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Meridian Energy
NEW ZEALAND Meridian Energy Performance evaluation Meridian Energy equity valuation Macquarie Research’s discounted cashflow-based equity valuation for Meridian Energy (MER) is $6,531m (nominal WACC 8.6%, asset beta 0.60, TGR 3.0%). Forecast financial model A detailed financial model with explicit forecasts out to 2030 has been completed and is summarised in this report. Inside Financial model assumptions and commentary Performance evaluation 2 We discuss a number of key model input assumptions in the report including: Valuation summary 6 Wholesale and retail electricity price paths; Financial model assumptions 8 Electricity purchase to sales price ratio pre and post the HVDC link upgrade; Financial statements summary 18 HVDC link charging regime; Financial flexibility and generation Electricity demand growth by customer type; development 21 The impact of the Electricity Industry Act (EIA) asset transfer and VAS’; Sensitivities 22 The New Zealand Aluminium Smelters (NZAS) supply contract; Alternative valuation methodologies 23 Relative disclosure 24 MER’s generation development pipeline. Appendix – Valuation Bridge 26 Equity valuation sensitivities are provided on key variables. Alternative valuation methodology We have assessed a comparable company equity valuation for the company of $5,179m-$5,844m. This is based on the current earnings multiples of listed comparable generator/retailers globally. This valuation provides a cross-check of the equity valuation based on our primary methodology, discounted cashflow. This valuation range lies below our primary valuation due, in part to the positive net present value of modelled development projects included in our primary valuation. Relative disclosure We have assessed the disclosure levels of MER’s financial reports and presentations over the last financial period against listed and non-listed companies operating in the electricity generation and energy retailing sector in New Zealand. -
Kaimai Wind Farm Tourism and Recreation Impact Assessment
Kaimai Wind Farm Tourism and Recreation Impact Assessment REPORT TO VENTUS ENERGY LTD MAY 2018 Document Register Version Report date V 1 Final draft 31 August 2017 V2 GS comments 10 Oct 2017 V3 Visual assessment, cycle route 30 Nov 2017 V4 Updated visual assessment 16 February 2018 V5 Turbine update 30 May 2018 Acknowledgements This report has been prepared by TRC Tourism Ltd. Disclaimer Any representation, statement, opinion or advice, expressed or implied in this document is made in good faith but on the basis that TRC Tourism is not liable to any person for any damage or loss whatsoever which has occurred or may occur in relation to that person taking or not taking action in respect of any representation, statement or advice referred to in this document. K AIMAI WIND FARM TOURISM AND RECREATION IMPACT ASSESSMENT 2 Contents Contents ................................................................................................................. 3 1 Introduction and Background ........................................................................... 4 2 Existing Recreation and Tourism Setting ........................................................... 5 3 Assessment of Potential Effects ...................................................................... 12 4 Recommendations and Mitigation .................................................................. 18 5 Conclusion ...................................................................................................... 20 K AIMAI WIND FARM TOURISM AND RECREATION IMPACT ASSESSMENT -
Te Uku Wind Farm, Near Raglan, Are Finding Out
new zealand wind energy association ›› www.windenergy.org.nz Wind Energy Case Study Business and community opportunities There is more to wind energy than wind turbines and renewable energy. A new wind farm can become a catalyst for business and community renewal, as the people involved with Te Uku wind farm, near Raglan, are finding out. Earthworks at Te Uku wind farm Out towards Raglan, Meridian Energy is developing a new wind “I was just a one-man band but I had to employ staff and learn all farm at Te Uku. This high and windy site has become an important about how to do that. It was a real eye opener but I had lots of help community asset. The wind farm has added a new, positive dynamic from the managers of the construction firms Hick Bros and Spartan to this isolated farming site. Construction,” says Jim. It was a very wet winter, which did not help, but Jim is proud of Business opportunities his contribution. “We all need power at the end of the day.” An important aspect of the construction and ongoing management Local Hamilton firm Spartan Construction together with Hick of the wind farm was that the existing farm operations had to Bros from Silverdale formed Hick Spartan Joint Venture and continue with little or no disruption. That meant that stock and won the contract to supply infrastructure roading, foundations pasture had to be managed along with heavy construction, quarrying and erosion and sediment control at Te Uku. They won the and new roading. Jim Munns, a local fencer played an integral role. -
2017 WDC Factsheet Raglan
VISIT. OPENWAIKATO.CO.NZ CALL. 0800 252 626 RAGLAN RAGLAN IS A WORLD FAMOUS WEST COAST SURFING AND BEACH TOWN, JUST 150KM SOUTH OF CENTRAL AUCKLAND AND 46KM WEST OF HAMILTON. IT DRAWS Raglan is a stunning township on Waikato’s west coast with three surf PEOPLE FROM ALL CORNERS beaches on its doorstep and an outstanding natural harbour. The town is steeped in history, dating back to early Ma¯ori who arrived OF THE GLOBE, ATTRACTED on the migratory canoe, Tainui. Early European settlers knew the town as Whaingaroa. It was renamed Raglan in 1858, after Lord Raglan, BY ITS MAGNIFICENT who was an officer in the Crimean War and led the charge of the Light SCENERY AND CREATIVE VIBE. Brigade. Today, it is known by both names. The town’s rugged landscape, superb surf waves and relaxed atmosphere make it a very popular destination for artists, surfers and holidaymakers. NTH The population grows by 300-400 per cent during summer. Auckland KEY: Activities in Raglan include surfing and kite boarding, kayaking, fishing, 158km Towns sport fishing and harbour activities, tramping, horse-trekking and walking. 2hr Roads There is a thriving township, full of fashion, arts and crafts, jewellery and Rail gift shops. A wide range of cafés and restaurants is available alongside a historical hotel. A large number of talented and creative artists have made Raglan their home. Discover original art, pottery, weaving, stone carving, jewellery and photography. Raglan also offesr a wide range of entertainment events throughout the year. Land Supply Six hectares of industrial land is currently available in Raglan for 50km 150km development. -
New Zealand Journal of Environmental Law
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Commons@Waikato 179 Protection of Threatened Species in New Zealand Pip Wallace* and Shaun Fluker† The need to protect threatened species and facilitate their recovery to viable population levels enjoys widespread international support, but it is the domestic legal rules of individual nations that will implement international calls for protection and recovery. New Zealand purports to protect threatened species primarily with the Wildlife Act 1953, a statute whose purpose is more concerned with wildlife management than implementing a legal framework to protect threatened species. The consensus is that the Wildlife Act 1953 and other applicable legislation such as the Resource Management Act 1991 is not up to the task of protection and recovery of threatened species in New Zealand. In this article we explore how dedicated threatened species legislation in New Zealand might improve on the existing legal framework, and in particular with respect to the designation and planning on threatened species, recovery programmes and habitat protection. For an illustration of how these components may contribute to the threatened species problem we look to Canada as a nation which enacted dedicated threatened species legislation in 2002. The story thus far in Canada suggests legal rules are not a panacea for species decline, but nonetheless dedicated legislation can offer substantial benefits such as transparency and a systematic approach to species planning, better integration with resource development, and a measure of accountability in law to hold public officials to their promises on threatened species protection. -
Meridian Energy Annual Report for Year Ended !" June #"$" How Much Power?
Meridian Energy Annual Report for year ended !" June #"$" How much power? Meridian is the largest state-owned electricity generator in New Zealand, providing around 30% of New Zealand's total generation. We also retail electricity to more than 180,000 residential, rural and business customers. NAME: CalRENEW!1 NO. OF PV PANELS: %",""" CAPACITY: %MW TOTAL GWh PRODUCED !"##$%&#' # i NAME: Mt Millar3 NAME: Ross Island NO. OF TURBINES: !% NAME: Macarthur2 NO. OF TURBINES: ! CAPACITY: &"MW LOCATION: Victoria CAPACITY: $MW TOTAL GWh PRODUCED STAGE: Pre-construction design !"##$%&#' $" CAPACITY: '#"MW NAME: Mt Mercer LOCATION: Victoria STAGE: Pre-construction design CAPACITY: $!"MW Front Cover: The Ross Island wind farm and Mt Erebus from Observation Hill, Antarctica. Courtesy of George Blaisdell, Antarctica NZ Pictorial Collection. NAME: Central Wind NAME: Te Āpiti STAGE: Consented NO. OF TURBINES: ## CAPACITY: !"$MW CAPACITY: '$MW TOTAL GWh PRODUCED !"##$%&#' %"# TOTAL GWh PRODUCED !"##(%#$' %$' NAME: Ohau A NAME: Te Uku NO. OF GENERATORS: & STAGE: Under construction CAPACITY: ")&MW CAPACITY: )&MW NAME: West Wind TOTAL GWh PRODUCED !,!%& !"##$%&#' NO. OF TURBINES: )" NAME: Mill Creek TOTAL GWh PRODUCED '(% CAPACITY: !&%MW !"##(%#$' STAGE: Environment Court appeal TOTAL GWh PRODUCED &'* CAPACITY: )*MW !"##$%&#' TOTAL GWh PRODUCED !"##(%#$' %( NAME: Ohau B NAME: Mokihinui NO. OF GENERATORS: & STAGE: Environment Court appeal CAPACITY: "!"MW CAPACITY: (#MW NAME: Tekapo A TOTAL GWh PRODUCED '&( !"##$%&#' NO. OF GENERATORS: ! ii TOTAL GWh PRODUCED iii CAPACITY: !"##(%#$' (%& "#MW Brooklyn TOTAL GWh PRODUCED !"##$%&#' !#" TOTAL GWh PRODUCED Wellington !"##(%#$' !"& NAME: Ohau C NO. OF GENERATORS: & CAPACITY: "!"MW NAME: Hurunui Wind TOTAL GWh PRODUCED STAGE: Consultation NAME: Tekapo B !"##$%&#' '&$ CAPACITY: *(MW NO. OF GENERATORS: " TOTAL GWh PRODUCED ("( !"##(%#$' Christchurch CAPACITY: !)$MW TOTAL GWh PRODUCED !"##$%&#' (!* TOTAL GWh PRODUCED (%% NAME: Benmore !"##(%#$' Twizel NAME: Hunter Downs Irrigation NO. -
Meridian Energy to Partner with AGL in Developing Southern
Meridian Energy to partner with AGL in developing Southern Hemisphere’s largest wind farm For immediate release: New Zealand's largest renewable electricity generator, Meridian, and Australia's largest renewable electricity generator AGL today announced the establishment of a joint venture to build what will be the southern hemisphere's biggest wind farm. The project is the 420 MW Macarthur wind farm in southwest Victoria. The final build cost will be around A$1 billion and is due for completion in 2013. Meridian’s 50 percent investment share in the project will be made through a combination of equity and project finance which will be sourced by the joint venture partners. Meridian chief executive Tim Lusk said today the investment was consistent with Meridian’s Australian wind investment strategy, which earlier this year saw the company acquire the 70 MW Mt Millar wind farm in South Australia. “The Macarthur project is a great opportunity to facilitate our growth ambitions in Australia. The project offers long term, reliable generation revenues which will complement the rest of Meridian’s developing Australian wind portfolio. The electricity purchase contracts have been structured in a way that the joint venture does not take market price or electricity production volume risk.” Mr Lusk said Macarthur cements a long term relationship between Meridian and AGL. “This joint venture between the largest renewable developers in New Zealand and Australia, each bringing complementary skill sets to the project, gives us great confidence that it will be delivered successfully. The good cultural fit evident between the parties creates ongoing opportunities for joint development.” As well as the Macarthur project and the Mt Millar wind farm, Meridian has a number of other high quality wind development sites in Australia. -
366 the NEW ZEALAND GAZETTE No. 16
366 THE NEW ZEALAND GAZETTE No. 16 Name Situation and Remarks Name Situation and Remarks Heipipi ., Trig. Station L. Map reference, N. 82/ Tawhitirahi For Trig Station Y. in the Coromandel area. 326858. Instead of "Hepipi". Map reference, N. 44/031625. Horokaretu Stream Tributary of Orongo Stream. Map reference, Te Hue Stream A tributary of Waitomotomo Stream. Map N.64/545324. reference, N. 64/383318. Kaingata Stream Drains into Aotea Harbour from Trig. Te Mata Stream A tributary of the Opotoru River. Map re "Pirau". Map reference, N. 64/407250. ference, N. 64/388378. Instead of "Kaingote Stream". Te Mauku Point Coastal point It miles south-west of Trig. Kaitoke Creek A tidal tributary of Opotoru River. Map "Mauku". Map reference, approximately reference, N. 64/4044. N.82/1866. King Fern Stream .. Tributary of Settlers Stream. Map reference, Te Pare .. For Trig Station in the vicinity of Hahei. N.44/106417. Map reference, N. 44/309614. KoruaBay For bay in Aotea Harbour. Map reference, Te Pupuha Point Coastal point east of Hahei. Map reference N. 64/350217. Instead of "Koruahamuti N. 44/315605. Instead of "Te Pupuka Bay". Point". Kupapa Point At the mouth of the Waitetuna River which TePuru .. For locality and stream in Thames County enters Raglan Harbour. Map reference, situated approximately 7 miles north of N,64/485465. Thames. Manaia .. Locality near the mouth of the Manaia Te Putahaehae Tributary of the Awakino River draining River and at the head of Manaia Har Stream from Maungatewharau (hill). bour at the north-western shores of Te Rekereke Stream Flows into the sea near Woody Head. -
Te Kuiti Piopio Kawhia Raglan Regional
Helensville 1 Town/City Road State Highway Expressway Thermal Explorer Highway Cycle Trails Waikato River REGIONAL MAP Hamilton Airport i-SITE Visitor Information Centre Information Centre Thermal Geyser Surf Beach Water Fall Forest Mountain Range AUCKLAND Coromandel Peninsula Clevedon To Whitianga Miranda Thames Pukekohe Whangamata Waiuku POKENO To Thames Maramarua 2 Mangatarata to River TUAKAU Meremere aika W Hampton Downs Hauraki 25 Rail Trail Paeroa PORT WAIKATO Te Kauwhata Waihi 2 Rangiriri 2 Glen 1 Murray Tahuna 26 Kaimai-Mamaku Mount Forest Park Lake Hakanoa Te Aroha Mt Te Aroha Lake Puketirni HUNTLY TE AROHA 27 26 Waiorongomai Valley Taupiri Tatuanui 2 1B Gordonton Te Akau Te Awa NGARUAWAHIA MORRINSVILLE River Ride Ngarua Waingaro TAURANGA 39 Horotiu 2 27 Walton Wairere Falls Raglan HAMILTON Harbour Waharoa 2 Whatawhata Matangi RAGLAN MATAMATA Manu Bay Tamahere 1B 29 23 Te Puke Mt Karioi Raglan Trails CAMBRIDGE 29 Ngahinapouri Ruapuke 27 Beach Ohaupo Piarere 3 Te Awa Lake Te Pahu Bridal Veil Pirongia Forest Park River Ride Karapiro 1 Aotea Falls TIRAU Harbour 5 Mt Pirongia Pirongia Sanctuary TE AWAMUTU Mountain KAWHIA Kihikihi Mt Maungatautari PUTARURU 33 Pukeatua To Rotorua Parawera Arapuni 5 Kawhia 31 Harbour Tihiroa 3 Te Puia Springs 39 1 ROTORUA Hot Water Beach Waikato Optiki River Trails Taharoa OTOROHANGA WAITOMO CAVES Marokopa Falls 3 TOKOROA To Rotorua Waimahora 1 5 Marokopa TE KUITIKUITI 32 30 Mangakino Rangitoto 3 Pureora Forest Park Whakamaru to River Waika PIOPIOPIOPIO 30 4 Pureora Forest Park 32 3 30 To Taumarunui -
Creative Communities Scheme Funding for the Waikato District
Draft Creative Communities Scheme funding for the Waikato District - the Waikato District CCS committee needs to urgently seek additional funding from Creative New Zealand so that it can continue to support arts and creative projects across the entire district at the right level. Raglan Community Arts Council (RCAC) is the arts creative organisation for Raglan Whaingaroa and was given this designation in the NZ Government Gazette in 1984. It is also a registered NZ Charity. It receives no permanent funding from central or local Government. RCAC covers a large part of costs from its own fund raising activities. For the shortfall on arts projects it looks to funders for support. RCAC has a strategic plan and activities follow that plan. Two centres of excellence are part of the plan. These are clay art and filmmaking. Three major events are also part of the strategic plan. These are Raglan Art to Wear, Raglan Film Festival and Raglan Arts Weekend. Although these three events have now run for a number of years, they have changed considerably over the years. For example the Film Festival started off as just a screening of several art house movies. It has now become an inspiration and celebration of youth and community filmmaking. Each of these ongoing major events involves new participants and audiences and covers a wider area within the surrounding district – not just within Raglan ie Te Mata, Te Uku, Waitetuna, Ruapuke. Growth based on the success of an event will always incur costs that requires further funding support e.g. film festival demand for further space/move to town hall. -
Gwec | Global Wind Report
GLOBAL WIND REPORT Annual market update 2010 Foreword 2010 was a tough year for our industry, and although We are still waiting for a resolution to the global debate on cumulative market growth was still a healthy 24.1 %, the climate change and we are still waiting for any signs of a annual market decreased for the first time in about two clear pathway towards a global price on carbon. If the pace decades. The medium term consequences of the financial of the international climate negotiations during 2010 is any crisis and the economic slowdown finally took their toll, indication, we are going to have to continue to wait for and very low orders in OECD countries at the end of 2008 some time. Hopes are higher for COP17 in Durban this year and the beginning of 2009 made themselves felt in the than they were for Cancun, but few observers expect final 2010 installation totals, particularly in the United States. resolutions to the fundamental unresolved issues. Having said that, 38.3 GW of new wind power capacity was We expect that by the time this report is printed global added around the world last year, and for the first time the installed capacity will have reached 200 GW. We estimate majority of that new capacity was in developing countries that this will double again within three to four years, and emerging economies; driven mainly by the booming keeping open the option to reach GWEC’s aspirational goal wind sectors in China and India, but also with strong of 1,000 GW of installed capacity by 2020. -
Valuation Report 2010
1 Meridian Energy EQUITY RESEARCH – New Zealand ANALYST FIRST NZ CAPITAL SECURITIES LIMITED IS A NZX FIRM Jason Lindsay +64 4 496 5338 [email protected] 29 October 2010 A valuation perspective PG 1 TABLE OF CONTENTS TABLE OF CONTENTS ....................................................................................................................................................... 2 EXECUTIVE SUMMARY...................................................................................................................................................... 3 Recent Performance .................................................................................................................................................................................3 Earnings Outlook ......................................................................................................................................................................................3 Base Case Valuation .................................................................................................................................................................................3 Key Assumptions.......................................................................................................................................................................................3 Sensitivity Analysis....................................................................................................................................................................................3