26 Aug 2019

Meridian makes record profit, gains customers

3:32 pm on 26 August 2019

Power company Meridian Energy has made a record annual profit as it generated more hydro-power locally and benefitted from higher wholesale prices, as it expanded in Australia.

Meridian Energy Wellington.

Meridian Energy Wellington. Photo: RNZ / Alexander Robertson

Its net profit rose 69 percent to $339 million in the year to June, while revenue rose by 26 percent to $3.5 billion.

Chief executive Neal Barclay said it was defying the industry trend of losing customers, as it gained 4 percent more customers in New Zealand and 36 percent more across the Tasman with its Powershop brand.

"They are a clear vote of confidence for our commitment to doing right by people, and doing right by the environment, whilst providing a great level of service," he said.

Meridian lowered prices by an average of 3 percent for its residential customers, but rose prices for its corporate customers by 7 percent.