NEWS RELEASE 18 July 2013 NZX: MRP
ASX: MYT
Mighty River Power Welcomes Vanuatu Minister of Energy Mighty River Power has today welcomed Vanuatu’s Energy Minister on a visit to the Nga Awa Purua and Rotokawa geothermal power stations. Mighty River Power’s Geothermal Generation Manager, Paul Ware, said the Company was pleased to support the visit by sharing its experience of geothermal development, and particularly its enduring commercial partnerships with Maori landowners, formed around aligned values and economic interests. “Geothermal is a core competency for Mighty River Power, which we’ve developed in partnership with our Maori Land Trust partners. It now makes up around 30% of our total generation portfolio and provides premium base-load generation which, unlike other renewable energy resources, is not weather dependent. We’re set to increase this to around 40% with the contribution of the Ngatamariki geothermal power station,” said Mr Ware. “Geothermal is a niche but increasingly important fuel source globally and we’re very pleased to have this opportunity to share our knowledge and experience of geothermal development, exploration and operation with Minister Thomas Laken and officials,” he said. Mighty River Power operates five geothermal power stations in New Zealand and has a geothermal business in Chile, alongside investment interests in the US. ENDS Minister Laken’s visit to New Zealand is hosted by Waikato Regional Council.
The 138MW Nga Awa Purua Geothermal Power Station is owned by the Nga Awa Purua Joint Venture; a partnership between Mighty River Power (65%) and Tauhara North No.2 Trust (35%)
Photography supplied (credit: Jeremy Bright, Grabb Photography): Vanuatu’s Minister of Energy, Thomas Laken (centre right) and delegation visiting the 138MW Nga Awa Purua Geothermal Power Station; with Tauhara North No.2 Trust Chief Executive, Aroha Campbell (far left), Trustee, Rangimarie Ngamotu (centre left); and Mighty River Power’s Geothermal Generation Manager, Paul Ware (back row in grey suit)
For further information: Katherine Litten Media Relations Manager T 0272 105 337
Anna Hirst Head of Investor Relations T 0275 173 470
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 electricity production is from renewable sources. Mighty River Power sells electricity through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty Power. Mighty River Power’s metering business, Metrix, provides electricity retailers with advanced metering infrastructure 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.