July 9 (Reuters) - Contact Energy Ltd (CEN) :
- RIO TINTO'S INTENTION TO EFFECTIVELY CLOSE NZAS WITH 14 MTS' NOTICE ON THEIR ELECTRICITY CONTRACT WITH MERIDIAN "VERY DISAPPOINTING"
- WOULD ACCELERATE MITIGATION OPTIONS INCLUDING CONSIDERATION OF CLOSURE OF TARANAKI COMBINED CYCLE THERMAL POWER STATION AT STRATFORD
- "URGE RIO TINTO TO SERIOUSLY CONSIDER OFFER FOR IMPROVED ELECTRICITY SUPPLY"
- ALSO EXPECTS TRANSPOWER TO EXPEDITE BUILD-OUT OF TRANSMISSION GRID
- ALL COMMERCIAL PARTIES INVOLVED WITH NZAS, INCLUDING CONTACT, HAD COLLECTIVELY DELIVERED SIGNIFICANT COST REDUCTIONS FOR ELECTRICITY
- CUSTOMERS SHOULD EXPECT TO SEE INCREASE IN TRANSMISSION COSTS AS PROPORTION OF COSTS CURRENTLY PAID BY NZAS WILL BE SPREAD
- SMELTER'S DEPARTURE WILL HAVE A SIGNIFICANT IMPACT ON SOUTHLAND ECONOMY
- WOULD UPDATE MARKET ON ANY IMPLICATIONS OF NZAS EXIT ON CO'S EXPECTED EARNINGS AND DIVIDEND
- PREVOUSLY SUBSIDIZED TRANSMISSION COSTS BY NZAS WILL NOW FALL TO OTHER CUSTOMERS
- PRUDENT TO PRESS PAUSE ON TAUHARA GEOTHERMAL POWER STATION FOR NOW
- WILL ALSO BE ADDITIONAL COSTS FOR SIGNIFICANT TRANSMISSION INVESTMENT FROM TRANSPOWER, WHICH WERE PREVIOUSLY SUBSIDEIZED BY NZAS
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