Photo: RNZ / Nate McKinnon
Meridian Energy has returned to profitability after last year's dry-year driven loss.
Key numbers for the six months ended December 2025 compared with a year ago:
- Net profit $227m v $121m loss
- Revenue $2bn v $2.25b
- Underlying profit $143m v $5m loss
- Operating earnings $506 v $257m
- Interim dividend 6.4 cents per share v 6.15 cps
The company said the bottom-line profit was driven by a 59 percent year-on-year increase in energy margin, on the back of record wind generation and the second-best lake inflows on record, which put downward pressure on wholesale energy prices.
Operating revenue decreased 11 percent as generation revenue slipped amid lower wholesale prices.
Meridian chief executive Mike Roan said it was a strong result, with the company also achieving record retail sales volumes, up 12 percent on last year - boosted by the acquisition of Flick Electric customers.
"These conditions helped deliver a strong financial result and a period of extremely low wholesale prices," Roan said. "This is a sign of a market that continues to function well."
Meridian said daily spot prices averaged $84 per megawatt hour (MWh) over the six months ended December, falling to an average of $12 per MWh in December.
Roan said the "job is not done".
"That's why we continue to work hard to improve the electricity system and what it offers consumers," he said.
"Over the past six months we have advanced our development pipeline, enhanced the performance of existing assets, maintained our pursuit of contingent storage and taken steps towards making electricity more affordable for Kiwi homes and businesses."
Meridian said it continued to move at pace towards its goal of having seven generation projects in construction ready by 2030.
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