Meridian Energy slides after ending demand response early, replacing technology partner
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The news: Meridian Energy’s share price has slipped after it announced an early end to a reduced power supply arrangement with New Zealand Aluminium Smelters (NZAS) and that UK-based Kraken will replace its subsidiary Flux as core retail technology partner.
The numbers: Meridian Energy’s shares were down 1.15% to $5.14 at 1:30pm AEST.
The context: Meridian’s existing demand response agreement with NZAS cut power supply to 50MW. NZAS will be asked to ramp up production from 16 June — and hence energy consumption —- targeting a completion date of 11 August rather than the initial 25 November.
CEO designate of the majority state owned energy company, Mike Roan, said “New Zealand’s hydro storage is looking much healthier” giving them confidence in the security of supply for winter. “As a result, we want NZAS to get back to business,” he added.
Meridian also announced that Kraken would replace its subsidiary Flux in delivering its billing platform for Meridian and the Powershop Retail brands. Flux will continue to maintain the existing billing platform during a phased migration to Kraken expected to be complete within a year from July.
