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South Island Grid NOT at risk
21 April 2008
South Island Grid NOT at risk
Transpower New Zealand said today that media reports this morning regarding the ownership of the South Island Grid being at risk because of possible financial difficulties being experienced by US bank Wachovia, are completely inaccurate.
Transpower has legal title to all transmission assets in the South Island. The arrangement that Transpower has with Wachovia is a financial structuring arrangement, which is relatively complex.
Transpower said that if Wachovia were to experience a financial crisis, there would be no impact on the ownership of the South Island assets – Transpower would continue to maintain and operate the assets as it does currently.
ENDS
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