Meridian to pay special $521m dividend

Tuesday 17th May 2011 1 Comment

State-owned Meridian Energy is to pay a special dividend of nearly $521 million to the Government from the sale of South Island hydro stations Tekapo A and B to Genesis Energy.

Meridian today said it had confirmed the sale process for the stations, which had a sale price of nearly $821 million.

Meridian chief executive Tim Lusk said the special dividend had been approved following detailed analysis of future funding needs.

The sale was part of a package of Government reforms aimed at improving the electricity sector.

NZPA

Comments from our readers

On 18 May 2011 at 10:13 am Ian - Rotorua said:

Amazing! One state-owned generator sells assets to another state-owned generator and the Government pockets $1/2 Billion. Truly "Alice in Wonderland" stuff!