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

MERIDIAN ENERGY LIMITED

(MEL)
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Meridian Pushed up New Zealand Power Prices, Regulator Says

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06/29/2020 | 06:58pm EDT

WELLINGTON, New Zealand--Meridian Energy Ltd. inflated New Zealand power prices in December by unnecessarily spilling water from its southern hydro dams, the electricity market regulator said in a preliminary decision.

Offer prices into the electricity market from Meridian's dams were higher than they should have been during a period of heavy rainfall and flooding in December, the Electricity Authority said on Tuesday.

Seven electricity retailers had complained about Meridian Energy and Contact Energy Ltd., but the regulator said Contact's activities in isolation didn't constitute an "undesirable trading situation."

Meridian said in a statement that it experienced extremely high inflows of water into its reservoirs in December and had to "manage these exceptional weather events in real time."

The regulator said it will receive submissions on its preliminary decision until August 11.

 

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

 


Stocks mentioned in the article
ChangeLast1st jan.
CONTACT ENERGY LIMITED 0.13% 7.65 End-of-day quote.7.29%
GENESIS ENERGY LIMITED 1.86% 3.29 End-of-day quote.8.76%
MERIDIAN ENERGY LIMITED 3.75% 5.54 End-of-day quote.10.80%
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Financials
Sales 2021 3 273 M 2 189 M 2 189 M
Net income 2021 244 M 163 M 163 M
Net Debt 2021 1 536 M 1 028 M 1 028 M
P/E ratio 2021 57,6x
Yield 2021 3,07%
Capitalization 14 193 M 9 466 M 9 492 M
EV / Sales 2021 4,81x
EV / Sales 2022 5,48x
Nbr of Employees 1 031
Free-Float 48,9%
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Technical analysis trends MERIDIAN ENERGY LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 4,62 NZD
Last Close Price 5,54 NZD
Spread / Highest target -1,81%
Spread / Average Target -16,6%
Spread / Lowest Target -33,2%
EPS Revisions
Managers
NameTitle
Neal Anthony 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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