Transpower Chair Announces Date of CEO Departure

MEDIA RELEASE
27 August 2007

Transpower Chair David Gascoigne Announces Date of CEO Departure

David Gascoigne, Chair of the Transpower Board, announced today that the Chief Executive, Dr Ralph Craven, would shortly be leaving the company.

The Board confirmed publicly some time ago that the Chief Executive would not be extending his contract with Transpower. “While reluctant to see Dr Craven leave Transpower, it has been jointly agreed that Friday, 19th October 2007 would be Dr Craven’s last day as the company’s Chief Executive. This timing allows a number of significant business issues to be resolved”, Mr Gascoigne said. “It will also allow for work to be well advanced on the appointment of a successor.”

“Dr Craven has positioned Transpower well for the future in its dual key roles of owner of the National Grid and of System Operator. Under his leadership, a number of large investment proposals are well under way, including the future of the HVDC link, the strengthening of the supply arrangements through Auckland to Northland in association with Vector, and a proposal for further investment into the upper South Island. It is anticipated that these investment proposals will be submitted to the Electricity Commission during the next six months”, Mr Gascoigne said.

“These proposals are in addition to the North Island Grid Upgrade project already approved by the Electricity Commission and the major upgrading of Otahuhu, the main substation supplying Auckland, which has already received an ‘Intention to Approve’ notice from the Electricity Commission”.

“Additionally, Transpower will be a key participant in assisting the Government in implementing its renewable energy strategy.”

“Dr Craven has been instrumental in preparing the company for many future challenges. The Board and I thank Dr Craven for his significant achievements and for his widely acknowledged contributions to the New Zealand electricity industry over the last four and a half years. We wish him well for the future”, Mr Gascoigne said.

ENDS

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