Meridian posts record profit on high production, prices

Sun, 25 Aug 2019

By Gavin Evans Aug. 26 (BusinessDesk) - Meridian Energy reported record full-year earnings, boosted by higher power prices and generation volumes and a growing customer book in Australia. The country’s biggest electricity generator said net profit jumped 68 percent to a record $339 million in the year ended June 30. Earnings before interest, tax, depreciation and changes in financial instruments rose 26 percent to $838 million, also a record. “The results reflect a record level of hydro generation in New Zealand, and higher wholesale p...

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