MRP are down 7.6%. There has been a dividend in the mean time worth 4%.
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The share price is telling me that MRP are in the wrong part of the country to supply the huge increase in power usage that irrigators in Canterbury,South Canterbury ,North and South Otago, The Mackenzie Basin,and other parts of the South Island,will place on Meridian.
I often wonder if the Govt will abandon further sales, seeing as things haven't exactly gone smoothly to date. The upcoming referendum and its predictable showing of public opinion could be the easy out that they need.
I have them at being $10,977,530.01 through their buy back so fair way yet.
The announcement on the 29th of October said that:
"The Crown, which holds 51.76% of Mighty RIver Power's shares, has advised the Company that it does not wish to participate as a seller into the share buyback."
https://www.nzx.com/companies/MRP/announcements/243006
Was the crown selling shares to the MRP buy back before this date??
It say's the buyback is at 8.30am so are they off market trades? and if so from who?
The demand for electricity is in the North Island. Which is where MRP is located. 40% of their output is Geothermal, the base load. Hydro is switched 'on' and 'off' as required. It deals with peak periods.
Huntly is worse than useless to my mind, it is a liability. How much I do not know. They firstly have to mothball it, then they have to demolish it and maybe even clean up the site? How much that lot will cost is pure guess-work.
The best thing Govt can do is sell off the bits of Genisis. Meridian would then buy Twizel and reduce their dividends for a few years.
The Phillipine Typhoon, winds of 200 mph, demonstrates that our power lines are a bit of a problem in a blow. Hence it is better to have short lines to the major customers. My experience was of Typhoons in HK. For six years. They could be severe.