The energy generator and retailer Meridian is exploring the possible sale of its Australian operations.
The company said its review of Meridian Energy Australia (MEA) would consider a partial or full divestment of the business.
"Meridian has aspirations to grow strongly in Australia and whilst our customer growth over recent years has been steady and we now have almost 200,000 customers, the current market conditions are challenging and the business is not achieving the targets we have set," it said.
"The ownership review is expected to take a number of months and no decision will be made on the future direction or options for MEA until the completion of that process."
MEA generates 294MW of renewable energy, with 150MW of further development opportunities.
The company operates the retail brand Powershop in Australia, which supplies 180,000 customers with electricity and gas.
Meridian is the third power company to announce a strategic review of its assets in the past year, after Trustpower revealed it was looking to jettison its retail business, and infrastructure investor, Infratil, and sold its majority stake in trans-Tasman windfarm company Tilt Renewables for $3 billion.