Stronger Wholesale Prices and Hydro Generation Driving Earnings Growth for Meridian
Narrow-moat-rated Meridian Energy’s earnings are tracking comfortably above last year. For the 10 months to April 2019, we estimate EBITDA is up a high-teens percentage on the previous corresponding period. While part of the improved performance is due to increased rainfall, which we don’t overly focus on, Meridian is pushing through electricity price increases to large customers. We expect this to continue, leading us to upgrade medium-term forecasts. We increase our fair value estimate 9% to N...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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