Geothermal energy investment a 'game-changer - Mighty River Power
One of the state-owned enterprises being considered for a partial sell-off is highlighting its geothermal capabilities.
Mighty River Power’s 2011 annual report, tabled in Parliament today, showcased the importance of geothermal energy for the company’s earnings profile and shareholder value.
It described geothermal power as a “game-changer”.
Company chairwoman Joan Withers said investment in geothermal generation in New Zealand enabled Mighty River Power to grow faster than any other in the sector over the past decade.
Strategic decisions to deploy more than $1 billion into domestic geothermal developments have been “hugely influential in driving the sustained growth and the evolution of Mighty River Power from a single-river hydro company, to one with a considerably larger, more flexible and more diverse generation portfolio – that gives us a more stable earnings base,” Mrs Rivers said.
“Our commitment this year to the new $466 million Ngatamariki geothermal plant near Taupo is another important milestone in our domestic growth and the further diversification of our New Zealand generation base.”
Mighty River Power chief executive Doug Heffernan said the company's 2011 result showed the benefits of this industry-leading growth, with more than a third of total generation now base-load geothermal.
This will rise to 40% with the contribution from the new Ngatamariki plant.
Colin Williscroft
Wed, 05 Oct 2011
Wed, 05 Oct 2011
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Geothermal energy investment a 'game-changer - Mighty River Power
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