Meridian Energy (MEL) investor relations material

Sustainability and climate action

• Recognized for leading sustainability performance, including membership in Dow Jones Sustainability Indices and alignment with science-based targets and UN Global Compact initiatives.

• Committed to 100% renewable generation and a net zero business emissions target by 2050, with a robust climate action plan and green finance framework.

• Implements climate-related disclosures and adheres to New Zealand Climate Standards (NZ CS 1, 2, 3).

• Focuses on customer decarbonisation, electrification of transport and process heat, and community support for energy transition.

• Nature-based initiatives like Forever Forests aim to offset residual emissions.

Investment, assets, and growth strategy

• Operates New Zealand’s largest renewable generation portfolio, producing over 30% of national electricity needs from hydro and wind assets.

• Maintains a deep renewable development pipeline, targeting $2 billion in capital expenditure over the next three years.

• Seven large hydro stations, eight wind farms, and the first solar farm under construction; expanding battery storage and grid-scale flexibility.

• Majority government shareholding (51%) and investment grade credit metrics support future growth.

• Strategic focus on operational excellence, innovation, and a skilled, diverse workforce.

Market environment and sector outlook

• New Zealand’s electricity system is dominated by four major generators, with 52% hydro and 9% wind generation as of June 2025.

• Projected electricity demand will require $30 billion in new renewable investment by 2050, with significant replacement or repowering of existing assets.

• Security of supply is challenged by declining gas reserves; future reliability depends on hydro storage, demand response, and accelerated renewables.

• Government sector reviews include LNG import facility, regulatory reforms, and improved market transparency.