Meridian cedes Tekapo as Brownlee endorses reforms

Wednesday, 9 December 2009, 1:11 pm
Article: Businesswire

Meridian to cede Tekapo A & B to Genesis as Brownlie picks up reform proposals

Dec. 9 (BusinessWire) - Energy Minister Gerry Brownlie has adopted almost every major recommendation for electricity reform and gone further.

At a briefing in Wellington today, Brownlee outlined the government’s response to the Electricity Technical Advisory Group report.

Among major changes: Meridian Energy cedes the Tekapo A and B hydro stations to Genesis Energy and gains the Whirinaki diesel fired station; ‘virtual assets swaps’ for North and South Island power between Genesis, Meridian and Mighty River Power to shake up retail competition; and a compulsory hedge market.

Details to come.

(BusinessWire)

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