NEWS RELEASE 18 December 2013 NZX: MRP
ASX: MYT
Patrick Strange to join Mighty River Power Board One of New Zealand’s most experienced electricity industry leaders, Patrick Strange, has been appointed as a director of Mighty River Power and will join the Board in February 2014, following the completion of his tenure as Chief Executive of the National Grid operator, Transpower. The appointment by the Board fills a casual vacancy arising from Trevor Janes‟ retirement at the end of his current term on 31 December 2013. Mighty River Power Chair, Joan Withers, said Dr Strange had an outstanding record of management experience and strategic leadership in the industry – including overseeing Transpower‟s $3.8 billion of essential investment in the National Grid to enhance security and reliability of electricity supply in New Zealand. Dr Strange stepped down as a director of Mighty River Power in 2007 to take up his current role as Transpower Chief Executive. In 2011, he was named Energy Executive of the Year at the Deloitte Energy Excellence Awards. Mrs Withers said there was ongoing review of the skills and experience on the Mighty River Power Board and the retirement of two directors over the past year provided an opportunity to complement the current range of skills and experience. “We‟re pleased to be welcoming Patrick as a director of the Company, with his deep sector knowledge and successful track record in both management and governance. He is also recognised as a champion of health and safety and the „zero harm‟ workplace, which is a vital focus for us – in line with the Government‟s and WorkSafe NZ‟s aspirations for New Zealand businesses.” Mrs Withers said Trevor Janes had made a significant contribution to Mighty River Power over nearly a decade – a director since 2005, and Deputy Chair since November 2009. “Throughout Trevor has been a strong voice, providing valuable capital markets expertise during a period of major evolution and growth for Mighty River Power.” Mighty River Power announced at its 2013 Annual Shareholders‟ Meeting that it would be bringing the Board complement to eight directors, with the addition of a further director in 2014. Dr Strange and any other director appointed by the Board will retire prior to the next Annual Meeting and stand for election by shareholders – alongside those directors retiring by rotation who are standing for re-election and any other candidates. ENDS.
For further information: David Glendining Head of Communications T 0272 105 337 Mighty River Power is one of New Zealand‟s largest electricity companies – with its core business based on reliable, low fuel-cost electricity generation complemented by sales to homes and businesses. The Company generates about 17% of New Zealand‟s electricity. It operates the nine hydro stations on the Waikato River, five geothermal power stations in the Central North Island and a multi-unit gas-fired station in Auckland. More than 90% of its annual electricity production is from renewable sources. Mighty River Power sells electricity to end customers through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty Power. Mighty River Power‟s metering business, Metrix, is one of New Zealand‟s largest providers, supplying electricity retailers with enhanced information solutions for their residential and commercial customers. Mighty River Power is one of the world‟s largest geothermal power station owners, and has a successful track record in geothermal development, investing more than $1.4 billion in geothermal development since FY2006. The Company is applying this capability and experience – gained through domestic geothermal exploration, development, construction and operations – to invest in international growth opportunities.