Meridian Energy (MEL) Investor Day summary

Strategic context and sector outlook

• Recent aluminum smelter agreement secures long-term demand, enabling accelerated capital investment and dividend review.

• Government policy shifts now favor private sector-led investment and competition, with a focus on doubling renewable generation by 2050.

• Sector faces challenges from gas supply uncertainty, rising transmission/distribution costs, and the need for streamlined consenting processes.

• Demand growth projections for electricity by 2050 range from 50%-75%, driven by industrial decarbonization, electrification, and technology advancements.

• Flexibility and demand response are increasingly critical as intermittent renewables expand and thermal generation declines.

Strategic direction and priorities

• Focus on accelerating New Zealand's decarbonisation through large-scale renewable projects, electrification of transport and process heat, and securing long-term water access.

• Commitment to growing system flexibility via dispatchable MW capacity, demand response, and green hydrogen development.

• Emphasis on delivering cleaner, cheaper energy through digital innovation, expanded product offerings, and community programs.

• Operational excellence targeted by building agility, sustaining asset productivity, and leveraging modern data systems.

• Workforce development prioritizes diversity, leadership, and integration of Māori perspectives for better outcomes.

Business strategy and execution

• Four strategic pillars: climate action, renewable pipeline development, customer decarbonization solutions, and enhanced flexibility.

• Targeting NZD 10 billion investment over 30 years to maintain a 30% share of sector generation growth, equating to about 20 new wind farms.

• Industrial decarbonization initiatives aim for 1,000 GWh of new demand by 2030, with significant progress in process heat conversions.

• Exited Australian operations to strengthen balance sheet and focus on domestic growth.

• By FY31: 2,000GWh p.a. of new renewable generation and 200MW of BESS capacity delivered.