DIRIO POWER WELCOMES COURT DECISION IN CASE AGAINST PNG POWER LTD

CAPTION: Chief Executive Officer James Nelson

DIRIO Power has welcomed today’s National Court decision in its favour, bringing to end, legal proceedings over PNG Power’s failure to meet its payment obligations under the companies’ Power Purchase Agreement (PPA).

The judgment confirms Dirio Power’s long-held position that the contractual obligations entered with PNG Power must be honoured.

Chief Executive Officer James Nelson said the decision was an important result for contractual certainty and the future of Papua New Guinea’s energy sector.

Despite prolonged non-payment of outstanding bills of K300 million, Dirio Power continued generating and supplying electricity, ensuring Papua New Guineans were not disadvantaged while the matter was before the courts.

Chairman Isaac Lupari said today’s ruling provides the certainty needed for Dirio to move beyond the dispute and refocus on delivering for Papua New Guinea.

Dirio Power now looks forward to PNG Power complying with the court’s decision and restoring a constructive working relationship focused on delivering reliable electricity for the people of Papua New Guinea.