Today, Meridian Energy Limited released its quarterly operational result for
the three-month period to 31 December 2012.
Performance for the quarter was characterised by:
o the Meridian and Powershop retail brands maintaining their market share in
a highly competitive retail environment
o increased hydro and wind generation, up 6% and 17% respectively compared
with the corresponding period last year
o average levels of inflows (98% of mean) to the company's South Island hydro
catchments, up from 85% compared with the same quarter last year.
Meridian's Chief Executive Mark Binns says, "It's been a strong performance
this quarter as generation increased from low levels during the record dry
winter. By the end of the period Meridian's renewable generation was meeting
40 percent of the country's electricity demand."
Commenting on our retail performance, Mr Binns says, "It's good to see that
we're holding a strong position with both our brands. We continue to look at
ways to attract new customers and improve customer experience."
During the quarter, HVDC outages prevented Meridian from transmitting
electricity from the South to North Island; however, when Transpower's
upgrade is completed later this year it will be beneficial for all market
participants.
On the Electricity Authority's (EA) proposal to change the transmission
pricing methodology Mr Binns says, "We're supportive of the principles of the
EA's proposal. In particular, we're pleased with the analysis that shows that
all parties benefit from the HVDC link and the proposal to adjust the
charging regime accordingly".
Meridian will be making a submission to the EA that the proposal can be
simplified to make it easier for all to understand and more efficient for
Transpower to implement.
During the quarter Meridian's performance was acknowledged with a Sustainable
60 Award for the Environment and a New Zealand Engineering Excellence Award
for West Wind.
ENDS
Amy Lockyer
External Communications
Meridian Energy
021 722393
[email protected]
meridian.co.nz
About Meridian Energy
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, including to the country's
largest consumer, the New Zealand Aluminum Smelter. 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:00232540 For:MEL Type:QUARTER Time:2013-02-01 13:00:10
