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Kate Valley bond decided

June 29, 2006

MEDIA STATEMENT


Kate Valley bond decided

Environment Canterbury has received the Environment Court decision on a declaration on the meaning of the bond condition for Transwaste’s Kate Valley landfill in North Canterbury. The amount of bond set aside by Transwaste for the landfill will be based on a risk-based calculation, not by what it would cost to fix the landfill in a worst-case earthquake scenario. The bond is designed to mitigate or act as insurance for ratepayers in the event of an earthquake or other catastrophic event affecting the landfill’s operation.

A bond covering the estimated full reconstruction cost of $70 million was not necessary given that the risk factors of the landfill collapsing and affecting the surrounding environment were so small, the Court declaration said.

“Under the agreed approach, the present calculation ranges from $1.5 million at the outset to $14 million when the landfill is full,” said ECan director regulation Dr Mike Freeman.
“Under the current risk assessment the bond will rise to $11 million in its first five years. A new risk assessment and bond calculation will occur every five years.”

The landfill is consented to operate for 35 years but the bond continues beyond that point, when the landfill is stabilised, capped and closed. Based on the current risk assessment, the bond reduces to nothing after 61 years, Dr Freeman said.

The bond is held with Westpac Bank and is in the form of a performance guarantee. A deed governing access to the bond has been entered into by Transwaste and the two consenting authorities, Environment Canterbury and the Hurunui District Council.

ENDS

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