A global search has begun for a replacement for Meridian Energy chief executive Tim Lusk, who will step down later this year.

Meridian Energy surprised a select committee this morning with support for changes to the electricity industry, including asset swaps that would see Genesis Energy taking on two of its hydro power stations in the South Island.

Previously, Meridian has said it would prefer to avoid a physical asset swap and instead focus on financial hedging arrangements.

The Environment Court’s decision to oppose Meridian Energy’s Project Hayes windfarm is a concern for every infrastructure investment in the country, says the New Zealand Wind Energy Association.

Chief executive Fraser Clark said Meridian would find support for its appeal across other industries.

On Friday, Meridian’s chief executive Tim Lusk said it would appeal the decision, which if left to stand, would block nationally important projects.

Meridian Energy has confirmed the go-ahead for Project Te Uku – a $200 million wind farm project near Raglan.

Part of a renewable energy plan, the project is consented and will be on private land on the Wharauroa Plateau, about 30km west of Hamilton.

Built in partnership with community trust-owned Waikato electricity distribution company, WEL Networks, the 64 megawatt (MW) wind farm will generate enough power to supply 30,000 homes.

State-owned Meridian Energy will pay the government a total of $293.9 million for 2009, after a volatile year that began with drought and ended in deluge.

Meridian will pay a final $113.9 million dividend, on top of an interim $30 million dividend on October 2008 and a special dividend of $150 million.

The company's net profit after tax was down from $128.6 million in 2008 to $89.3 million this year.

Chief executive Tim Lusk said the overall net profit of $89.3 million for the year to June 2009 was "satisfactory."