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MarketScreener Homepage  >  Equities  >  New Zealand Stock Exchange  >  Meridian Energy Limited    MEL   NZMELE0002S7

MERIDIAN ENERGY LIMITED

(MEL)
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New Zealand Power Grid Upgrade to Take Until Mid-2023

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06/29/2020 | 05:46pm EDT

WELLINGTON, New Zealand--The operator of New Zealand's electricity grid says it will complete an upgrade of South Island networks by mid-2023, a year later than planned, that will allow more power to be sent north.

The state-owned company on Tuesday said that following a pause in work for industry consultation it had decided to continue with the upgrade of the Clutha Upper Waitaki transmission network at a cost of 97 million New Zealand dollars ($62.3 million).

The upgrade was initially restarted in December, part of an effort to guard against disruption from the possible closure of New Zealand's only aluminum smelter, which consumes more than 10% of the country's power. The smelter's owner, Rio Tinto Ltd., is reviewing its future.

The upgrade also could encourage more investment in hydro power, Transpower said.

Meridian Energy Ltd. and Contact Energy Ltd., which both have hydro dams in the South Island, had each contributed NZ$10 million to the initial work.

 

Write to Stephen Wright at stephen.wright@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CONTACT ENERGY LIMITED 2.14% 5.72 End-of-day quote.-19.78%
MERIDIAN ENERGY LIMITED 0.44% 4.54 End-of-day quote.-9.20%
RIO TINTO PLC 0.34% 4858.5 Delayed Quote.7.58%
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Financials
Sales 2020 3 158 M 2 065 M 2 065 M
Net income 2020 328 M 215 M 215 M
Net Debt 2020 1 517 M 992 M 992 M
P/E ratio 2020 35,1x
Yield 2020 4,79%
Capitalization 11 788 M 7 746 M 7 709 M
EV / Sales 2019
EV / Sales 2020 4,21x
Nbr of Employees 1 001
Free-Float 48,9%
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Mean consensus HOLD
Number of Analysts 6
Average target price 4,63 NZD
Last Close Price 4,54 NZD
Spread / Highest target 13,9%
Spread / Average Target 1,95%
Spread / Lowest Target -18,5%
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Managers
NameTitle
Neal Barclay Chief Executive Officer
Mark John Verbiest Chairman
Michael John Roan Chief Financial Officer
Peter David Wilson Deputy Chairman
Anake Angus Murray Goodall Independent Non-Executive Director
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