✨ Electricity Industry Directions
NEW ZEALAND GAZETTE, No. 177 22 DECEMBER 2010
DIRECTIONS TO THE BOARDS OF MERIDIAN ENERGY AND GENESIS POWER UNDER THE ELECTRICITY INDUSTRY ACT 2010
Under section 117(2)(a) of the Electricity Industry Act 2010 ("the Act") we hereby direct the board of Meridian Energy Limited ("Meridian") to require Meridian, and the board of Genesis Power Limited ("Genesis") to require Genesis, to enter into contracts for financial hedges for electricity of 15 years duration.
Under section 117(2)(d) of the Act we hereby direct the board of Meridian to require Meridian to enter into the contract attached to this direction (attachment 1) that is necessary or desirable to implement the direction given under section 117(2)(a) of the Act.
Under section 117(2)(d) of the Act we hereby direct the board of Meridian to require Meridian, and the board of Genesis to require Genesis, to enter into the contract attached to this direction (attachment 2) that is necessary or desirable to implement the direction given under section 117(2)(a) of the Act.
Under section 118(4) of the Act, the following sections of attachment 1 will be withheld from disclosure on the grounds that the Minister for State Owned Enterprises considers these sections to be commercially sensitive:
- paragraphs 8 and 11;
- certain definitions in paragraph 10;
- annex 1, final column in table; and
- annex 2, final three columns in table.
Under section 118(4) of the Act, the following sections of attachment 2 will be withheld from disclosure on the grounds that the Minister for State Owned Enterprises considers these sections to be commercially sensitive:
- Main body of Head Agreement: clauses 7, 8.1(b) and 8.2 and certain definitions in clause 1.1;
- Schedule 1 (ISDA Schedule): part 1(g) and paragraphs 2(13)(ii), 3(7), 3(8), 4(5) and 4(6) of part 5 and certain definitions in paragraph 4(2) of part 5;
- Schedule 2 (Form of Confirmation for North Island Transaction): paragraphs 6 and 11;
- Schedule 3 (Form of Confirmation for South Island Transaction): paragraphs 6 and 11; and
- Schedule 4 (Form of Credit Support Annex): paragraphs 11(b)(iii), 11(e)(iii), 11(h) and 11(i)(G).
The withheld sections relate to commercial position of Meridian, MRP and Genesis in the market and bank account details.
Hon Simon Power
Minister for State Owned Enterprises
/ / 2010
Hon Simon William English
Minister of Finance
/ / 2010
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NZ Gazette 2010, No 177
✨ LLM interpretation of page content
🏭 Directions to Meridian Energy Limited and Genesis Power Limited
🏭 Trade, Customs & IndustryElectricity Industry, Directions, Meridian Energy, Genesis Power
- Hon Simon Power, Minister for State Owned Enterprises
- Hon Simon William English, Minister of Finance