Meridian and NZAS Conditions Precedent Update
GENERAL
Wed, Jun 19 2024 08:30 am
On 31 May 2024 Meridian Energy and New Zealand’s Aluminium Smelter (NZAS) signed a package of conditional 20-year contracts for the Tiwai Point smelter’s future electricity needs. One of the conditions was the Electricity Authority providing clearance under the materially large contracts regime of the Electricity Industry Participation Code 2010. The Authority has now provided clearance. Other conditions precedent remain outstanding. Meridian will make a further announcement when and if those conditions are met.
The contracts will take effect from the later of 1 July 2024 and the date all conditions precedent are satisfied or waived. If the conditions precedent are not satisfied or waived before 31 December 2024 the contracts will not come into effect.
Copies of the contracts are available at https://www.meridianenergy.co.nz/about-us/investors/reports/nzas-contract
Announcement PDF
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