✨ Direction to Transfer Ownership of Power Stations
2594 NEW ZEALAND GAZETTE, No. 93 5 JULY 2011
Direction to require the transfer of ownership of the Tekapo A and B power stations
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:
(a) under section 117(2)(b) of the Electricity Industry Act 2010 (the Act), transfer the ownership from Meridian to Genesis of all of the assets and such of the rights and obligations relating to Tekapo A and Tekapo B generating stations as are described in the attached sale and purchase agreement (attachment 1);
(b) under section 117(2)(d) of the Act, enter into the attached sale and purchase agreement (attachment 1) that is necessary or desirable to implement the direction given under section 117(2)(b) of the Act;
(c) under section 124(1) of the Act, and as part of the direction under section 117(2)(b), offer, by 1 June 2011, one or more replacement contracts that are necessary to meet the purposes set out in section 120 of the Act to the following third parties (other than those third parties who sign replacement contracts before that date):
(i) in relation to the agreement entitled "Agreement to Electricity Corporation’s water rights":
- Te Runanga O Ngai Tahu;
- Benmore Irrigation Company Limited;
- Lower Waitaki Irrigation Company Limited;
- Maerewhenua District Water Resource Co. Limited; and
- Morven, Glenavy, Ikawai Irrigation Company Limited;(ii) Mount Cook Salmon Limited in relation to its agreement with Meridian, dated 24 May 1999, entitled "Agreement to lease";
(iii) Mackenzie Irrigation Company Limited in relation to its agreement with Meridian, dated 31 October 2006, entitled "Agreement in relation to the allocation of water for irrigation"; and
(iv) Whitewater NZ Incorporated (formerly the New Zealand Recreational Canoeing Association Incorporated) and Tekapo Whitewater Trust in relation to their agreement with Meridian, dated 30 September 2009, entitled "Agreement in relation to water rights";
(d) under section 124(1) of the Act, and as part of the direction under section 117(2)(b), advise those third parties that the date by which they must make their choice under section 124(2) of the Act is 1 September 2011;
(e) under section 124(1) of the Act, and as part of the direction under section 117(2)(b), advise those third parties that the date by which they may terminate the third party’s involvement in the relevant existing agreement, under section 124(9) of the Act, by notice in writing to the Minister, Meridian, and Genesis, is one month from the date that a direction is given under section 124(4) of the Act.
Under section 118(4) of the Act, clause 10.6 and schedules 7, 8 and 10 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 because they comprise or relate to agreements between Meridian and/or Genesis with third parties, or relate to future expenditure.
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Direction to require the transfer of ownership of the Tekapo A and B power stations
(continued from previous page)
🌾 Primary Industries & ResourcesElectricity, Energy, Transfer of Ownership, Tekapo A, Tekapo B, Meridian Energy, Genesis Power, Electricity Industry Act 2010