Meridian Energy (MEL) Investor Day summary

Strategic context and sector outlook

• Recent aluminum smelter agreement provides long-term certainty, unlocking capital investment and dividend review opportunities.

• Government policy shift supports private sector-led energy transition, with focus on competition and investment.

• NZ’s 2050 Net Zero goal drives a $30B generation investment cycle, with sector-wide investment potentially exceeding $100B.

• Demand growth by 2050 projected at 50%-75% above current levels, driven by electrification and technology advancements.

• Gas sector challenges persist, but flexible demand response and hydro assets are key to managing transition risks.

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 future plans

• Strategy centers on climate action, with pillars: renewable development, customer decarbonization, flexibility, and operational excellence.

• Targeting 1,000 GWh of new industrial demand by 2030, with process heat electrification as a major focus.

• $10B investment planned to maintain a 30% share of sector growth, equating to 20 new wind farms by 2050.

• Retail strategy aims for cleaner, cheaper energy, leveraging digitalization, customer-centricity, and demand response products.

• Next-generation retail model emphasizes modular technology, rapid product development, and personalized energy solutions.