- 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
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