New terms for the two trustees

Top Energy Consumer Trust chair Yvonne Sharp has welcomed the selection panel’s decision to appoint trustees Ken Rintoul and Bruce Mathieson to further four-year terms, which she said would provide continuity during the major expansion of Top Energy’s Nga¯wha¯ geothermal power station.

Both had been involved in considering the $182 million Major Transaction application by Top Energy to the trust, as shareholder, which was approved in November 2017.

“The Nga¯wha¯ geothermal power station is one of the largest construction projects to be undertaken in Northland. Continuity of members of the trust is very appropriate and helpful while the expansion is under way,” Ms Sharp said.

Both trustees had retired by rotation last month, Mr Rintoul having completed one four-year term and Mr Mathieson having been appointed mid-term to fill a vacancy.

Ms Sharp noted that the Nga¯wha¯ expansion project was progressing well, with the completion of drilling the production and re-injection wells. Civil works were continuing, and the site would be ready for plant construction in July.

The expanded power station was scheduled to be commissioned in 2021.

Trustees are appointed by a selection panel comprising the two local MPs Matt King and Hon Kelvin Davis, and the Northland Regional Council chairman, who are provided with a short list prepared by an independent personnel consultant.

The remaining three trustees — Ms Sharp, Ann Court and Hugh Ammundsen — will retire on March 31, 2021.