{
  "id": 3363398,
  "title": "Meridian Energy returns to profit",
  "url": "https://urgent.news/2026/08/25/meridian-energy-returns-to-profit",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-25T22:21:45.000Z",
  "source": {
    "name": "RNZ Business",
    "slug": "rnz-business",
    "url": "https://www.rnz.co.nz/news/business/1125624/meridian-energy-returns-to-profit"
  },
  "original_language": "en",
  "account": "Meridian Energy, a major power company, has returned to profitability after facing significant losses in the previous year due to low hydro lake levels, fluctuating wind generation, and expensive price hedges. Chief executive Mike Roan expressed that this rebound would strengthen the company's financial base and align with their mission to develop renewable and firming assets, benefiting customers and enhancing New Zealand's long-term energy resilience. The company's energy margin, representing the difference between revenue from power generation and generation costs, increased by 50 percent to $1.47 billion. Retail sales volumes rose 14 percent, driven by broader consumer demand growth and a 12 percent increase in connections to 455,000, including a third of Powershop brand consumers. Wet weather contributed to above-average hydro lake levels, while the company recorded record wind generation. Roan highlighted the company's expansion of renewable generation, which better prepared it to avoid a repeat of last year's supply crunch. The company recently secured fast track approval to extract more water from Lake Pūkaki, the country's largest hydro storage facility, and had its consent to operate the Waitaki power system renewed. Meridian is constructing two solar farms and has received approval for another in Waikato, along with an upgrade to a wind farm in Manawatu. Roan mentioned that the company has additional renewable projects in the planning stages and would assess a wind farm in Wairarapa and a solar and battery complex in Manawatu. He stated that the renewable projects improve the prospects of maintaining stable power prices, although line charges will continue to rise for at least another three years. Meridian has committed to holding residential and small business customers' average energy price increases below inflation for the next year. The company forecasted operating earnings between $1.04 billion and $1.12 billion for the upcoming year.",
  "summary": "Meridian posted a solid profit as plenty of wind and rain erased the previous year's drought-driven horrors.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}