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Wind farm wins Netherlands carbon trading agrmnt.

Media Release
For immediate release: Wednesday 17 December 2003

Meridian Energy wind farm wins Netherlands carbon trading agreement

Meridian Energy’s Te Apiti wind farm has been offered a contract to sell carbon credits to the Netherlands Government’s ERUPT programme.

This will involve the first sale of New Zealand’s Kyoto credits. It is particularly beneficial as the Netherlands will pay regardless of whether the Kyoto Protocol enters into force as it recognises the emission reduction benefits of the wind farm.

ERUPT is the Emissions Reduction Unit Procurement Tender programme of the Netherlands Government which provides a mechanism for it to buy credits to offset its Kyoto Protocol obligations from companies which carry out projects which reduce greenhouse gas emissions.

Meridian and the Crown have a Project Agreement for the allocation of emission reduction credits in recognition of some of Project Te Apiti’s emission reduction benefits during 2008 - 2012.

This allocation has been one of the important factors in making the project commercially viable. After construction the 90 MW Te Apiti wind farm north of the Manawatu Gorge will generate electricity for about 32,300 households with no harmful greenhouse gas emissions.

“We are delighted to participate in New Zealand’s first Kyoto trade by selling the credits from our first New Zealand wind farm to The Netherlands,“ Meridian Chief Executive Keith Turner said.

“The contract will provide an additional revenue stream for Te Apiti and is independent of the Kyoto Protocol entering into force. Wind generation is a relatively quick means of providing new energy to meet New Zealand’s increasing demand.”

Details of the volume and value of the credits traded will remain confidential as they are commercially sensitive.

[ends]

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