Mighty River Power Operational Update: 30 Sept 2014

Mighty River Power Operational Update for the three months ended 30 Sept 2014

• Energy Price down 2%
• Electricity Generation up 10%
• 9,000 AMI Meters deployed during the period

ELECTRICITY GENERATION UP 10%
Mighty River Power‘s operating statistics for the quarter to 30 September 2014 demonstrate a lift in total generation by 10% (170GWh) on the prior comparable period (pcp). Hydro generation was up 66GWh to 929GWh – but below average due to a continuation of weak inflows into the Waikato catchment. Lower inflows during the quarter saw higher generation at Southdown Power Station which provided support to Taupo storage and preservation of transmission benefits.

Base-load geothermal generation was consistent with the same period last year, which includes production from Ngatamariki from 1 July 2013 (pre-commissioning in September 2013). Geothermal generation during the quarter was impacted by the temporary de-rating of Nga Awa Purua (rotor replacement due late CY2015) and temporary fuel constraints at Ngatamariki. The connection of a new make-up well at Ngatamariki was completed mid-October, and the plant is now back to producing at full capacity.

ENERGY PRICES DOWN 2%, COMMERCIAL SALES VOLUMES DOWN
Mighty River Power’s average electricity sales price to residential and commercial customers was $121.06/MWh, down 2% on the pcp, and consistent with an industry-wide trend reflecting intense retail competition. Overall customer sales volumes were down 98GWh (7% on pcp) reflecting lower commercial volumes as the Company continued to manage its commercial sales book for value. Volumes in the residential market were in-line with the same period last year reflecting increased national consumption of electricity which was almost back to 2012 levels.

SMART METER DEPLOYMENT GAINS MOMENTUM
The quarter saw a lift in the number of AMI smart meters deployed by the Company’s metering business, Metrix, with 9,000 units installed during the period in mainly Auckland and Dunedin – bringing the total to 351,000. Metrix was recently confirmed as the national metering provider for Trustpower, which includes the deployment of smart meters to Trustpower’s 225,000 residential customers, starting in 2015.

ENDS

© Scoop Media