KEY POINTS:
Outgoing Meridian Energy head Keith Turner says he has unfinished business before his departure next year.
In a surprise announcement yesterday, Turner said he would leave the state owned enterprise at the end of March.
Turner, 57, has been chief executive since Meridian was born out of ECNZ
in 1999, and said it was a very difficult, personal decision.
"The company's in full flight at the moment and the job for me is to keep it that way until March.
"There's a few things we've got on the boil and I'm pretty keen to deliver them - then we'll start worrying about post March 31 when we get there."
Turner, an outspoken champion for renewable generation, was reluctant to discuss the new projects.
Meridian Energy has interests in South Island hydro development opportunities, research and development investments in superconductor and fuel cell technologies and wind generation projects.
Last month it received planning approval to build Project Hayes in central Otago, among the biggest of the current crop of planned windfarms.
Turner said the Government's goal of 90 per cent renewable generation by 2025 was achievable.
"It's a challenge but it's achievable and an important target to go for.
"Carbon will be a critical new global commodity. One thing New Zealand does have is renewable energy to hedge against that cost and that's going to give us a competitive advantage."
Meridian, under Turner, has also paid the bills.
Last year it returned to the Government $1.1 billion.
This included an $800 million special dividend generated from the $1.5 billion sale of an astute Australian investment Southern Hydro.
"It was nice to see some money returning this direction."
His biggest disappointment was the rejection of Project Aqua - Meridian's $1.2 billion canal-based power scheme on the Waitaki River on which $50 million was spent.
Energy Minister David Parker described Turner as an "innovator and visionary" in the energy sector.
"He recognised, earlier than most, the important role renewable energy will play in our country's future and he has sought to prioritise the affordable development of those resources.
"Not only that, Keith has actively sought out new avenues and technologies to keep Meridian ahead of the game, and to make New Zealand more sustainable."
Meridian chairman Wayne Boyd said a national and international search for a new chief executive would begin immediately.
* KEITH TURNER
Age: 57
38 years experience in the electricity industry
Has a doctorate in electrical engineering.
Worked at the NZ Electricity Department before it became ECNZ in the mid-1980s.
Was on the Transpower Establishment Board, an M-Co Founding Director, a member of Contact Energy Establishment Team and a member of the Market Surveillance Committee before helping establishing Meridian Energy in 1998.
An engineer who likes to build things, including his family home and his family's 12m yacht.