✨ Energy Agreement
5 JULY 2011 NEW ZEALAND GAZETTE, No. 93 2731
AGREEMENT dated
2011
PARTIES
MERIDIAN ENERGY LIMITED ("Meridian")
GENESIS POWER LIMITED ("Genesis")
INTRODUCTION
A. Under the Electricity Industry Act 2010, the shareholding Ministers of the parties have directed the boards of directors of each party to require their respective companies to enter into a number of agreements, including this agreement and an agreement for sale and purchase under which Meridian will sell to Genesis the Tekapo A Power Station and Tekapo B Power Station (and associated infrastructure and equipment) ("Power Stations").
B. Under this agreement each party will, after settlement of the purchase of the Power Stations by Genesis, provide certain services to the other party on the terms and conditions set out in this agreement.
AGREEMENT
- INTERPRETATION
1.1 Definitions: In this agreement unless the context otherwise requires:
"Assets" has the meaning set out for that term in the Sale and Purchase Agreement.
"Asset Records" has the meaning set out for that term in the Sale and Purchase Agreement.
"Ancillary Equipment Fee" means an annual fee of $2,000 (payable in monthly instalments) by Meridian for the supply of electricity to and storage of Meridian’s Ancillary Equipment, as adjusted from time to time pursuant to clause 6.3.
"Bill Rate" means in respect of any rate of interest to be calculated pursuant to this agreement the mid or "FRA" rate for 90 day bank accepted bills (expressed as a percentage) as quoted on Reuters page BKBM (or any successor page) at or about 10.45 am on the first Business Day of the period in respect of which such rate of interest is to be calculated, and thereafter at intervals of 90 days from that Business Day.
"Business Day" means any day other than a Saturday, Sunday or a statutory public holiday in Wellington or Auckland.
"Commencement Date" has the meaning in clause 2.1.
"Electricity" means electrical energy measured in kilowatt-hours (kWh) supplied by Meridian to the Tekapo B Power Station under the terms and conditions of this agreement.
"Electricity Fee" means:
(a) $180,065.66 per annum payable in monthly instalments by Genesis for the Electricity; or
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Operational Responsibilities and Instructions
(continued from previous page)
🏗️ Infrastructure & Public WorksOperational control, Dispatch Rules, Electricity Code, Meridian Energy, Genesis Energy, GCC
🏗️ Agreement between Meridian Energy Limited and Genesis Power Limited
🏗️ Infrastructure & Public WorksElectricity Industry Act 2010, Power Stations, Tekapo A, Tekapo B, Ancillary Equipment Fee, Bill Rate, Business Day, Commencement Date, Electricity Fee