Meridian Energy secures 35-year approval for Waitaki Power Scheme
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The news: The New Zealand Environment Court has approved the operation of Meridian Energy’s Waitaki Power Scheme for another 35 years, securing the future of the country’s largest and most flexible hydroelectricity generator.
The context: The terms outlined by the court have enabled Meridian to retain its current storage, operating conditions and generation capacity.
The company said the Waitaki scheme plays a significant role in the country’s electrical and economic systems. It comprises six Meridian-owned power stations with an installed capacity of 1,553 megawatts, amounting to almost 30% of New Zealand’s overall hydro capacity.
Meridian added that it will significantly scale up the implementation of Indigenous biodiversity management within the catchment through the Department of Conservation.
What they said: “Hydro generation is the cheapest and cleanest firming solution for New Zealand’s electricity system and knowing we can continue to operate Waitaki for another 35 years provides certainty to our business, the electricity system and the economy,” CEO Mike Roan said.
The source: ASX
