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Meridian Energy Limited:Quarterly Operational Result for the Period to 30 June 2012

published: 2012-08-02 15:25

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

Performance for the quarter was characterised by:

continued low inflows into the Waitaki and Waiau catchments, resulting the lowest July−June annual inflows in 79 years of historical records

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

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.

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