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
$5.520
-0.0%$14.6B
-139.0x
$-0.040
4.90%
-0.0%
Latest Earnings
Meridian Energy monthly operating report for June 2026
16 July 2026
Meridian Energy's June 2026 monthly operating report highlights exceptionally strong hydrological conditions, with FY26 total inflows at 122% of historical average — the highest since 1998 — and June 2026 inflows at 187% of average. However, this abundance of water has driven average generation prices sharply lower, with the FY26 average generation price down 60.9% year-on-year to $71.9/MWh, significantly compressing energy margins despite a 13.5% increase in generation volumes. On the positive side, retail customer numbers grew 12.3% year-on-year and retail sales volumes increased 8.8% for the full financial year, while forward electricity prices for 2027-2029 have fallen 15-35% from April levels as new renewable generation enters the market. Key points: FY26 total catchment inflows were 122% of historical average — the highest financial year inflows since 1998 — with June 2026 alone at 187% of average, supporting strong hydro storage levels (Waitaki at 131% of average at end of June).; Total generation volumes for FY26 reached 14,506 GWh, up 13.5% year-on-year, driven by higher hydro (+14.9%) and wind generation.; Retail customer connections grew 12.3% year-on-year to 454,907 at end of June 2026, with full-year retail sales volumes up 8.8% versus FY25.
Recent Announcements
S&P reaffirms Meridian Energy BBB+ corporate credit rating
S&P Global Ratings has reaffirmed Meridian Energy's corporate credit rating at 'BBB+'/Stable/A-2, which includes a one-notch uplift from the company's standalone rating reflecting New Zealand Government majority ownership.
Meridian Energy monthly operating report for June 2026
Meridian Energy's June 2026 monthly operating report highlights exceptionally strong hydrological conditions, with FY26 total inflows at 122% of historical average — the highest since 1998 — and June 2026 inflows at 187% of average. However, this abundance of water has driven average generation prices sharply lower, with the FY26 average generation price down 60.9% year-on-year to $71.9/MWh, significantly compressing energy margins despite a 13.5% increase in generation volumes. On the positive side, retail customer numbers grew 12.3% year-on-year and retail sales volumes increased 8.8% for the full financial year, while forward electricity prices for 2027-2029 have fallen 15-35% from April levels as new renewable generation enters the market. Key points: FY26 total catchment inflows were 122% of historical average — the highest financial year inflows since 1998 — with June 2026 alone at 187% of average, supporting strong hydro storage levels (Waitaki at 131% of average at end of June).; Total generation volumes for FY26 reached 14,506 GWh, up 13.5% year-on-year, driven by higher hydro (+14.9%) and wind generation.; Retail customer connections grew 12.3% year-on-year to 454,907 at end of June 2026, with full-year retail sales volumes up 8.8% versus FY25.
Ongoing D&O Disclosures
Four senior managers at Meridian Energy Limited acquired ordinary shares on 29-Jun-26 through employee share scheme participation at NZ$5.72 per share: CEO Michael Roan (67.24 shares), Chief Customer Officer Lisa Hannifin (43.71 shares), General Manager Development Guy Waipara (72.84 shares), and General Manager Generation Tania Palmer (72.84 shares).
Meridian receives final approval on contingent storage
Meridian Energy has received final approval from the Fast-track Panel to ease access restrictions on Lake Pūkaki hydro storage for three years through Winter 2028, providing additional storage capacity to reduce dry-year risk. The approval also permits Meridian to permanently install rock armouring at Pūkaki Dam for resilience.
Capital Change Notice
Meridian Energy Limited cancelled 26,204 Performance Share Rights (0.0359% of the class) on 30 June 2026 due to cessation of employment under the Meridian Energy Limited Long Term Incentive Scheme, with no consideration payable for the cancellation.
Capital Change Notice
Meridian Energy Limited cancelled 25,236 Performance Share Rights (0.0292% of the class) on 30 June 2026 under its Long Term Incentive Scheme due to cessation of employment, with no consideration paid. The company now holds 2,648,597,400 ordinary shares and 2,000,162 performance share rights outstanding.
Meridian Annual Results Announcement Date
Meridian Energy Limited announced that its annual results for the fiscal year ended 30 June 2026 will be released on Wednesday, 26 August 2026.
Waitaki reconsenting receives final approval
Meridian Energy has received final Environment Court approval to operate the Waitaki Power Scheme for another 35 years, maintaining its current storage, operating conditions, and 1,553 MW generation capacity (approximately 30% of New Zealand's installed hydro capacity).
Meridian Energy monthly operating report for May 2026
Meridian Energy's May 2026 monthly operating report shows strong operational momentum as the company approaches year-end, with retail sales volumes up 7.8% year-on-year and total generation up 12.0% on the prior year. Hydro storage conditions remain favourable with national storage at 125% of historical average as of 8 June 2026, and FY26 year-to-date inflows at 118% of historical average — the highest since 1998. However, average generation prices received in May 2026 were 61.7% lower than May 2025, reflecting a significant decline in wholesale electricity prices driven by strong hydro conditions and committed new generation capacity. Key points: Retail sales volumes in May 2026 were 7.8% higher than May 2025, with year-to-date retail volumes up 9.0% vs the prior year; residential segment surged 20.4% YoY in the month.; Total generation in May 2026 was 1,189 GWh, up 12.0% on May 2025, driven by stronger hydro output (1,042 GWh vs 895 GWh pcp); FY26 YTD generation is 14.0% above the prior year.; National hydro storage reached 125% of historical average by 8 June 2026, up from 106% at the start of the financial year, with FY26 YTD inflows at 118% — the highest since 1998.
Ongoing D&O Disclosures
Four senior managers at Meridian Energy Limited acquired ordinary shares on 28-May-26 through employee share scheme participation at $5.84 per share: Guy Meredith Te Puka Waipara (71.35 shares), Lisa Jane Hannifin (42.81 shares), Michael John Roan (65.86 shares), and Tania Jane Palmer (71.35 shares).
Get real-time alerts for MEL
Receive AI-powered earnings summaries and instant notifications when Meridian Energy Limited (NS) Ordinary Shares releases results.
Register Free