Earnings Recovery to be Tested by Another Dry Spell; No Change to Meridian's FVE
Narrow-moat Meridian Energy’s performance improved from September 2017 onwards, but first-half earnings are likely tracking below last year. This was expected because of a poor start to the fiscal year, which was mainly caused by dry South Island conditions. We continue to believe the firm can catch up in the second half, though the return of dry conditions in the South Island will make it more difficult. While Meridian’s earnings can be a bit volatile because of variable rainfall, this should a...Meridian Energy is engaged in the generation, trading and retailing of electricity, related products and services. Co. operates in three reportable segments. The wholesale segment includes generation and sale of electricity to wholesale market; purchase and resale of electricity to industrial and retail customers; development of New Zealand renewable energy generation opportunities; and provision of risk management and dam consultancy services. The retail segment includes purchase and sale of electricity to retail customers; and provision of metering services. The international segment includes generate, sale and retail of electricity within Australia and United States.
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