Meridian Energy Faces Financial Setback Amid Energy Supply Challenges

Meridian Energy Limited ( (MDDNF) ) has shared an announcement.

Meridian Energy Limited reported a net loss after tax of $121 million for the six months ending December 31, 2024, a significant downturn from the previous year’s net profit of $191 million. This decline is attributed to the high costs of hedge contracts during a period of record low hydro inflows and a domestic gas shortage. The company emphasized its role in maintaining New Zealand’s energy security despite these challenges, highlighting its efforts to manage risks for the upcoming winter and calling for urgent action to address the domestic gas shortage, which significantly impacts electricity pricing.

More about Meridian Energy Limited

Meridian Energy Limited is a New Zealand-based company primarily engaged in the renewable energy sector. It is the largest renewable electricity generator in New Zealand, focusing on generating electricity through hydro and wind resources.

YTD Price Performance: -0.74%

Average Trading Volume: 2,894

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $8.61B

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