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Meridian Energy Fulfils Its Soe Obligations

Meridian Energy Fulfils Its Soe Obligations

Project Aqua is part of Meridian Energy’s drive to fulfil its obligations as a state-owned enterprise.

The State-Owned Enterprises Act 1986 requires Meridian Energy to operate as a successful business, including being as profitable and efficient as a comparable business not owned by the Crown.

In its Statement of Corporate Intent (a document required by the SOE Act) Meridian Energy states it aims to meet its required objectives through maximising long-term shareholder value. It says Meridian will do that through excellence in generating electricity, meeting customer needs for energy and actively participating in competitive energy markets to provide customer-demanded products and services.

Meridian Energy spokesperson Alan Seay says Project Aqua fulfils those requirements.

“New Zealanders are demanding more electricity and it is our job to provide them with that, just as any private business would also do. Project Aqua is part of our answer to New Zealand’s generation shortfall and by proceeding with plans for the project, Meridian Energy is doing what it is required to do – meeting customer needs through excellent, ground-breaking and sustainable generation solutions,” says Alan Seay.

Meridian Energy was formed in April 1999 from the final split of ECNZ into three competing state-owned enterprises by the New Zealand Government to facilitate greater competition within the New Zealand electricity generation sector.

It announced its proposed Project Aqua hydro-electric scheme in the Waitaki Valley in 2001 and applied for consents for the scheme in May last year.

In the last three years Meridian Energy has paid $289 million to the Government in dividends alone. That does not include the $176 million Meridian Energy paid in taxes.

Alan Seay says Meridian Energy also invests millions of dollars each year ensuring its generation assets are kept in peak condition, which is crucial to the ongoing growth and prosperity of the New Zealand economy.

“We maintain and operate our assets in a manner and to a level that optimises the value that we can obtain from those assets. In other words, we make sure we operate our power stations as efficiently as possible, which satisfies both our business and generation requirements - requirements that Project Aqua would also fulfil,” concludes Alan Seay.

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