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06-06-2024, 04:29 PM
#2461
looks like they are already deploying the terms of the agreement with NZAS, as they have issued a 25MWh reduction notice for end of June, July and beginning of August
Guess this means they see a shortfall in their available quantity of hydro during this period. And they'll have to pay NZAS for use of this facility ...
For clarity, nothing I say is advice....
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03-08-2024, 11:36 AM
#2462
Is this the only way to get consents consented?
"Meridian silent on Ngāi Tahu Waitaki River consent payment"
"A figure of $180m had been published as the amount paid to the the Ngāi Tahu hapū and other parties by Meridian and Genesis."
https://www.stuff.co.nz/business/350...+3+August+2024
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https://www.nzx.com/announcements/436964
Meridian lifts financial performance and lays foundation forfuture growth
28 August 2024
Meridian Energy has reported operating cash flows of $667 million for the year ending 30 June 2024,up from $509 million the previous year, with net profit after tax up from $95 million to $429 million.
The growth in net profit after tax was influenced significantly by net gains on hedge instruments of$249 million in the 2024 financial year. In the prior year the company recorded net losses on hedgeinstruments of $351 million.EBITDAF1 was up 16% to $905 million and underlying net profit2rose 14% to $359 million.
Both ofthese are non-GAAP measures.
“This is a strong and improved operating result that allowed us to invest $349 million in new andexisting generation assets during the year,” says Chief Executive Neal Barclay.
The Board declared a final ordinary dividend of 14.85 cents per share. This brings the total ordinarydividends declared in FY24 to 21.00 cents per share. The Board has approved the continuation of theDividend Reinvestment Plan at a 2% discount.
The company notes that, while the operating result for the last financial year was strong, the operatingenvironment shifted dramatically during May as a drought emerged. Inflows into Meridian’s hydrocatchments from May 2024 through to mid-August 2024, have been the lowest on record and, as aresult, the 2025 financial year currently looks to be far more challenging.
“Record low inflows have combined with a shortage of gas and unseasonally low wind, causingwholesale prices to lift materially. As a result, Meridian called on hedge arrangements to ensure ourhydro lakes were managed within consent conditions to maintain security of supply,” says Neal
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Member
Originally Posted by peat
looks like they are already deploying the terms of the agreement with NZAS, as they have issued a 25MWh reduction notice for end of June, July and beginning of August
Guess this means they see a shortfall in their available quantity of hydro during this period. And they'll have to pay NZAS for use of this facility ...
It has been raining a lot in the last 3 days and more is forecast for the next 3 days. I wonder if it is having any significant impact on the hydro storage levels.
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Originally Posted by kiwikeith
It has been raining a lot in the last 3 days and more is forecast for the next 3 days. I wonder if it is having any significant impact on the hydro storage levels.
Snow data a few days old so might make a bit of a difference, but need alot more rain......there is a current heavy rain warning for headwaters of Canterbury south of Arthurs Pass.
https://www.meridianenergy.co.nz/pow...s/snow-storage
https://www.meridianenergy.co.nz/pow...ls#lake-levels
https://www.genesisenergy.co.nz/abou...o-power-scheme
https://envdata.orc.govt.nz/AQWebPor...nterval/Latest
https://envdata.orc.govt.nz/AQWebPor...nterval/Latest
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Member
Originally Posted by Sideshow Bob
Thanks Bob that is great. The Genesis figure is very up to date. The water level is up a little but is still low.
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Originally Posted by kiwikeith
Thanks Bob that is great. The Genesis figure is very up to date. The water level is up a little but is still low.
Yeah it is interesting stuff and how much the lake levels move. Most of it is about what is happening in the mountains, rather than more populated or inhabited areas.
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Final dividend bringing total 21cps.
3.42% net as of this arvo.
Thrilling stuff.
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Worth remembering the new NZAS terms came into effect after the end of this period. With a little luck the better terms will outweigh the dry year pain in the current period...
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