CORRECTION ANNOUNCEMENT: Note that this is a correction announcement to replace the announcement released on 1 June 2021. The ability for NZAS to end the suspension between 9 August 2021 and 9 September 2021 was not described correctly in the first paragraph. This has now been amended. No other changes have been made.
Meridian confirms that the suspension of the 50MWh per hour Potline 4 contract between Meridian and New Zealand Aluminium Smelters Limited (NZAS) has been extended up to and including 31 October 2021. NZAS retains the ability to end the suspension on 5 days’ notice but can now only do so from 9 August 2021, and for the period between 9 August 2021 and 9 September 2021 this can only occur if Relevant Hydro Storage (as defined in the main electricity agreement between Meridian and NZAS) is at least 500GWh above the 1% risk curve on the current New Zealand Electricity Percentage Risk Curves published by Transpower.
The Potline 4 contract is a separate contract to the main electricity agreement between Meridian and NZAS. It was signed in May 2018 and runs until 31 December 2022. In April 2020, NZAS exercised its right to suspend the contract and reduce the contract quantity to zero. This suspension was extended on 30 September 2020 and was due to finish on 31 August 2021.
ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited
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