ECNZEnvironmental Choice New Zealand
ECNZElectricity Corporation New Zealand
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The Government made its provisional announcements on the steps it would take in the lead up to the opening of the wholesale electricity market: ECNZ was split into two competing state-owned enterprises (ECNZ and Contact Energy).
In order to further reduce the market power of ECNZ it was split into three separate, state-owned enterprises in the same year (Genesis Power, which owns the Huntly and Tongariro power stations; Meriden Energy, which owns Waitaki and Manapouri power stations; and Mighty River Power, which owns the Waikato Hydro system).
Meridian Energy is one of the three SOEs established following the 1999 dissolution of ECNZ. The company has recently purchased a portfolio of small-scale hydrogeneration assets in Australia for a total cost of a little over NZ$100 million.
(5) ECNZ's average generating costs are around 3.5 cents/kWh while additional generating capacity ranges from around 6 cents/kWh for biomass and gas, to over 12 cents/kWh for large scale hydro (ESA, 1993).
The Government has separated the businesses of generation and transmission, carving a new SOE, TransPower, out of the Electricity Corporation (ECNZ).
The Government proposes to restructure the national transmission grid (which is operated by Trans Power) so that it is no longer controlled by the dominant "State-owned enterprise" electricity generator (ECNZ).