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Genesis Energy set to acquire Meridian Energy hydro plants

New Zealand's Meridian Energy has moved a step closer in the process of selling two of its South Island hydropower stations, the company announced.

Meridian is selling Tekapo A and B hydropower stations on the Waitaki Power Scheme to Genesis Energy, reports indicate.

The government recently confirmed that it wants Meridian to proceed with the sale, which is due to take effect from June 1, 2011. The sale is part of a package of government reforms aimed at improving the electricity sector.

Tekapo A and B are the first two of eight hydropower stations that make up the Waitaki Power Scheme. Meridian will continue to own and operate the remaining six power stations located from Lake Pukaki to Waitaki.

The two state-owned companies will work to a water management agreement that runs to 2025 which allows both of them to use the water flowing through the interconnected lakes and canals to generate electricity.

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