Meridian Energy: The Real Story Behind New Zealand’s Renewable Power Giant

What Is Meridian Energy?

Meridian Energy Limited is a New Zealand electricity generator and retailer founded in 1999. The New Zealand Government remains its controlling shareholder, Mike Roan is its CEO, and the company operates seven hydro stations and eight wind farms in New Zealand. Meridian also sells electricity through Meridian and Powershop and is building new solar and battery projects.

That is the short answer.

But there is much more behind the name.

Meridian sits near the centre of New Zealand’s electricity system. Its huge South Island hydro stations have been producing power for decades, while its newer wind, solar and battery projects point to where the company is heading next.

Meridian Energy Quick Facts

Fact	Details
Company name	Meridian Energy Limited
Founded	1999
Country	New Zealand
Industry	Electricity generation and retail
Head office	Wellington, New Zealand
NZX ticker	MEL
ASX ticker	MEZ
Chief Executive	Mike Roan
CEO since	July 2025
Chair	Mark Verbiest
Main retail brands	Meridian and Powershop
Hydro stations	7
New Zealand wind farms	8
Controlling shareholder	New Zealand Crown
Main generation sources	Hydro and wind
FY26 net profit after tax	NZ$130 million
FY26 EBITDAF	NZ$1.051 billion
FY26 operating cash flow	NZ$810 million
Credit rating	BBB+

What Does Meridian Energy Do?

Meridian Energy generates electricity, sells electricity to customers, manages major renewable generation assets, and invests in new energy projects.

Its current business covers several areas.

Hydro generation is the largest.

Wind is another big part.

Solar is growing fast.

Battery storage has joined the mix too.

Meridian also sells power directly to households and businesses through its retail brands.

Basically, it produces electricity and sells electricity.

In New Zealand, that type of company is often called a gentailer, meaning it works as both a generator and retailer.

Who Owns Meridian Energy?

The New Zealand Government is Meridian Energy’s controlling shareholder.

Meridian is publicly listed, so other investors own shares as well.

Still, Crown control remains.

Under New Zealand’s mixed-ownership model, the Crown must keep at least 51% of the company.

That makes Meridian different from a fully private electricity company.

It is also different from a fully state-owned business.

Public investors can buy Meridian shares on the stock market, while the Government keeps majority ownership.

Meridian trades on:

• NZX under MEL
• ASX under MEZ

Who Is the CEO of Meridian Energy?

Mike Roan is the Chief Executive Officer of Meridian Energy. He took the role in July 2025.

Roan was not new to the company.

He joined Meridian in 2006 as a strategy analyst.

Then came a series of larger roles.

He worked in wholesale markets, became Wholesale Markets Manager, later served as General Manager Wholesale, and then became Chief Financial Officer.

In July 2025, he moved into the CEO job.

Before Meridian, Roan worked in banking, the New Zealand electricity sector, and energy trading in the United States.

He succeeded Neal Barclay, who had led Meridian since 2018.

Who Is the Chair of Meridian Energy?

Mark Verbiest is the Chair of Meridian Energy.

He joined the company’s board in March 2017.

He became Chair in October 2019.

His background includes law, corporate governance and board work.

When Was Meridian Energy Founded?

Meridian Energy was created in 1999 during the restructuring of New Zealand’s state electricity sector.

Before that change, much of the country’s electricity generation sat under the Electricity Corporation of New Zealand, widely known as ECNZ.

ECNZ was split.

New generation companies were created.

Meridian was one of them.

It received major South Island hydro assets, including stations in the Waitaki system and Manapōuri.

That history explains something important.

Meridian itself dates from 1999.

Many of its power stations are much older.

Some were producing electricity decades before the company existed.

How Many Hydro Power Stations Does Meridian Energy Operate?

Meridian Energy owns and operates seven hydro power stations in New Zealand.

Six sit in the Waitaki Hydro Scheme:

• Waitaki
• Aviemore
• Benmore
• Ōhau A
• Ōhau B
• Ōhau C

The seventh is:

• Manapōuri

Hydro sits at the base of Meridian’s generation business.

Water stored in lakes can be released through turbines to produce electricity.

That storage also gives the electricity system some flexibility during periods of high demand.

What Is the Manapōuri Power Station?

Manapōuri is New Zealand’s largest hydro power station and one of Meridian Energy’s most important generation assets.

The station is unusual.

Its generating equipment is underground.

The powerhouse sits roughly 200 metres beneath the surface of Lake Manapōuri.

It has seven generating units.

Its operating maximum is 800 MW.

Manapōuri has been producing electricity since long before Meridian was formed.

That makes it both an old asset and a very important one.

What Is the Waitaki Hydro Scheme?

The Waitaki Hydro Scheme is a linked system of lakes, canals, dams and power stations used to generate electricity in the South Island.

Meridian operates six stations in the scheme.

The wider Waitaki system also includes Tekapo A and Tekapo B, which are operated by Genesis.

According to Meridian, the wider scheme supplies about 16% of New Zealand’s electricity.

That number shows its scale.

A single river system supports a sizeable part of national power supply.

How Many Wind Farms Does Meridian Energy Own?

Meridian Energy’s current generation information lists eight wind farms in New Zealand.

Its wind portfolio includes:

• Te Āpiti
• Te Uku
• West Wind
• Mill Creek
• White Hill
• Harapaki
• Te Rere Hau
• Hau Nui

Wind generation has grown into a major part of Meridian’s business.

It gives the company another source of electricity beyond hydro.

That matters in a country where generation conditions can change with rainfall, lake levels and wind conditions.

What Is Harapaki Wind Farm?

Harapaki is a 176 MW wind farm near Napier with 41 turbines.

Meridian completed the project in 2024.

It is one of the company’s largest wind assets.

The project had a forecast budget of NZ$448 million.

Meridian reported that Harapaki was completed within that budget despite severe weather, supply problems and construction disruption.

That is a useful fact because the project was large.

Very large.

And large generation projects can be hard to keep on budget.

Why Is Te Āpiti Wind Farm Important?

Te Āpiti was Meridian Energy’s first New Zealand wind farm and the first wind farm in the country to send electricity directly into the national grid.

The site has:

• 55 turbines
• 90.75 MW capacity

Te Āpiti became fully operational in 2004.

It marked an early shift into large-scale wind generation for Meridian.

Is Meridian Energy Building Solar Farms?

Yes. Meridian Energy is now building utility-scale solar generation in New Zealand.

One of its biggest current projects is the Ruakākā Solar Farm in Northland.

The project is planned at:

• 130 MW
• around 250,000 solar panels
• up to 230 GWh of annual generation

Meridian has approved NZ$227 million for the project.

First generation has been expected in late 2026, with full generation expected in early 2027.

Solar changes the shape of Meridian’s portfolio.

For years, the company was known mainly for hydro and wind.

That is no longer the full picture.

What Is the Ruakākā Battery?

The Ruakākā Battery Energy Storage System is a 100 MW battery with 200 MWh of storage capacity.

The battery was completed in 2025.

It forms part of the wider Ruakākā Energy Park.

Here is the basic idea.

The battery can charge when electricity is available.

Then it can discharge later.

That can help during periods of high demand.

It can also support a grid using more wind and solar power, where generation levels can change with weather conditions.

At maximum output, the battery has enough stored energy for about two hours.

What New Projects Is Meridian Energy Working On?

Meridian is building or planning several large wind and solar projects across New Zealand.

Current and proposed projects include:

Ruakākā Solar Farm

• 130 MW
• Northland
• Under construction

Te Rahui Solar Farm Stage 1

• About 200 MW
• Joint venture with Nova Energy
• Under construction

Mt Munro Wind Farm

• 90 MW
• Consented

Bunnythorpe Solar Farm

• 120 MW
• Consented

Te Rere Hau Repowering

Meridian has been working on plans to replace the smaller turbines at Te Rere Hau with fewer, much larger turbines.

A key consent secured in July 2026 allows a 172 MW project configuration.

That would make the site far more productive than the existing wind farm.

What Were Meridian Energy’s Latest Financial Results?

For the year ended 30 June 2026, Meridian Energy reported NZ$130 million in net profit after tax and NZ$1.051 billion in EBITDAF.

Its FY26 numbers included:

• NZ$130 million net profit after tax
• NZ$1.051 billion EBITDAF
• NZ$308 million underlying net profit after tax
• NZ$810 million operating cash flow
• NZ$1.471 billion energy margin

These figures were released in August 2026.

The year was much stronger than FY25.

In FY25, Meridian reported a net loss of NZ$452 million.

FY26 moved back into profit.

Operating cash flow also rose sharply from NZ$318 million to NZ$810 million.

Why Did Meridian Energy’s Profit Change So Much?

Hydro conditions played a major part in the difference between FY25 and FY26.

FY25 was tough.

Meridian faced two severe droughts.

Hydro inflows were low.

Wind generation was also weak at times.

Gas availability across New Zealand was tight.

Those conditions pushed up wholesale electricity costs and forced Meridian to spend heavily on hedging and demand-response arrangements.

Then conditions changed.

FY26 benefited from stronger hydro conditions and better operating results.

This shows how exposed hydro generators can be to weather.

Rainfall can affect money.

A lot.

Does Meridian Energy Pay Dividends?

Yes. Meridian Energy pays dividends to shareholders, although the amount can change each year.

For FY26, Meridian declared:

• final ordinary dividend: 16.10 cents per share
• total ordinary dividends: 22.50 cents per share

The total ordinary dividend was 7.1% higher than FY25.

Investors should still check the newest company announcement before using an older dividend number.

Dividend figures change.

What Is Meridian Energy’s Credit Rating?

S&P reaffirmed Meridian Energy’s BBB+ corporate credit rating in July 2026.

That is an investment-grade rating.

Credit ratings matter because electricity companies often borrow money to fund large assets.

Wind farms cost hundreds of millions.

Solar farms can too.

Battery storage also needs big capital spending.

Borrowing costs can affect how easily new projects stack up financially.

What Is Meridian Energy’s Relationship With Tiwai Point?

Meridian Energy has a long-term electricity supply agreement with New Zealand Aluminium Smelters, operator of the Tiwai Point aluminium smelter.

The current arrangement runs through 2044.

From 2025, Meridian’s base contract covers 377 MW.

The deal also includes demand-response options.

That means electricity use at the smelter can be reduced under agreed conditions.

This can help during tight electricity periods.

Tiwai Point uses a very large amount of power.

So, the contract matters well beyond Meridian itself.

It can affect wider electricity demand across New Zealand.

What Retail Brands Does Meridian Energy Own?

Meridian Energy’s main electricity retail brands are Meridian and Powershop.

The company sells electricity directly to households and businesses.

Its customer base has also grown through acquisitions.

In 2025, Meridian agreed to acquire electricity customer contracts linked with Flick Electric and Z Energy-branded electricity customers, along with related assets.

Meridian has since been shifting customers onto the Kraken retail platform.

By the end of FY26, 175,820 retail and commercial customers had moved onto that system.

The change had problems.

Meridian acknowledged issues with the new Powershop app and longer customer-service wait times.

That matters.

Readers searching a company profile should see the good and the rough parts.

How Many Customers Does Meridian Energy Have?

Meridian reported around 455,000 customer connections at the end of FY26.

That gives the company a large retail footprint.

Its customers include households and businesses.

The customer number can change over time, especially after acquisitions and account movements, so it should always be treated as a dated figure.

Does Meridian Energy Operate EV Chargers?

Yes. Meridian Energy operates a growing public electric vehicle charging network in New Zealand.

By the end of FY26, Meridian reported:

• 519 public EV charge points
• 140 new charge points added during the year
• a target of 1,000 public charge points by 2030

This moves Meridian beyond household electricity supply.

Transport is now part of the business too.

Is Meridian Energy Fully Renewable?

Meridian’s own generation portfolio is based on renewable sources such as hydro and wind, with solar now being added.

That answer needs one small bit of context.

Meridian operates inside New Zealand’s wider electricity system.

The national grid also receives power from generators using other fuel types.

Meridian has taken part in industry arrangements linked with backup generation at Huntly for dry-year security.

So, the clean wording is this:

Meridian’s own generation assets are renewable, but the company operates inside New Zealand’s wider mixed electricity market.

Why Does Meridian Energy Matter in New Zealand?

Meridian matters because of the size of its generation assets, its control of major hydro storage, and its large share of renewable electricity production.

Manapōuri alone is huge.

The Waitaki system is bigger still.

Then come the wind farms.

Now solar and batteries are entering the picture.

New Zealand is also using more electricity in areas such as transport and industrial electrification.

That could increase demand.

Meridian is spending heavily on new generation to meet part of that future need.

Meridian Energy and the New Zealand Government

The Government connection remains one of the most searched parts of the company.

Meridian is listed.

But the Crown stays in control.

That means commercial performance matters to private investors, while the company also remains connected to New Zealand’s public-sector ownership framework.

The balance can attract attention during debates about:

• electricity prices
• market competition
• renewable generation
• energy security
• dividends
• state asset ownership

Basically, Meridian is a commercial company with a public ownership story attached to it.

Meridian Energy and Electricity Market Competition

Meridian is one of New Zealand’s major gentailers.

The others include Contact Energy, Genesis Energy and Mercury.

From July 2026, new Electricity Authority rules placed non-discrimination obligations on the four major gentailers.

The aim was to make risk-management contracts available on fairer terms to competing electricity retailers.

One point needs to stay clear.

These rules apply across the major gentailer group.

They should not be described as proof that Meridian itself was found guilty of anti-competitive conduct.

That would be inaccurate.

Meridian Energy and Dry-Year Electricity Security

New Zealand’s heavy use of hydro electricity brings a basic problem.

Dry years happen.

If lake inflows fall sharply, hydro generation can become tight.

Meridian, Contact and Mercury have taken part in arrangements with Genesis around backup capacity at Huntly.

The Commerce Commission authorised the arrangement in 2025.

The idea is simple.

Keep backup generation available for periods when renewable supply is under pressure.

It is another reminder that renewable electricity systems still need ways to handle bad weather years.

Meridian Energy Community Work

Meridian also runs programmes linked with energy hardship and community support.

Its Energy Wellbeing Programme started in 2023.

By August 2026, Meridian said the programme had supported more than 4,000 households experiencing energy hardship.

The company later approved more funding aimed at keeping the programme running through 2030.

Meridian also runs its Power Up Community Fund in areas near some of its generation assets.

Interesting Facts About Meridian Energy

• Meridian Energy itself was formed in 1999, but several power stations it operates are much older.
• Manapōuri’s generating equipment sits underground.
• Manapōuri has an operating maximum of 800 MW.
• Benmore was the largest earth dam in the Southern Hemisphere when it was built.
• Waitaki Power Station began producing electricity in 1935.
• Te Āpiti was Meridian’s first New Zealand wind farm.
• Harapaki has 41 turbines and 176 MW capacity.
• Meridian has helped with wind generation infrastructure in Antarctica.
• Meridian manages a very large share of New Zealand’s hydro storage.
• The New Zealand Government still controls the company through its majority shareholding.

Final Thought

Meridian Energy is much more than an electricity retailer.

Its real weight comes from generation.

Big hydro stations.

Large wind farms.

New solar projects.

Battery storage.

And a Government shareholder that still controls the company.

The old part of Meridian’s story sits in dams, lakes and underground turbines.

The new part is being built around wind, solar, batteries and electric transport.

That mix makes Meridian one of the main companies to watch in New Zealand’s electricity sector.

FAQs About Meridian Energy

What is Meridian Energy?

Meridian Energy Limited is a New Zealand electricity generator and retailer. It operates major hydro and wind assets, sells electricity through Meridian and Powershop, and is investing in solar generation and battery storage.

Who owns Meridian Energy?

The New Zealand Government is Meridian Energy’s controlling shareholder and must retain at least 51% ownership under the mixed-ownership model. Other shares are held by public and institutional investors.

Who is the CEO of Meridian Energy?

Mike Roan is Meridian Energy’s CEO. He took the position in July 2025 after previously serving in senior roles at the company, including Chief Financial Officer.

Is Meridian Energy government owned?

Meridian is partly government owned. The New Zealand Crown keeps a controlling shareholding, while the remaining shares can be owned by other investors through the stock market.

Is Meridian Energy listed on the stock market?

Yes. Meridian Energy trades on the NZX under MEL and on the Australian Securities Exchange under MEZ.

How many hydro stations does Meridian Energy operate?

Meridian operates seven hydro power stations in New Zealand. Six are in the Waitaki Hydro Scheme, while the seventh is Manapōuri.

How many wind farms does Meridian Energy have?

Meridian’s current official generation information lists eight wind farms in New Zealand.

What is Meridian Energy’s largest hydro station?

Manapōuri is Meridian Energy’s largest hydro station and New Zealand’s largest hydro power station. Its operating maximum is 800 MW.

What was Meridian Energy’s profit in 2026?

Meridian reported net profit after tax of NZ$130 million for the financial year ended 30 June 2026.

Does Meridian Energy use solar power?

Yes. Meridian is building utility-scale solar generation, including its 130 MW Ruakākā Solar Farm in Northland.

Does Meridian Energy have battery storage?

Yes. Meridian’s Ruakākā Battery Energy Storage System has 100 MW maximum output and 200 MWh of storage capacity.

What brands does Meridian Energy own?

Its main electricity retail brands are Meridian and Powershop.

Nzbeat