✨ Water Management Agreement
NEW ZEALAND GAZETTE, No. 93 5 JULY 2011
2
AGREEMENT dated 2011
PARTIES
MERIDIAN ENERGY LIMITED ("Meridian")
GENESIS POWER LIMITED ("Genesis Energy")
INTRODUCTION
A.
The parties hold Rights in relation to water which flows through interconnected lakes, rivers and canals to the mouth of the Waitaki River, and own power stations, canals and related infrastructure which utilise that water to generate electricity.
B.
Each party has agreed, in order to mitigate the potential adverse consequences of Meridian no longer controlling the whole Waitaki Power Scheme, to exercise those Rights and operate those assets in the manner provided in this agreement.
AGREEMENT
- DEFINITIONS AND INTERPRETATIONS
1.1 Definitions: In this agreement, unless the context otherwise requires:
"ASX" means Australian Securities Exchange Limited.
"Bill Rate" means the "FRA" rate for 90 day bank accepted bills (expressed as a percentage per annum) as quoted on Reuters page BKBM (or such other page as may replace that page on that service for displaying quotations for bank bills of exchange having a tenor of 90 days) at or about 10.45 am on the Business Day next following the due date.
"Business Day" means a day (other than a Saturday, Sunday or public holiday) on which registered banks are open for business in Wellington.
"Commencement Date" has the meaning in clause 2.1.
"Cumec" and "m³/s" both mean cubic metre per second.
"Dam Safety Emergency Event" means an emergency declared in good faith by the Meridian Markets and Production Emergency Manager that concerns dam safety.
"Derogation" means any existing or future right (including a Resource Consent) of any person to take and use water in the Waitaki Catchment the exercise of which would or might derogate from either party’s existing Rights (including Resource Consents) in relation to the water used in the operation of that party’s part of the Waitaki Power Scheme as varied, or added to, renewed and replaced from time to time.
"Electricity Code" means the Electricity Industry Participation Code 2010.
"Emergency Response Plan" means a specific response plan approved by the Meridian Markets and Production Emergency Manager in good faith to address the risks posed by a Dam Safety Emergency Event or any replacement or successor equivalent plan for that purpose.
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Water Management Agreement between Meridian Energy Limited and Genesis Power Limited
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🌾 Primary Industries & ResourcesWater Management, Energy Companies, Agreement, Waitaki River, Electricity Generation