Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Electricity SOEs 6 Monthly Reports Tabled

Half-yearly reports for Meridian Energy, Genesis Power and Mighty River Power have been tabled today in Parliament by the Minister for State Owned Enterprises Mark Burton.

"Each of the three electricity generators/retailers faced considerable challenges during the second half of 2001," Mark Burton said. "National hydro inflows during winter were the lowest recorded in 70 years and impacted in different ways on all three companies. There was also considerable ownership movement in the retail sector during the period.

"The low lake levels meant that Meridian and MRP generated less electricity, while Genesis' thermal generation plant at Huntly operated at near capacity. Huntly is now undergoing maintenance ahead of the coming winter period."

For the six months to December 2001, MRP recorded a net surplus of $14.0 million, compared to $30.4 million for the same period the year before. Meridian's net surplus was also down, at $29.9 million, compared to $60.0 million for the corresponding period a year earlier. As expected, Genesis recorded an improved performance, with a net surplus for the six month period of $42.7 million, compared to $22.2 million.

"There are other issues from the six month reporting period that should be noted," Mark Burton said.

"Progress was made towards increasing generation capacity to meet New Zealand's growing energy needs. Genesis gained resource consents for a proposed 400MW gas-fired power station at Huntly. Meridian undertook feasibility studies and consultation for Project Aqua during the period and is preparing to apply for a resource consent later this year.

"The companies also strived to meet the government's requirement for SOEs to be 'good corporate citizens'. As an example, Genesis pledged $3.4 million from its energy savings incentive scheme to a Trust which supports cancer treatment in New Zealand," Mark Burton said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news