✨ Tekapo Deed Agreement
5 JULY 2011 NEW ZEALAND GAZETTE, No. 93 2749
TEKAPO DEED
Date:
PARTIES
Meridian Energy Limited (Meridian)
RTA Power (NZ) Limited (RTAP)
New Zealand Aluminium Smelters Limited (NZAS)
BACKGROUND
A Meridian is a generator and retailer of electricity in New Zealand.
B RTAP purchases electricity in order to produce aluminium at the Smelter.
C Meridian, RTAP and NZAS have entered into the Power Agreements under which Meridian supplies electricity to RTAP for use at the Smelter and NZAS guarantees the performance of RTAP’s obligations. The Power Agreements are due to expire on 31 December 2012.
D Meridian and NZAS have entered into the 2007 Agreement which replaces the Power Agreements from 1 January 2013. Under the 2007 Agreement, Meridian and NZAS agree to hedge the price of electricity that NZAS purchases from the wholesale electricity market.
E Under section 117 of the Electricity Industry Act 2010, Meridian may be directed by its shareholding Ministers to transfer ownership of all assets and any rights and obligations relating to the Tekapo A and Tekapo B generating stations (as more particularly set out in an asset sale agreement between Meridian and Genesis (Sale Agreement)) (Tekapo Assets) to Genesis.
F Meridian has agreed to give certain confirmations in respect of the Power Agreements and the 2007 Agreement to RTAP and NZAS, as set out in this deed, and, on that basis, RTAP and NZAS have agreed to consent to Meridian’s sale of the Tekapo Assets to Genesis.
BY THIS DEED the parties agree as follows:
1 DEFINITIONS AND CONSTRUCTION
1.1 Defined terms
In this deed, unless the context requires otherwise:
1963 Agreement means the agreement dated 15 August 1963 for the supply of up to 305.25 megawatts of electricity between (now) Meridian and RTAP, as amended and supplemented;
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Tekapo Deed Agreement
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🏗️ Infrastructure & Public Works7 February 2011
Deed, Agreement, Energy, Meridian, RTA Power, NZAS, Tekapo