Meridian Energy Limited
(ASX:MEZ) has signed a four year swaption contract with Genesis Energy.
The contract replace its current arrangement which expires on 31 December 2018. The new arrangement will end on 31 December 2022.
The structure continues to allow for 100MW to be available year round, with an additional 50MW available from 1 April to 31 October in each year of the contract.
Meridian CEO Mark Binns says the arrangement will help ensure security of supply.
Meridian Energy recorded a net profit of $97.5 million at 31 December 2015.
