Ann: QUARTER: MEL: Quarterly operational result f

• Release Date: 01/08/12 10:41
• Summary: QUARTER: MEL: Quarterly operational result for the period to 30 June 2012
• Price Sensitive: No
• Download Document  4.79KB

					

MEL
01/08/2012 08:41
QUARTER

REL: 0841 HRS Meridian Energy Limited

QUARTER: MEL: Quarterly operational result for the period to 30 June 2012

Today, Meridian Energy Limited announced its quarterly operational result for
the three-month period to 30 June 2012.

Performance for the quarter was characterised by:

o continued low inflows into the Waitaki and Waiau catchments, resulting the
lowest July-June annual inflows in 79 years of historical records
o generation volumes down 9% on the previous quarter, and 33% on the
corresponding quarter last year, which included generation from the Tekapo
hydro stations sold to Genesis Energy on 1 June 2011
o a reduction in customer connections of 831(as measured by installation
control points; ICPs) across Meridian and Powershop combined (customer
acquisition activities were moderated as part of the company's response to
the low inflows).

Meridian's Chief Executive, Mark Binns, said, "This final quarter concludes
what has been an unprecedented year in terms of hydrology conditions. The
integrated nature of our wholesale and retail business has been key to
managing the record low inflows. We've managed the situation well, through a
combination of conservative generation and acquisition of hedge cover to meet
contract load."

Commenting on this current financial year, Mr Binns said, "Improved inflows
in July have boosted storage levels, and Meridian has increased its
generation".

Meridian's overseas development projects are progressing well. The company
views Australian wind as a key market for future growth. Mr Binns said, "In
Victoria, Australia, the joint venture Macarthur wind farm project is
on-track to start generating first power in September 2012; and our second
solar farm in Tonga will be switched on later this month".

In New Zealand, Meridian started construction on the Mill Creek wind farm,
near Wellington, in June.

Meridian's financial results for the full year ending 30 June 2012 will be
announced in the week commencing 13 August 2012.

ENDS
For further information contact:
Amy Lockyer
External Communications
Meridian Energy
021 722 393

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 290,000 connections - homes, farms and businesses throughout
New Zealand. Meridian received the highest customer satisfaction ratings of
all the major national retailers, and Powershop was rated first overall, as
voted by customers in two independent surveys1 carried out in 2011.
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. In total the Group employs approximately 775 people
and has offices in Wellington, Christchurch and Twizel, and, internationally,
in Melbourne, Australia, and San Francisco, California.
Meridian generates electricity from renewable sources - wind and water in New
Zealand; wind in Australia; and solar in the USA. The company supplies thirty
per cent of New Zealand's total electricity needs, including to the country's
largest consumer, the New Zealand Aluminum Smelter, near Bluff.  Meridian
owns and operates seven hydro stations, six within the Waitaki Hydro Scheme,
and four wind farms throughout New Zealand.
In Australia, Meridian owns and operates Mt Millar wind farm and is
partnering with AGL Energy to build the Macarthur wind farm, which, at 420
megawatts, will be the largest wind farm in the Southern Hemisphere. The
company also built the world's southernmost wind farm at Ross Island in
Antarctica, in partnership with Antarctica New Zealand. Meridian's solar
farm, CalRENEW-1, was the first grid-connected solar farm to be built in
California, and the company is using that expertise to build the first solar
farm in Tonga.
Meridian's pipeline of renewable development projects includes options at
different stages of investigation and consent. The Australasian development
pipeline equates to more than 1,000 megawatts.
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.
1. Independent surveys
o Consumer. Energy provider survey results, 28 July 2011. Available at
http://www.consumer.org.nz/reports/energy-providers/survey-results
o Fair Go/Colmar Brunton Best in service poll - power companies, 19 October
2011.
End CA:00225530 For:MEL    Type:QUARTER    Time:2012-08-01 08:41:44