Meridian first-half profit surges on strong hydro inflows

Lake Pukaki was underfilled at the start of the reporting period, but filled fast during last winter. (Image: Meridian)

Wed, 01 Mar 2023

Winter storms that filled its South Island hydro lakes and a 5% increase in customer sales volumes underpinned a 24.8% increase in underlying net profit after tax (NPAT) for Meridian Energy for the six months to Dec 31.Underlying NPAT at $181 million compared with $145m for the same period the previous year.The underlying NPAT measure strips out volatility created by non-cash changes in the continuous revaluation of electricity contracts, largely reflecting Meridian’s exposure as the largest electricity supplier to the Tiwai Point alumini...

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