Trustpower backs out of Ruataniwha water scheme as council sets public consultation

Thu, 27 Mar 2014

By Paul McBeth and Pattrick Smellie March 27 (BusinessDesk) - Trustpower, the electricity company controlled by Infratil, has walked away from the $265 million Ruataniwha water storage scheme, the same day the Hawke’s Bay Regional Council set the timeline for public consultation. The power company terminated its memorandum of understanding with the council subsidiary, Hawke’s Bay Regional Investment Company, and Ngai Tahu Holdings, which would have seen it invest between $50 million and $60 million of the total cost of the project. The counc...

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