Meridian Energy output declines in Q4 FY 2011/12

Aug 1, 2012 - New Zealand state-owned utility Meridian Energy Ltd on Wednesday said its total power generation had fallen to 2,293 GWh in its fourth fiscal quarter to June 30 from 3,414 GWh a year before.

Total power output for fiscal 2011/12 fell to 9,790 GWh from 12,629 GWh as a result of prudent storage management and the disposal of the Tekapo A and B hydropower facilities in South Island to sector firm Genesis Energy in June 2011, the company said.

Hydropower output for the closing quarter dropped to 1,995 GWh from 3,119 GWh. Wind power output remained nearly flat at 298 GWh, compared with 295 GWh in the same period last year.

The average price per MWh generated between April and June 2012 surged to NZD 148.42 (USD 120.7/EUR 98.1) from NZD 39.65. The price also market a quarter-on-quarter increase, it stood at NZD 109.06 per MWh in the three months through March, as a result of below average inflows and cooler winter weather. Furthermore, the average electricity purchase price improved to NZD 126.57 per MWh from NZD 44.77 a year ago.

Meridian Energy said it would publish its results for the fourth quarter and the full 2011/12 fiscal year in the week starting August 13.

(NZD 1 = USD 0.813/EUR 0.661)

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