Energy

Meridian accuses big business critics of cynical self-interest

Pattrick Smellie
Wed, 25 Aug 2021

Meridian accuses big business critics of cynical self-interest
The all-renewables generator introduced a dividend reinvestment plan today. (Image: supplied)
Pattrick Smellie
Wed, 25 Aug 2021
Meridian Energy executives labelled major electricity users’ surprise attack yesterday on the company's profitability as a cynical ploy and evidence of poor risk management.Earnings before interest, tax, depreciation, amortisation and changes in the value of financial instruments fell 15% in the 12 months to June 30 to $729 million, reflecting the third-lowest inflows of water into parts of its South Island hydro schemes on record in the second half of the financial year.Operating cashflows fell by 29% from $604m last year to $431m in...

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