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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 | 06:46pm 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 -0.94% 7.38 End-of-day quote.3.51%
MERIDIAN ENERGY LIMITED 0.19% 5.3 End-of-day quote.6.00%
RIO TINTO PLC 0.53% 4357 Delayed Quote.-3.75%
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Financials
Sales 2021 3 273 M 2 172 M 2 172 M
Net income 2021 244 M 162 M 162 M
Net Debt 2021 1 536 M 1 020 M 1 020 M
P/E ratio 2021 55,1x
Yield 2021 3,20%
Capitalization 13 578 M 8 969 M 9 011 M
EV / Sales 2021 4,62x
EV / Sales 2022 5,27x
Nbr of Employees 1 031
Free-Float 48,9%
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Technical analysis trends MERIDIAN ENERGY LIMITED
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 4,62 NZD
Last Close Price 5,30 NZD
Spread / Highest target 2,64%
Spread / Average Target -12,8%
Spread / Lowest Target -30,2%
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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