MEL
01/05/2012 08:45
QUARTER
REL: 0845 HRS Meridian Energy Limited
QUARTER: MEL: Quarterly operational result for the period to 31 March 201
Today, Meridian Energy Limited announced its quarterly operational result for
the three-month period to 31 March 2012.
Performance for the quarter was characterised by:
o total customer growth of 4,978 (1.8%) ICPs, reflecting growth for
Meridian's online subsidiary Powershop, and for Meridian in the North Island
o higher than average wholesale electricity prices - significantly higher
than previous quarters - largely driven by the prevailing dry conditions in
South Island catchments
o dry conditions and below average inflows into Meridian's Waitaki and Waiau
catchments
o a 30% reduction in hydro generation, compared with the same period last
year, due to the company's conservative approach to managing storage levels
and the sale of the Tekapos to Genesis Energy on 1 June 2011
o an 11% increase in wind generation, compared with the same period last
year.
ENDS
For further information contact:
Amy Lockyer
External Communications
Meridian Energy
021 722 393
About Meridian Energy
Meridian is New Zealand's largest electricity generator and currently owns
and operates seven hydro stations, four wind farms within New Zealand, and
one wind farm in Australia:
o Manapouri power station and six hydro stations on the Waitaki River in the
South Island
o Te Apiti wind farm near Palmerston North
o White Hill wind farm in Southland
o West Wind farm in Wellington
o Te Uku wind farm in Raglan
o Mt Millar wind farm, Eyre Peninsula, South Australia
o CalRENEW-1 solar farm in Mendota, California
Internationally, Meridian has operations in Melbourne, Australia, and San
Francisco, California.
Meridian also retails electricity to around 280,000 individual customer
connections (including Powershop) throughout New Zealand, which includes
households, farms and businesses. It also provides electricity to New
Zealand's single largest electricity user, the New Zealand Aluminium Smelter
in Bluff.
Meridian invests strongly in renewable energy development and has over 1,500
megawatts of Australasian development opportunities in the development
pipeline.
End CA:00222385 For:MEL Type:QUARTER Time:2012-05-01 08:45:56
