MEZ - Meridian Energy

[System]

Meridian Energy is New Zealand’s largest electricity generator, producing over 30 per cent of the country’s electricity. It has more than 270,000 connections to homes, farms and businesses.

http://www.meridianenergy.co.nz

 

[Ann]

OMG, has everyone totally missed this one!?

The weekly Twiggs Money Flow is bullish, the Positive Volume Index is bullish the Negative Volume Index is bullish and it currently is paying 3.2% divie. Standard and Poors have just added it to the S&PASX 500

 

[Trav.]

MEZ powering on since @Ann posted above.

BO and ATH, slightly overbought but not much stopping this one

 

[Smurf1976]

Announcement on 9 July that Rio Tinto has terminated its power supply contract with Meridian Energy in regard to the Tiwai Point aluminium smelter in NZ with the intent to completely close the smelter. Date of termination is effective 31 August 2021.

As background, the contract represents approximately 40% of Meridian's annual electricity output from its hydro stations and wind farms in NZ or about 13% of all electricity produced by all companies in NZ.

So it's a significant impact to the electricity market in NZ and in my opinion the likely outcome will be some volume reduction spread across a number of companies. That is, Meridian will manage to sell at least some of the former contract volume to other users either via contracts or the spot market, such that other electricity generating companies will also see some reductions in output. As with any market, supply and demand applies so downward pressure on price is also likely.

 

[divs4ever]

Meridian and NZAS Conditions Precedent Update

19 June 2024

On 31 May 2024 Meridian Energy and New Zealand’s Aluminium Smelter (NZAS) signed a package of conditional 20-year contracts for the Tiwai Point smelter’s future electricity needs.

One of the conditions was the Electricity Authority providing clearance under the materially large contracts regime of the Electricity Industry Participation Code 2010.
The Authority has now provided clearance.
Other conditions precedent remain outstanding.
Meridian will make a further announcement when and if those conditions are met.
The contracts will take effect from the later of 1 July 2024 and the date all conditions precedent are satisfied or waived.
If the conditions precedent are not satisfied or waived before 31 December 2024 the contracts will not come into effect.

Copies of the contracts are available at https://www.meridianenergy.co.nz/aboutus/investors/reports/nzas-contract

i hold MEZ

 

[divs4ever]

Harapaki Wind Farm fully operational

19 July 2024
New Zealand’s second largest wind farm is now fully operational, having been delivered within a month of its original completion date and inside its $448 million capital forecast.

Meridian’s General Manager Development, Guy Waipara, says this is an incredible result and one ideally timed for electricity consumers.

“We’re now right in the middle of winter and every bit of generation helps.

Harapaki has been generating since last November and was around 90% capacity at 30 June, but reaching full capacity means this wind farm is doing everything it can to help maintain security of supply.

”Meridian shares Aotearoa New Zealand’s goal of transitioning to a net-zero economy and has its own aspiration to deliver seven new renewable electricity projects in seven years.

Harapaki is the first of these to be completed.“Harapaki shows we have the capability to deliver.

We’ve got a world-class renewable construction team backed by a great group of contractors.

What they’ve achieved in the face of COVID-19 and multiple weather events is truly outstanding,” says Guy Waipara.

Harapaki Wind Farm is located north of Napier on SH5 in the Maungaharuru Range.

It utilises Siemens Gamesa SWT-DD-120 turbines.

It can produce enough electricity to power 70,000 average homes, the equivalent of most of Hawke’s Bay.

ENDS

i hold MEZ