Interim report 2003

MIGHTY RIVER POWER INTERIM REPORT 2002

From the Chairman and Chief Executive . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Interim Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Consolidated Statement of Financial Performance . . . . . . . . . . . . . . . . . . .10Consolidated Statement of Movements in Equity . . . . . . . . . . . . . . . . . . . .11Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . .12Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Notes to the Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . .15Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Contents

Highlights

1 23

74 56

Balance sheet strengthened

with Equity/Total Assets

of 55.7% (2001: 48.3%).

Normal hydro

production of 2,320 GWh

(2001: 1,770 GWh).

Retail services consolidated

under Mercury Energy brand

and expanded into all network

areas north of Lake Taupo.

Full ownership of

Southdown Co-generation

secured after exiting onerous

Power Supply Agreement.

Rotokawa geothermal

capacity increased by 25%.

Hearings on resource

consents for hydro

stations commenced.

Record Operating

Surplus before interest,

tax and non-recurring

items of $79.4m

(2001: $25.8m).

2 MIGHTY RIVER POWER LIMITED INTERIM REPORT 2002

On behalf of the Board and

management, we are pleased to

report on a very successful six month

performance to 31 December 2002.

HighlightsMighty River Power’s operating

surplus of $79.4 million before

interest and taxes (EBIT) is the

best first six months’ result since

commencement of business in 1999.

Our business focus over the past

four years has been on building a

balanced generation base, matching

that to a stable retail base and

providing strong operating cash flows

and a solid balance sheet.

Having succeeded in establishing

that business platform, we were in

an ideal position to take full advantage

of hydrology conditions that were

normal for the first time since

Mighty River Power’s formation.

Substantial financial benefits

also arose from Mighty River Power’s

decision to exit an onerous power

supply agreement with Southdown

Co-generation Limited. We subsequently

took full ownership of the Southdown

Co-generation Plant by acquiring NGC

Holdings Limited 50% equity interest.

Exiting the Southdown Power Supply

Agreement resulted in Mighty River

Power releasing a provision from the

balance sheet that had recognised the

liability associated with the onerous

pricing conditions of the agreement.

The release of the provision more than

offset the costs of exit, and was a major

contributor to a non-recurring gain

of $35.4 million reported in the

accounts. This culminated in an

overall net surplus after taxation of

$99.8 million. The termination of the

Power Supply Agreement will also

provide ongoing cost reductions

for Mighty River Power.

The record operating surplus and

the non-recurring gain associated with

the Southdown transaction resulted

in a significant improvement in the

financial strength of the Company,

with our equity to assets ratio,

improving from 51.1% as at 30 June

2002 to 55.7% as at 31 December 2002.

Our acknowledged position as a low

cost generator was enhanced by the

Southdown purchase as it creates

the potential for greater flexibility

in managing our generation portfolio

without the constraints imposed

by the previous joint venture

arrangement. Southdown’s capacity

can offset periods of poor hydrology

and in better hydrology periods,

scarce gas resources can be conserved.

From the Chairman and Chief Executive

0

500

1000

1500

2000

2500

GWh

Hydro Volumes(for 6 months to 31 December)

1999 2000 2001 2002 1999 2000 2001 2002

20

0

40

60

80

$ M

EBIT(for 6 months to 31 December)

1999 2000 2001 2002

0

10

20

30

40

50

60

%

Equity/Total Assets(at 31 December)

MIGHTY RIVER POWER LIMITED INTERIM REPORT 2002 3

That acquisition was part of a very

busy six months across the business

that saw our Waikato River consents

process reaching the hearing stage

and the consolidation of our retail

activities under a single brand,

Mercury Energy, which now competes

on all networks north of Taupo.

Underpinning all our efforts is a

business commitment to “sustainable

development.” How we intend to fulfil

that commitment is outlined in “An

Intricate Balance”. This document is

available on the Mighty River Power

website at www.mightyriverpower.co.nz.

Our update on sustainability will be

available shortly.

FinancialTotal operating revenue was 33% lower

than in the previous corresponding

period. However, that was due

primarily to lower wholesale prices

than were experienced in 2001.

Over the past three years an

increasing number of customers have

preferred financial contracts. These

are not accounted for in operating

revenues, unlike the more traditional

physical supply agreements, but are

reflected in operating surpluses. This

impact is evident in the decrease in

operating revenue between the 2000

period and the 2002 period, in contrast

to operating surplus increases.

Operating surplus rose 208% to

$79.4 million from $25.8 million in

the same period last year while the net

surplus after taxation figure of $99.8

million, compared with $14 million for

the same period last year, includes the

non-recurring item of $35.4 million.

Operating cash flow at $47.4 million

would have been more than 50% higher

but for the cash costs of exiting the

Southdown Power Supply Agreement

but was still up from $20 million in

the previous comparable period.

The record operating surplus,

combined with the non-recurring

gains, meant that shareholders’

funds grew from $726.9 million to

$847.9 million.

The company has been very

successful in improving the strength

of its balance sheet with Net Debt at

31 December 2002 reduced to $487.8

million. All balance sheet ratios

reflect the continuous improvement

since formation with Net Debt/Equity

reduced to 57.5% (30 June 2000,

91.4%), Net Debt/Net Debt plus

Equity reduced to 36.5% (30 June

2000, 47.8%) and Equity/Total Assets

ratio increased to 55.7% (30 June

2000, 40.5%).

0

50

150

200

250

300

350

$ M

Total Operating Revenue(for 6 months to 31 December)

1999 2000 2001 2002 1999 2000 2001 2002

20

0

40

60

80

$ M

Operating Cashflow(for 6 months to 31 December)

1999 2000 2001 2002

20

0

40

60

80

100

$ M

NPAT(for 6 months to 31 December)


In December 2002, international

credit rating agency, Standard &

Poor’s confirmed the Company’s

long-term credit rating of BBB, and

a short-term rating of A-2, with a

stable outlook. Just after balance date

the Company renewed its $200

million Cash Advances and Standby

Facility until 26 March 2005. We are

now considering a capital markets

issue which if implemented will

lengthen the average term of our

funding and diversify our current

sole dependence on banks. This will

significantly improve the Company’s

funding flexibility and reduce

refinancing risks.

GenerationHydro production levels were the

highest the Company has achieved

in the first six month period of the

financial year since formation four

years ago.

The successful first half of the

2002/03 financial year reflected, in

part, the 31% increase in generation

volumes to 2,320 gigawatt hours

(GWh), up from 1,770 GWh in the

previous comparable period –

a period that was affected by the

hydro shortage of winter 2001.

Mighty River Power’s low-cost

operations are based on renewable

generation sources on the Waikato

River system and geothermal

interests near Taupo.

Those resources provide about

90% of our installed capacity and

are complemented by the co-generation

plant at Southdown and methane gas

recovery generation at two sites in

Auckland and one in Wellington.

Sustaining our low-cost position

while continuing to meet the

demands of the country’s fastest

growing population base in the

upper North Island was behind

the expansion of our interests at

the Rotokawa Geothermal Plant

and acquisition of the remaining

50% of the Southdown Plant.

Our ongoing commitment to

geothermal resources led to the

expansion of Rotokawa’s capacity

by almost 6MW to 32MW. There

is potential for further expansion

from this field operated in

partnership with the Tauhara

North No.2 Trust.

Our application for resource

consents for the Waikato River

and Lake Taupo operations was

heard in late 2002. The application

seeks more flexibility in the storage

range and minimum releases of

several lakes in that operation.

This flexibility will take on

increased national significance as

Maui declines. A decision on the

consents is expected in April 2003.


RetailWhilst good hydrology was a

fundamental driver in our improved

results, improved processes within

our retail business also reduced costs

and delivered better quality services

to customers.

During the second half of 2002

our mass-market retail business was

consolidated under the Mercury

Energy brand, with the transfer

of around 23,000 First Electric

customers to Mercury Energy.

We also further built on the launch

of our “Duo” product that provides

customers with a single bill for both

gas and electricity.

We believe we are providing a range

of products and services that satisfy

our customers and this is reflected

in improvements in the percentages

of customers paying on time and a

continuing reduction in the number

of overdue debtors.

The standardisation of 10% prompt

payment discounts for all residential

accounts and additional rewards

(2% discount) for electronic payment,

combined with monthly meter

reading wherever physically possible,

have simplified customer processes

and reduced the source of

uncertainties for customers.

This has shown up in a significant

reduction in the annual rate of

customer contacts with the Company

providing cost, service and quality

benefits to Mercury Energy.

Customer numbers remained

reasonably constant throughout the

period with growth in some markets

offsetting the loss of some First

Electric customers who opted out of

the full services and prompt payment

discounts offered by Mercury Energy.

The relatively low churn rates now

being experienced by Mercury Energy

are testimony to the fact that our

pricing and the superior service

we are offering represent value to

customers. This is a position that has

been hard won over a difficult period

since deregulation post-1999.

The combined results of the

product and brand simplification and

service improvements underscores

Mercury Energy’s ability to provide

leadership in energy retailing services

in an expanded geographic area of

focus - the upper North Island.

Our market share based on retail

customer numbers is broadly

equivalent to the Company’s

generation market share and our

intention is to focus on building

our existing retail presence in this

geographic area.

To spread our retail base more

widely would incur the inefficiencies

and complexities of dealing with a

greater number of network

companies. They each have different

pricing and contractual requirements

and the risk for Mercury Energy is

entering those markets without the

customer numbers to justify the

additional overhead. Simplifications

for all retailers in dealing with these

complexities would be a catalyst to

review this position.

In the commercial contracts areas

we are providing a variety of options

to businesses seeking firm, fixed term

contracts for energy supply throughout

New Zealand. We have expanded our

range of products to include wholesale

market services and financial contracts

in addition to the more traditional

physical supply arrangements.

These financial contracts can have

significant advantages for businesses

by allowing them to actively manage

down their demand during very

high wholesale market price periods,

thereby lowering their overall cost

of energy.

After three years of deregulation,

we believe we are now seeing the

same trends that have occurred in

markets with longer experience

in full deregulation. In the mass

markets customers have a preference

for suppliers such as Mercury Energy

that provide “no hassle” service

quality and reliability.

In the contracts market, there is

a growing realisation of the benefits

of fixed price certainty for a high

proportion of customer demand and

the use of straightforward contracts

that do not expose customers to fuel

supply risks.

By concentrating on these features we

expect to maintain acceptable margins

for our retail business while continuing

to provide the products and services our

customers prefer to receive.


StakeholdersPrevious Interim and Annual Reports

detail our developing relationships with

the stakeholders in our business. These

relationships recognise that the lifeblood

of our business is the natural resources

in the Greater Waikato region. Our

commitment to sustainable development

is based on our desire to demonstrate

to the wider community that we are

responsible managers of all our

generation resources with a balanced and

fair approach to stakeholder interests.

During the reporting period,

we committed to the establishment

of the Waikato Catchment Ecological

Enhancement Trust for the purpose of

undertaking ecological mitigation and

enhancement works and overseeing

monitoring of the environmental

effects of the hydro operation in the

Waikato/Taupo catchment. This Trust

will draw on the considerable body

of knowledge about Lake Taupo and

the Waikato River developed during

our extensive resource consents

applications process.

Our desire to protect and nurture

the natural resources we manage is also

shared by the tangata whenua associated

with Lake Taupo and the Waikato River.

Our partnerships with iwi have been

given further depth as we continue

to develop our working relationships.

Our presence within the communities

in which we carry out our business

continues to grow and a detailed list

of the organisations that we support

appears in our 2002 Annual Report.

Looking AheadThe recently confirmed depletion

of commercially recoverable Maui

gas by 2007 creates new opportunities

for Mighty River Power.

We believe there is further room for

geothermal expansion with significant

untapped generation capacity in fields

throughout the Central North Island

equivalent to the output of a large,

gas fired, combined cycle gas turbine.

Small hydro schemes, biomass and

methane based generation also have

the potential for further development.

Therefore, we welcomed the recent

Government announcement to give

more weighting to the benefits of

generation from renewable sources

when the relevant local regulatory

authorities are considering

application under the Resource

Management Act.

Mighty River Power continues

to pursue a policy of incremental

improvements in generation capacity

from its existing assets through

technology upgrades and expansions

such as the recent capacity upgrade at

Rotokawa. We are currently working

with Tuaropaki Trust to expand the

Mokai power station from 55MW to

93MW with a view to commissioning

the additional capacity by winter 2005.

In time, the Pohokura and Kupe gas

fields will be developed to replace

Maui and we anticipate little difficulty

in securing ongoing gas supplies for

Southdown. The current gas supply

contract ends in 2006 but the plant

is strategically located alongside

Auckland’s load centre. Therefore,

with a long-term gas transmission

arrangement in place, we are well

placed to secure the relatively small

volumes of gas required beyond

2006 to continue to provide the

plant’s important security of supply

role to Auckland.

The depletion of the Maui fields

and the implications of the

government’s climate change policy

will impact adversely on the costs of

those generators with a balance of

generation more heavily weighted

towards non-renewable fuel sources.

Securing fuel supply will be the

most important issue for generators

in the near future. Mighty River

Power’s focus on renewable

resources means we are well

placed to maintain and improve our

contribution to this crucial sector

of the national economy.

We have a sound generation base

using diverse fuels and plant.

That is matched to a solid retail

base that allows us to benefit from

opportunities in the wholesale market.

That is a position that won’t change.

We have also successfully developed

a solid and stable balance sheet

– a position that will be further

strengthened by our continuing debt

management programme. Again,

this places us well to invest in future

growth opportunities that may

become economic with the changing

fuel supply circumstances.


Doug HeffernanChief Executive

Rob ChallinorChairman

Our PeopleAn experienced executive team

supports Mighty River Power’s

platform of generation assets, retail

customers and a sound balance sheet.

Over the past few years our people

committed to a journey which set out

to strengthen the financial capability

of the Company, achieve operating

efficiencies and to provide service

quality improvements. The results

contained in this report confirm the

success of the tremendous effort and

enthusiasm of our people, and the

underlying support they have had

from their families.

The next phase of the journey will

have new challenges, with a particular

focus on the country’s need for

new sources of electricity, and the

efficient use of scarce resources.

During the period, there has been

a change to our Board, with Hilary

Webber’s valuable contribution

ending upon the completion of her

term of appointment. We welcome

her replacement, Caroline Ball.

Given the leadership, organisational

and technical ability within Mighty

River Power, the Board is confident the

considerable progress demonstrated

by the Company will continue.


Consolidated Statement of Financial Performance . . . . . . . . . . . . . . . . . . .10Consolidated Statement of Movements in Equity . . . . . . . . . . . . . . . . . . . . .11Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . .12Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Notes to the Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . .15

Interim Financial StatementsFor the six months ended 31 December 2002


The notes set out on pages 15 to 19 form part

of, and should be read in conjunction with,

these Interim Financial Statements.

Year ended Six months ended Six months ended30 June 2002 31 December 2002 31 December 2001

Audited Note Unaudited Unaudited$ 000 $ 000 $ 000

Consolidated Statement of Financial PerformanceFor the six months ended 31 December 2002

767,758 Sales 316,019 447,230

(182,153) Less transmission, line and metering charges (86,343) (99,950)

3,157 Interest income 1,512 1,822

6,346 Other revenue 3,863 3,070

595,108 Total Operating Revenue 235,051 352,172

Operating surplus before interest 87,177 and non-recurring items 79,417 25,764

3,157 Interest income 1,512 1,822

(29,815) Interest expense (14,062) (17,897)

6,772 Non-recurring items 2 35,362 7,576

67,291 Surplus Before Taxation 102,229 17,265

20,208 Taxation expense 3 2,476 3,228

47,083 Net Surplus After Taxation 99,753 14,037





Consolidated Statement of Movements in EquityFor the six months ended 31 December 2002

712,882 Equity at Beginning of the Period 759,965 712,882

47,083 Net surplus after taxation 99,753 14,037

Total Recognised Revenues 47,083 and Expenses for the Period 99,753 14,037

Distributions to owners:

0 Final dividend paid (11,800) 0

759,965 Equity at End of the Period 847,918 726,919


Audited Unaudited Unaudited$ 000 $ 000 $ 000




Consolidated Statement of Financial PositionAs at 31 December 2002

Equity

377,561 Share capital 377,561 377,561

382,404 Reserves 470,357 349,358

759,965 847,918 726,919

Non-Current Liabilities

133,766 Energy contracts 59,896 144,593

77 Obligations assumed on acquisition of businesses 0 881

209,402 Loans 394,046 423,787

343,245 453,942 569,261

Current Liabilities

84,255 Payables and accruals 73,112 64,975

3,191 Provisions 2,907 3,272

21,251 Deferred taxation 27,241 18,871

22,063 Energy contracts – current portion 11,407 23,360

252,657 Loans – current portion 104,345 95,509

1,685 Obligations assumed on acquisition of businesses 920 3,050

385,102 219,932 209,037

1,488,312 Total Equity and Liabilities 1,521,792 1,505,217










Consolidated Statement of Financial Position (continued)As at 31 December 2002

Non-Current Assets

1,355,059 Property, plant and equipment 1,392,038 1,370,127

7,119 Investments 7,119 11,000

8,712 Intangibles 0 9,275

3,487 Other non-current assets 8,976 4,693

Deferred taxation on obligations assumed7,665 on acquisition of businesses 6,229 9,450

1,382,042 1,414,362 1,404,545

Current Assets

3,275 Cash 10,619 6,274

99,410 Receivables and prepayments 84,204 84,080

2,815 Inventories 2,939 3,317

0 Energy contracts – current portion 0 282

770 Provision for taxation 9,668 6,719

106,270 107,430 100,672

1,488,312 Total Assets 1,521,792 1,505,217



Audited Note Unaudited Unaudited$ 000 $ 000 $ 000

Consolidated Statement of Cash FlowsFor the six months ended 31 December 2002

Cash Flows from Operating ActivitiesCash was provided from (applied to):

659,457 Receipts from customers 254,123 439,828

4,829 Interest received 1,190 487

(539,675) Payments to suppliers and employees (182,767) (394,554)

(36,339) Interest paid (14,888) (22,239)

(10,400) Taxation paid (10,303) (3,497)

77,872 Net Cash Inflow from Operating Activities 4 47,355 20,025

Cash Flows from Investing ActivitiesCash was provided from (applied to):

820 Sale of property, plant and equipment 833 0

3,881 Proceeds from investments 0 0

(21,097) Purchase of property, plant and equipment (19,369) (8,647)

0 Purchase of other non-current assets (6,800) 0

(300) Purchase of joint ventures and subsidiaries 9,293 0

(16,696) Net Cash Outflow from Investing Activities (16,043) (8,647)

Cash Flows from Financing ActivitiesCash was provided from (applied to):

(63,301) Loans repaid (12,168) (10,504)

0 Dividends paid (11,800) 0

(63,301) Net Cash Outflow from Financing Activities (23,968) (10,504)

(2,125) Net Increase (Decrease) in Cash Held 7,344 874

5,400 Cash Balance at Beginning of the Period 3,275 5,400

3,275 Cash Balance at End of the Period 10,619 6,274







Notes to the ConsolidatedFinancial Statements For the six months ended 31 December 2002

0 Exit from Southdown power supply agreement 43,153 0

0 Write-off of Southdown goodwill (8,243) 0

8,000 Movement in obligations assumed on acquisition 0 8,000

(1,053) Loss on disposal of business 140 0

(365) Net gain (loss) on insurance claim 208 0

190 Other 104 (424)

6,772 35,362 7,576

1. Statement of Accounting Policies

The interim financial statements presented here are the unaudited consolidated financial

statements of Mighty River Power Limited for the six months ended 31 December 2002.

These interim financial statements have been prepared in accordance with FRS-24 Interim

Financial Statements, and should be read in conjunction with the Annual Report for the period

ended 30 June 2002. The accounting policies used in the preparation of these interim financial

statements are consistent with those used in the annual financial statements and the previously

published interim financial statements.

2. Non-Recurring Items




Notes to the Consolidated Financial Statements (continued)For the six months ended 31 December 2002

67,291 Surplus before taxation 102,229 17,265

22,206 Taxation at 33 cents 33,736 5,697

Taxation effect of permanent differences:

0 Release from Southdown energy contract (24,470) 0

(4,134) Amortisation of energy contracts (1,590) (2,202)

2,332 Other permanent differences (5,200) (267)

(196) Prior year adjustments 0 0

20,208 Taxation expense 2,476 3,228

Analysis of taxation expense:

9,573 Current taxation 804 (3,243)

10,635 Deferred taxation 1,672 6,471

20,208 2,476 3,228

3. Taxation Expense





47,083 Net Surplus After Taxation 99,753 14,037Add (less) non-cash items:

51,286 Depreciation 25,967 25,807

(23,565) Amortisation of energy contracts (10,373) (11,723)

1,124 Amortisation of goodwill 469 561

858 Amortisation of other non-current assets 542 361

Movement in obligations assumed(12,337) on acquisition of businesses (842) (10,168)

0 Release from Southdown energy contract (74,153) 0

0 Write-off of Southdown goodwill 8,243 0

(4,507) Foreign exchange gains on USD loan 0 (67)

1,384 Other non-cash items 4,400 (116)

14,243 (45,747) 4,655

Add (less) movements in working capital:

Decrease (increase) in receivables78,841 and prepayments 15,206 94,171

688 Decrease (increase) in inventories (124) 186

(74,357) (Decrease) increase in payables and accruals (11,427) (93,556)

(790) (Decrease) increase in provision for taxation (8,898) (6,739)

10,635 (Decrease) increase in deferred taxation 7,426 6,470

15,017 2,183 532

Add (less) items classified as investing activities:

Working capital acquired with purchase 19 of joint ventures and subsidiaries (9,603) 0

1,510 Movement in other non-current assets 769 801

1,529 (8,834) 801

77,872 Net Cash Inflow from Operating Activities 47,355 20,025

4. Reconciliation of Net Surplus After Taxation with Net Cash Flows from Operating Activities


$000 $000

Net assets acquired:

Cash 9,393

Other current assets 2,831

Property, plant and equipment 61,842

Current liabilities (12,434)

Non-current liabilities (48,500) 13,132

Discount on acquisition (13,032)

Cash paid 100

5. Southdown

Exit from Southdown Power Supply Agreement

On 28 November 2002 the Group exited from the Southdown Power Supply Agreement. The net

cost of exiting from this arrangement, including a termination payment and reversal of an onerous

energy contract provision, amounted to $43.153 million.

Acquisition of Additional Interest in Southdown Joint Venture

On 30 November 2002 the Group acquired the remaining 50% interest in the Southdown joint

venture. Details of the acquisition are as follows:





Capital Commitments

13,000 Commitments for future capital expenditure 8,633 17,626

Operating Commitments

7,499 Commitments for future operating expenditure 9,148 7,522

20,499 17,781 25,148

6. Commitments


7. Contingencies

Mighty River Power Limited has guaranteed payment obligations of $20.0 million pursuant to

a letter of credit provided by a bank in favour of the market clearing company (M-Co Clearing

House Limited).

Mighty River Power Limited has a number of potential on-going commitments with community

based groups.

Mighty River Power Limited has a contingent liability in respect of the Accident Compensation

Corporation’s residual claims levy. The levy is payable annually from May 1999 for up to fifteen

years. The Group’s future liability is a function of the Accident Compensation Corporation’s

unfunded liability for past claims and future payments to employees.

8. Subsequent Events

There have been no events subsequent to balance date that would affect the fair presentation

of these interim financial statements.

26 February 2003


Board of Directors

Rob Challinor ChairmanCarole Durbin Deputy ChairCaroline Ball(from November 2002) Ian FraserSandy MaierDavid McConnellTania SimpsonWayne WaldenHilary Webber (until November 30, 2002)

Executive Management

Doug Heffernan Chief Executive

Colleen Cann Organisation Development Manager

Tim Densem General Manager – Generation Assets

John Foote General Manager – Retail

Tony Gray Chief Financial Officer

Stuart Lush General Manager – Generation Development

William Meek Enterprise Risk Strategist

James Moulder General Manager – Trading

David Reeve Industry Strategy Manager

Neil Williams General Manager – External Affairs

Company Secretary

Richard Taylor

Registered Office

Level 9, KPMG Legal Building22 Fanshawe StreetPO Box 90-399, Auckland

Telephone: 09 308 8200Facsimile: 09 308 8209

Email: [email protected]

Directory

Mighty River Power generates the bulk of its power from eight dams on the Waikato River and geothermal resources near Taupo. That generation is complemented by the Southdown Co-generation Plant in Auckland andmethane gas recovery sites in Aucklandand Wellington. Current generation assets are:HydroAratiatia 84 MWOhakuri 104 MWAtiamuri 84 MWWhakamaru 100 MWMaraetai 360 MWWaipapa 58 MWArapuni 197 MWKarapiro 96 MWGeothermalRotokawa 32 MWCo-generationSouthdown 122MWMethane Gas Recovery Rosedale (Auckland)* 3MWGreenmount (Auckland)* 5MWSilverdale (Wellington)* 3MW

(*majority owned by Mighty River Power)

MIGHTY RIVER POWER I N T E R I M R E P O R T 2 0 0 2

Interim report 2003

Documents

Transcript of Interim report 2003