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Meridian Energy - Source: ONE News
State-owned electricity generator Meridian Energy has suspended issue and renewal of its renewable energy notes.
The company made the decision on Wednesday following Energy Minister Gerry Brownlee's announcement that he will take away two of its hydro electricity stations at the top of the Waitaki hydro scheme.
Meridian offered the energy notes under an investment statement on October 29.
Brownlee said on Wednesday the Tekapo A and Tekapo B hydro stations would transfer to another state-owned company, Genesis.
Some commentators have expressed concern the new arrangement will allow Genesis to "game" the water flows to the remaining six Meridian hydro stations below Lake Pukaki.
Meridian has ceased to accept all new applications for the notes and maturing notes will be unable to be rolled over, but existing notes are unaffected by this suspension.
It said the suspension will continue while it studies the detail of the announcement and its effect on the offer documentation.
