New Zealand's four largest electricity generators - Genesis, Mercury, Meridian, and Contact - are exploring options for the Huntly Power Station to support national energy security.
This comes in response to the market conditions during winter 2024, which highlighted a pinch point on energy supply.
The companies have entered into a non-binding heads of agreement to investigate the potential for the Huntly Power Station's Rankine units to continue managing 'dry-year risk' and enhancing system security in the long term.
The commercial structure, including key terms such as pricing and cost, is still being worked through.
The new arrangements could be in place by 2026, subject to regulatory approvals.
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