Meridian Energy (MEL) Corporate presentation summary

FY27 strategic priorities

• Target final investment decisions for two generation developments, gain two consents and lodge one; deliver Ruakākā and Te Rahui Stage 1 solar at full power.

• Aim for 500,000 customer ICPs, an 80% post-interaction satisfaction score, at least two new customer products, and 200 high-capacity EV charge points (100 new chargers) generating $1.7m revenue.

• Support 1,000 additional customers in energy hardship and distribute $2m for community decarbonisation.

• Deliver $6m in value through operational initiatives, including at least $2m of expenditure reductions; embed responsible AI and improve security maturity.

• Strengthen safety leadership, with 90% of leaders participating in safety and wellbeing education, and reduce serious harm risk materially and sustainably.

Investment and development

• Upgrade the 92-year-old Waitaki hydro station’s seven generating units with $440m-$510m of nominal investment over 10 years; expected IRR is 15%-20%.

• Classify 15% of Waitaki investment as growth capex and 85% as repowering capex; repowering spend is excluded from operating free cash flow under the dividend policy, then added back over an estimated 50-year useful life.

• Renewable projects not yet constructed total 6,384 GWh: 2,985 GWh wind and 3,399 GWh solar, including consented, in-consent and FY27 planned consent applications.

• FY27 flexibility goals include delivering 18MW+ of peaking capacity, advancing a battery storage business case, and quantifying hydro storage and flexible-generation options.

Climate and risk

• Strategy links renewable generation and system flexibility, customer decarbonisation, emissions management and climate resilience; the transition plan spans short term to 2030, medium term 2030-2050 and long term 2050-2100.

• Material risks include adverse hydrology, cybersecurity, water access, regulation, demand, peak capacity, market supply, development pipeline, critical equipment failure, health and safety, and catastrophic events.

• Climate risks include changing seasonal weather and hydro-flow volatility, severe weather damage to assets, supply-chain impacts and insufficient flexibility causing supply shortages.