Meridian Energy returns to $130m profit after drought recovery
New Zealand's largest renewable electricity generator bounced back to profitability with record earnings after last year's drought-driven loss.
Meridian Energy has returned to a $130 million net profit for the year to June 30, rebounding from a $452 million loss the previous year when drought hit its operations. The company reported record operating earnings of $1.051 billion, up 72%, and operating cash flow more than doubled to $810 million, driven by improved wind and rainfall conditions. Meridian has committed to keeping energy price increases below inflation for the coming year and says it has strengthened protections against future droughts hitting as hard.
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NZ Herald
Meridian Energy returns to $130m profit after drought-hit loss, promises to keep energy price increases below inflation in coming year
Meridian Energy has returned to profit after last year's $452m loss.
BusinessDesk
Meridian earnings surge 72% after drought-hit year
Meridian has delivered record earnings and operating cash flow after recovering from last year's drought-hit result, and is forecasting another year of earnings above $1 billion. The country's largest renewable electricity generator reported ebitda f of $1.051b for the year…
1News
Meridian Energy returns to profit
Meridian posted a solid profit as plenty of wind and rain erased the previous year's drought-driven horrors.
Newstalk ZB
Mike Roan: Meridian Energy CEO on the company returning to profit
Meridian Energy has made a comeback after last year's downturn.
interest.co.nz
Meridian promises below-inflation power price increases following record operating profit
Meridian Energy reports a turnaround $130 million net profit, promises power price restraint for households and small businesses in the next year and says building new renewable generation and firming assets are key to long-term power price affordability
BusinessDesk
Meridian says ‘no chance’ next drought hits as hard
Meridian chief executive Mike Roan says there is “no chance” another drought would hit the company as hard as the one that hammered its earnings last year, after the gentailer strengthened its dry-year protection and delivered record operating earnings and…