Tuwharetoa and Mighty River Power reach partnership agreement over Lake Taupo

Media Statement 22 December 2014

Tūwharetoa and Mighty River Power reach partnership agreement over Lake Taupō A long-term agreement has been signed between Tūwharetoa Māori Trust Board and Mighty River Power in respect to the storage of water in Lake Taupō.

Lake Taupō is the primary source of Mighty River Power’s Waikato hydro storage and allows the Company to optimise performance of the hydro scheme, which accounts for around 10% of New Zealand’s total electricity supply. The hydro storage also benefits downstream users of water, including Hamilton and Auckland drinking water.

Mighty River Power Chief Executive, Fraser Whineray, said the agreement reflects the strong working relationship the Company enjoys with Tūwharetoa Māori Trust Board.

“The Waikato is New Zealand’s most important water catchment, providing tremendous economic and societal benefits which we can grow for this country. Through this agreement we have both committed to working together into the future, and we look forward to those opportunities.”

Chairman of the Tūwharetoa Māori Trust Board, John Bishara, said the agreement would be beneficial to all involved.

“This positive outcome reflects the mana Tūwharetoa holds as owners of the Lake Taupō lakebed and we look forward to working further with Mighty River Power. As far as the recreational and other lake users are concerned nothing changes.” he said.

Mr Whineray said Mighty River Power acknowledged Tūwharetoa as owners of the lakebed and their role as responsible stewards and business leaders in the community.

“We appreciate that Lake Taupō is very important to Tūwharetoa and we are pleased to have been able to reach this partnership agreement, which strengthens our relationship,” he said.

Tūwharetoa Māori Trust Board, Chief Executive, Topia Rameka said the Trust outlined the agreement at its Annual General Meeting over the weekend and it was universally supported.

“We have a strong working relationship with Mighty River Power and we look forward to exploring further potential operations. We’ve built successful ventures before and this is an exciting opportunity,” he said.

The agreement is for a period of 52 years and provides an enduring set of arrangements in relation to the operation of the Lake.

ENDS

For more information contact: Marie Winfield Mighty River Power 027 210 5337

Topia Rameka Chief Executive Tuwharetoa Maori Trust Board 021 588 152

About Tūwharetoa Māori Trust Board The Tūwharetoa Maori Trust Board was established in 1926 and is the owners of Taupō Waters on behalf of and for 1 the benefit of present and future generations of Ngāti Tūwharetoa . The Trust Board is committed to maintaining and enhancing the health and wellbeing of Taupō Waters, and enabling Ngāti Tūwharetoa to achieve our social, cultural, environmental and economic goals and aspirations.

In 1992, the Trust Board and the Crown signed an agreement transferring ownership of the Taupo Waters The Tūwharetoa Māori Trust Board has 10,000 registered beneficiaries.

About Mighty River Power Mighty River Power is a company with a great New Zealand heritage, and a leader in this country’s electricity industry.

Our core business is focused on harnessing natural resources to produce electricity.

Every year the power stations operated by Mighty River Power generate enough electricity for about 1 million New Zealand homes. We are proud to be more than 95% renewable and, through our listing on the New Zealand Stock Exchange (NZX: “MRP”) and the Australian Stock Exchange (ASX: “MYT”), to have over 100,000 shareholders alongside the Crown as our majority owner.

Mighty River Power supplies electricity to about 1-in-5 homes and businesses across New Zealand, through our flagship brand Mercury Energy and other specialty brands. Our metering business, Metrix, the second largest meter provider in New Zealand, is building an important strategic platform with a growing network of ‘smart’ meters and services to electricity retailers and their customers. We are one of the world’s largest geothermal power station owners.

1

The Taupo Waters refer to the three properties held by the Tuwharetoa Maori Trust Board. These include the beds of Lake Taupo, certain tributaries that flow into Lake Taupo and the Waikato River, from the outlet of Lake Taupo to a location known as ‘Te Toka o Tia’, inclusive of the Huka Falls.