TrustPower: Emission Reduction Purchase Agreement
Monday 19 November, 2007
TrustPower Ltd and Electrabel have signed an Emission Reduction Purchase Agreement
Electrabel has signed an Emission Reduction Purchase Agreement with the New-Zealand based company TrustPower Ltd. Under the ERPA, Electrabel will purchase 228 000 carbon credits from TrustPower's Tararua II Wind Farm over the period 2008-2012. The Tararua II Wind Farm is an eligible project under the Joint Implementation mechanism of the Kyoto Protocol yielding Emission Reduction Units. Electrabel will use the Emission Reduction Units to cover its commitments under the European emission trading scheme.
TrustPower Trading Manager Therese Thorn says: "TrustPower is pleased to complete this deal with Electrabel, and is looking forward to placing a further allocation of its remaining 1.1 million Assigned Amount Units produced from its renewable generation portfolio into the market in the near future".
This agreement is part of the Electrabel strategy to have a diversified portfolio and cover its commitments under the European emission trading scheme.
Therese Thorn says "TrustPower's sale of Emission Reduction Units to Electrabel is a great example of how businesses in other countries can effectively help pay for the cost of New Zealand investments in clean, green, sustainable energy and other projects".
TrustPower is committed to the development of renewable generation sources and the reduction of CO2 emissions. It currently has two wind farms in the resource consenting stage, one at Mahinerangi in Otago and the other at Kaiwera Downs in Southland.
At the same time hydro schemes in Marlborough's Wairau Valley and on the Arnold River on the South Island's West Coast are also in resource consenting phase, while the Deep Stream hydro development near Lake Mahinerangi is in the final stages of construction, with commissioning expected before the end of the year.
Electrabel, a European supplier of all-in, tailor-made energy solutions, is one of the front-ranking power companies in Europe and the leader in the Benelux. It is taking advantage of opportunities offered by deregulation of the electricity and gas markets to achieve sustainable growth in Europe while keeping to strict criteria of profitability. The company develops its range of energy products and services by exploiting the synergies between electricity and natural gas.
It offers a tailor-made solution for each customer, characterised by quality and close support, acting through marketing subsidiaries and partnerships with local operators.
The company manages a diversified range of generating facilities totalling more than 30,000 MW, and trades the entire energy complex, from oil to electricity, through the use of natural gas, coal and CO2. In Belgium it operates the electricity and gas networks on behalf of the distribution network operators. Electrabel is a member of Suez, an international industrial and services group operating in the fields of energy and the environment.