Meridian Energy Limited (NS) Ordinary Shares
MEL.NZXUtilities
As the country's main electricity generator and a significant retailer, Meridian is New Zealand's largest electricity company. Meridian generates electricity from 100% renewable sources wind and water. The company generates approximately 30% of New Zealands electricity from its integrated chain of dams on the Waitaki River and Manapouri, which is the largest hydro power station in New Zealand, and four wind farms around the country. Through the Meridian and Powershop brands, the company retails electricity to over 270,000 customer connections, including homes, businesses and farms around the country. The company is committed to renewable energy and supporting the environments and communities where it operates. Meridian continues to focus on providing energy solutions that can help customers manage their energy use. Meridian was incorporated in 1998 and began business in 1999, when Electricity Corporation of New Zealand Limited was split into three separate state enterprises: Meridian, Genesis and Mighty River. In this process, Meridian was allocated various South Island hydro assets. The company was listed on the NZX in October 2013 as part of the Governments Share Offer Programme. The Government retains 51% ownership of Meridian. MEL has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because of provisions in MEL's constitution regulating the ownership and transfer of its Ordinary Shares due to the New Zealand government's shareholding. For further information, please see a copy of the waiver under Documents on Merdians' homepage on nzx.com
Market Data
$5.870
+0.0%$15.5B
-147.9x
$-0.040
4.72%
+0.1%
Latest Earnings
Meridian Energy monthly operating report for April 2026
15 May 2026
Meridian Energy's April 2026 monthly operating report highlights strong retail sales growth of 8.2% year-on-year, driven by a 25.0% surge in residential volumes and broad-based gains across all customer segments. Hydro storage conditions are exceptionally favourable, with national storage at 119% of historical average by 11 May 2026 and year-to-date inflows at 121% of average (8th highest on record), supporting generation volumes 13.5% above the prior year. However, wholesale electricity prices have fallen sharply, with the average generation price down 69.8% versus April 2025, reflecting abundant hydro supply and continued investment in new renewable generation capacity. Key points: Retail sales volumes up 8.2% in April 2026 vs April 2025, with YTD retail sales 9.1% higher than the same period last year.; Residential volumes surged 25.0% YoY in April 2026; YTD residential volumes up 26.9% — reflecting strong customer acquisition growth.; Customer connections grew 15.7% over the last 12 months to 459,998 ICPs, demonstrating sustained market share gains.
Recent Announcements
Ongoing D&O Disclosures
Guy Meredith Te Puka Waipara, General Manager of Development at Meridian Energy Limited, sold 10,000 ordinary shares across three on-market transactions between 11-14 May 2026 at $5.90 per share, reducing his beneficial ownership from 306,332.45 to 296,332.45 shares.
Meridian secures consent for Bunnythorpe Solar Farm
Meridian Energy has received consent to build a 120MW solar farm at Bunnythorpe, Manawatū, alongside an already-consented battery energy storage system, as part of a $3 billion renewable energy investment program through 2030. The project is expected to generate approximately 225GWh annually and create over 100 construction jobs, with final investment decision expected in Q4 2027.
Meridian Energy monthly operating report for April 2026
Meridian Energy's April 2026 monthly operating report highlights strong retail sales growth of 8.2% year-on-year, driven by a 25.0% surge in residential volumes and broad-based gains across all customer segments. Hydro storage conditions are exceptionally favourable, with national storage at 119% of historical average by 11 May 2026 and year-to-date inflows at 121% of average (8th highest on record), supporting generation volumes 13.5% above the prior year. However, wholesale electricity prices have fallen sharply, with the average generation price down 69.8% versus April 2025, reflecting abundant hydro supply and continued investment in new renewable generation capacity. Key points: Retail sales volumes up 8.2% in April 2026 vs April 2025, with YTD retail sales 9.1% higher than the same period last year.; Residential volumes surged 25.0% YoY in April 2026; YTD residential volumes up 26.9% — reflecting strong customer acquisition growth.; Customer connections grew 15.7% over the last 12 months to 459,998 ICPs, demonstrating sustained market share gains.
Amended Ongoing Disclosure Notice
Guy Meredith Te Puka Waipara, General Manager of Development at Meridian Energy Limited, disposed of 49,926.26 ordinary shares between 30 April and 7 May 2026 through employee share scheme participation and on-market sales, reducing his holding from 356,258.71 to 306,332.45 shares at prices ranging from $5.65 to $5.95 per share.
Ongoing D&O Disclosures
Four senior managers at Meridian Energy Limited disclosed changes to their shareholdings: Guy Meredith Te Puka Waipara (General Manager, Development) sold 49,926.26 shares through four on-market transactions in late April/early May 2026; Lisa Jane Hannifin (Chief Customer Officer) acquired 44.25 shares via employee share scheme; Michael John Roan (Chief Executive) acquired 68.07 shares via employee share scheme; and Tania Jane Palmer (General Manager Generation) acquired 73.75 shares via employee share scheme, all at prices between NZ$5.65-$5.95 per share.
Meridian joins global ranks of sustainable companies
Meridian Energy has been included in S&P Global's Dow Jones Best-in-Class World Index, ranking in the top 10% of utilities worldwide and becoming the only New Zealand company to achieve this sustainability distinction. The inclusion recognizes Meridian's performance in corporate governance, risk management, and environmental, social and governance disclosures.
Capital Change Notice
Meridian Energy Limited cancelled 71,896 Performance Share Rights (0.0831% of the class) on 28 April 2026 due to cessation of employment under the company's Long Term Incentive Scheme, with no consideration payable.
Ongoing D&O Disclosures
Five senior managers at Meridian Energy Limited (CEO Michael Roan, CFO Amanda Simpson, Chief Customer Officer Lisa Hannifin, GM Generation Tania Palmer, and GM Development Guy Waipara) acquired small quantities of ordinary shares on 30 March 2026 through participation in an employee share scheme at NZD $5.4375 per share, with holdings increasing by 46-77 shares each.
Meridian Energy monthly operating report for March 2026
Meridian Energy's March 2026 monthly operating report highlights strong retail sales volume growth of 11.4% year-on-year, with customer connections up 17.7% versus March 2025, reflecting continued momentum following a strong first half. Generation was 30.7% higher than the prior year driven by improved hydro conditions, though average generation prices were 51.5% lower reflecting the broader market decline in electricity futures prices. FY26 capex guidance was revised down to $280M-$310M from $330M-$360M, and hydro storage remains healthy at 40% above year-ago levels heading into winter. Key points: Retail sales volumes in March 2026 were 11.4% higher than March 2025, with strong growth across all segments: residential +27.8%, agriculture +30.7%, large business +14.1%, SMB +8.2%, corporate +1.7%.; Customer connections increased 17.7% year-on-year to approximately 464,985 at end of March 2026, reflecting significant market share gains.; Hydro storage remains robust at 40% above year-ago levels entering winter, with YTD total inflows at 123% of historical average — the 6th highest on record.
Meridian issues Australian $400m Green Medium Term Notes
Meridian Energy Limited has completed an issuance of A$400 million in fixed rate green medium term notes maturing in 2033, with a 6.214% coupon and BBB+ rating, with proceeds designated for investment in green assets under its Sustainable Finance Framework.
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