Meridian Energys Profit Soars Amid Rising Earnings

Meridian Energy Limited (NZX: MEZ), New Zealand's largest power generator, has reported a significant increase in profits and earnings for the financial year ending June 30, 2024. Operating cash flows surged to NZ$667 million, up from NZ$509 million in the previous year. Net profit after tax saw an impressive jump from NZ$95 million to NZ$429 million, driven largely by a substantial NZ$249 million gain on hedge instruments. Amid growing political scrutiny of the energy sector, Meridian has also pledged to extend contracts to its business customers, showcasing its commitment to doing the right thing despite challenges like declining hydro lake levels.

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