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26 stories mentioning NZE:MELUpdated 3d ago

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Asia

New Zealand Shares Reach All-Time High; Spark New Zealand Starts Review of Digital Services Division

New Zealand shares rose to their all-time high as most Asian markets saw gains amid a pause in the Middle East conflict.The S&P/NZX 50 Index rose 0.57% or 78.40 points to close at an all-time high of 13,850.69.Iran said it would halt its attacks if the United States did the same, Reuters reported on Sunday, citing a senior Iranian official, as Washington paused its bombing campaign after advisers warned Trump that viable targets were dwindling and raised concerns about straining the US arsenal.On the domestic front, total new residential mortgage lending in New Zealand fell to NZ$8.45 billion in June from NZ$8.63 billion in May, according to data from the Reserve Bank of New Zealand.In corporate news, Spark New Zealand (ASX:SPK, NZE:SPK) started a strategic review of its Digital Services division.Meridian Energy (ASX:MEZ, NZE:MEL) has received approval to develop the 110 megawatt Morrinsville Solar Farm in Waikato, with around 230,000 solar panels expected to generate up to 200 gigawatt-hours of renewable electricity annually, enough to power more than 25,000 homes.

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Asia

Meridian Energy Secures Approval for Morrinsville Solar Farm Development

Meridian Energy (ASX:MEZ, NZE:MEL) has received approval to develop the 110 megawatt Morrinsville Solar Farm in Waikato, with around 230,000 solar panels expected to generate up to 200 gigawatt-hours of renewable electricity annually, enough to power more than 25,000 homes, according to a Monday statement by the company.The 134-hectare project near the Piako substation will strengthen New Zealand's renewable energy supply, create over 100 construction jobs, support future battery storage, and improve local habitats through native planting, the company said.The project could begin construction in 2028, subject to approval from the company's board, and is expected to take around two years to complete.

ASX:MEZNZE:MEL
Research

Forsyth Barr Upgrades Meridian Energy to Neutral from Underperform; Price Target is NZ$6.10

Meridian Energy (ASX:MEZ, NZE:MEL) has an average rating of hold and mean price target of NZ$6.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

ASX:MEZNZE:MEL
Asia

Awareness of Power Support Services Grows in New Zealand, Electricity Authority Says

New Zealand's Electricity Authority on Wednesday published a post-implementation review that found increasing awareness of services that help consumers with utility disputes and price comparisons following measures implemented in 2021.The review showed that the majority of retailers and distributors are in compliance with requirements in the country's Electricity Industry Participation Code, making information about the support services generally available to consumers.Although awareness of dispute resolution services is still relatively low, there are signs of improvement as the latest Utilities Disputes annual report pointed to a 62% year-over-year increase in complaints, the Electricity Authority said.It added that retailers will be required to furnish information about utilities disputes on power bills starting from Oct. 30, as opposed to providing it only with billing communications.The review further found that roughly 60% of consumers are familiar with comparison and switching services, but awareness is lower among modest-income households.The New Zealand-listed shares of Genesis Energy (ASX:GNE, NZE:GNE) and Mercury NZ (ASX:MCY, NZE:MCY) were marginally lower in recent Wednesday trade, while Contact Energy (ASX:CEN, NZE:CEN) fell 2% and Meridian Energy (ASX:MEZ, NZE:MEL) shed past 1%.

ASX:CENASX:GNEASX:MCYASX:MEZNZE:CENNZE:GNENZE:MCYNZE:MEL
Asia

New Zealand Shares Rise; Meridian Energy Gets Corporate Credit Rating Affirmation From S&P Global

New Zealand shares ended higher on Friday despite most Asian shares seeing losses after a Thursday Wall Street sell-off and continued US-Iran conflict.The S&P/NZX 50 Index rose 0.59% pr 79.90 points to close at 13,94.68.On Thursday, the Nasdaq Composite fell 1.5%, the S&P 500 lost 0.5%, while the Dow Jones slid 0.2%.Iran launched fresh attacks on US facilities in the Gulf on Friday following a sixth consecutive night of US strikes on Iranian military targets, according to a Friday Reuters report.In domestic news, Petrol and diesel prices in New Zealand decreased by around 4.2% and 12%, respectively, in June compared with the previous month, according to a Stats NZ selected price indexes report.Further, New Zealand consumer prices are expected to climb by 1.5% in the June quarter as the Middle East conflict drives oil prices up, Westpac said.Also, ANZ now expects second-quarter annual headline inflation in New Zealand to accelerate by 0.9 percentage points to 4%, slightly below its previous forecast of 4.1% but still a touch higher than a New Zealand central bank estimate of 3.9%, ANZ said.In corporate news, Meridian Energy (ASX:MEZ, NZE:MEL) said S&P Global Ratings reaffirmed the company's corporate credit rating at "BBB+" with a stable outlook.Property For Industry (NZE:PFI) completed a refinancing of its bank facilities with ANZ Group (ASX:ANZ, NZE:ANZ) unit ANZ Bank New Zealand, Bank of New Zealand, Commonwealth Bank of Australia (ASX:CBA), and Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand unit.

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Asia

Meridian Energy Gets Corporate Credit Rating Affirmation From S&P Global

Meridian Energy (ASX:MEZ, NZE:MEL) said S&P Global Ratings reaffirmed the company's corporate credit rating at "BBB+" with a stable outlook, according to a Friday filing with the Australian and New Zealand bourses.The rating includes a one-notch uplift from the company's stand-alone rating of "BBB," reflecting the New Zealand government's majority ownership, per the filing.The company's Australian shares shed about 1% in recent Friday trade.

ASX:MEZNZE:MEL
Asia Markets

New Zealand Shares Flat; Meridian Energy Retail Contracted Sales Volumes Rise in June

New Zealand shares ended flat on Tuesday as most Asian markets saw losses as investors digested the continued US-Iran conflict.The S&P/NZX 50 Index was little changed to close at 13,615.51.US forces struck Iranian coastal defenses and missile sites twice on Wednesday following the reimposition of a naval blockade, as Iran hit back at American military installations in the region and framed the escalating conflict as an "existential war," according to a Wednesday Reuters report.New Zealand and Fiji signed a renewed five-year Duavata Partnership on Thursday, outlining cooperation priorities across trade, security, democracy, social development, and climate resilience for the period through 2030, according to a Thursday Reuters report, citing New Zealand Foreign Minister Winston ​Peters.In domestic news, New Zealand's national average asking price fell about NZ$11,000, or 1.3%, from May to NZ$823,300 in June, with new listings dropping 11% and demand measured by searches falling 14% month on month, according to a Thursday report by Trade Me.In corporate news, Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 822 gigawatt hours (GWh) in June from 773 GWh a year earlier.

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Asia

Meridian Energy Retail Contracted Sales Volumes Rise in June

Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 822 gigawatt hours (GWh) in June from 773 GWh a year earlier, according to Thursday filings with the Australian and New Zealand bourses.Compared with the prior corresponding period, residential sales soared past 16%, large business sales rose 9.2%, small medium business sales increased 5.3%, corporate sales edged up by 0.8%, and agriculture sales fell by 1.3%.National electricity demand in June was 0.1% lower compared with the year earlier. In the month to July 13, national hydro storage increased to 136% from 125% of the historical average, per the filing.Total inflows for June reached 187% of the historical average.

ASX:MEZNZE:MEL
Asia

Meridian Energy 'Welcomes' Three-Year Easing of Lake Pukaki Hydro Storage Access Restrictions

Meridian Energy (ASX:MEZ, NZE:MEL) has "welcomed" the fast-track panel's final decision to temporarily ease access restrictions on Lake Pukaki hydro storage for the next three years, according to Friday filing with the New Zealand bourse."The easing of access restrictions will reduce dry-year risk and related price impacts through to Winter 2028, providing extra insurance for the system while more new generation capacity is constructed," said Mike Roan, the company's chief executive.The decision also permits the company to permanently install rock armoring at Pukaki Dam, enhancing the dam's resilience to wave erosion when the lake is at lower levels, the filing added.

ASX:MEZNZE:MEL
Asia

NZX Biggest Losers

Here are the NZX-listed companies with the biggest losses on Wednesday.Serko (NZE:SKO): -6%, NZ$1.45Manuka Resources (NZE:MKR): -6%, NZ$0.10Briscoe Group (NZE:BGP): -2%, NZ$4.54Meridian Energy (NZE:MEL): -2%, NZ$5.86Summerset Group (NZE:SUM): -2%, NZ$8.60Hallenstein Glasson Holdings (NZE:HLG): -2%, NZ$10Vista Group International (NZE:VGL): -2%, NZ$2.35Templeton Emerging Markets (NZE:TEM): -2%, NZ$8.06NZX (NZE:NZX): -1%, NZ$1.39Vector (NZE:VCT): -1%, NZ$4.90

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Asia

New Zealand Shares Rise; Meridian Energy Secures 35-Year Extension for Waitaki Power Scheme

New Zealand shares ended higher on Tuesday as Asian markets followed Wall Street's Monday rally, aided by confirmation of the US-Iran peace deal.The S&P/NZX 50 Index rose 0.49%, or 65.54 points, to close at 13,426.13.On Monday, the Nasdaq Composite gained 3.1%, the S&P 500 added 1.7%, and the Dow Jones rose 0.9%.In domestic news, the number of transport motor vehicle registrations in New Zealand in May, licensed for 12 months, fell to 3.8 million from nearly 3.9 million in the same period last year, according to figures released by Stats NZ.Also, petrol and diesel prices in New Zealand decreased by 3.8% and 11.4%, respectively, in May compared with the previous month, according to a Stats NZ selected price indexes report.Further, New Zealand's gross domestic product (GDP) is forecasted to have grown by 0.7% quarter-over-quarter and 1% year-over-year in the March quarter, below the Reserve Bank of New Zealand's 1% quarter-over-quarter expectation, and slightly below consensus at 0.8% quarter-over-quarter, BofA Securities said.Meanwhile, the New Zealand selected price indexes for May came in broadly as expected, reinforcing the downside risks to the June quarter consumer price index (CPI) forecast, ANZ Research said.In corporate news, Scott Technology (NZE:SCT) won a contract to supply an automated modular crush cell system to an unnamed testing, inspection, and certification provider.Meridian Energy (ASX:MEZ, NZE:MEL) secured approval by the Environment Court to continue operating the Waitaki Power Scheme for a further 35 years.

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Asia

Meridian Energy Secures 35-Year Extension for Waitaki Power Scheme

Meridian Energy (ASX:MEZ, NZE:MEL) has been granted approval by the Environment Court to continue operating the Waitaki Power Scheme for a further 35 years, according to Tuesday filings with the Australian and New Zealand bourses.The scheme, comprising six power stations with a total installed capacity of 1,553 megawatts, will maintain its existing storage, operating conditions, and generation capacity under the renewed consents, per the filing.The company stated it will immediately implement the conditions, including strengthened indigenous biodiversity management across the catchment in partnership with the Department of Conservation, the filing added.

ASX:MEZNZE:MEL
Asia

New Zealand Shares Fall; Meridian Energy Retail Contracted Sales Volumes Rise in May

New Zealand shares ended lower on Monday despite a broad-based rise in Asian shares after a Middle East peace deal was finally confirmed.The S&P/NZX 50 Index fell 0.25%, or 33.28 points, to close at 13,360.59.US and Iranian officials said they had reached a framework agreement to end the conflict, lift the U.S. blockade of Iran, and reopen the Strait of Hormuz, while Iran's nuclear program remains subject to further negotiations, Reuters reported on Sunday."The prospect of a sustained fall in energy prices changes the conversation for central banks just ahead of a flurry of policy decisions," said Sean Callow, a senior FX analyst at ⁠ITC Markets, as quoted by ReutersIn domestic news, New Zealand's services sector contracted further in May as weak consumer demand and rising costs continued to weigh on activity, according to a statement by BusinessNZ.Also, supplier costs for food supermarkets in New Zealand rose in May, marking an increase in the pace of growth after half a year of a slowdown, Infometrics said.Further, New Zealand's electronic card spending rose 2.2% month over month to NZ$9.85 billion in May on a seasonally-adjusted basis, compared with the 1.9% decrease recorded in the previous month, according to data from Stats NZMeanwhile, the volume of national home sales in New Zealand fell 12.6% year over year in May to 6,523, while the median sale price ticked 1.3% higher to NZ$775,000, according to data by the Real Estate Institute of New Zealand.In corporate news, Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 860 gigawatt hours (GWh) in May from 798 GWh a year earlier.Air New Zealand (NZE:AIR, ASX:AIZ) said Saturday it expects services in and out of Wellington airport to mostly start operating as scheduled on Saturday, June 13, following a fire incident on the night of Friday, June 12.

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Asia

NZX Midday Sector Update: Distribution Services Rise, Utilities Decline

Distribution services shares gained the most on New Zealand's Exchange, rising almost 3% by midday Monday.Shares of Vulcan Steel (NZE:VSL, ASX:VSL) rose nearly 3% in recent trade.Meanwhile, the utilities sector shares fell past 1%.Shares of Meridian Energy (NZE:MEL, ASX:MEZ) drove the decline, falling almost 2% in recent trade.The company said on Monday that its retail contracted sales volumes rose to 860 gigawatt hours (GWh) in May from 798 GWh a year earlier.

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Asia

Meridian Energy Retail Contracted Sales Volumes Rise in May

Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 860 gigawatt hours (GWh) in May from 798 GWh a year earlier, according to a Monday filing with the New Zealand bourse.Compared with the prior corresponding period, residential sales soared past 20%, large business sales rose 8.3%, small medium business sales increased 6.7%, and agriculture and corporate sales rose 9.7% and 1.2%, respectively.National electricity demand in May was 1.7% higher compared with the year earlier. In the month to June 8, national hydro storage increased to 125% from 119% of the historical average, per the filing.Total inflows for May reached 82% of the historical average.

ASX:MEZNZE:MEL
Asia

Meridian Energy 'Welcomes' Draft Fast-Track Decision to Relax Lake Pukaki Water Limits

Meridian Energy (NZE:MEL, ASX:MEZ) "welcomed" a fast-track panel draft decision to relax operating limits at Lake Pukaki, allowing use of water stored between 518 and 513 meters above sea level for three years, ahead of a Transpower-estimated 4% electricity shortage risk threshold, according to a Friday filing with the Australian and New Zealand bourses.The company acknowledged stakeholder concerns regarding eased access to contingent storage and proposes that, if the draft is confirmed, half of the five meters of contingent storage continue to be restricted to periods of heightened supply security risk for the remainder of the year, given the positive hydro outlook for winter, the filing said.The draft decision also approves permanent rock armoring at Pukaki Dam to improve resilience against wave erosion under lower lake operating levels.The panel's final decision is due by July 3, the filing added.

ASX:MEZNZE:MEL
Asia

Market Chatter: Meridian Energy CEO Tells Lawmakers Country Does Not Need LNG Imports to Cover Electricity Supply Shortages, Radio New Zealand Says

Meridian Energy (ASX:MEZ, NZE:MEL) Chief Executive Mike Roan told a New Zealand Parliamentary committee on Thursday that the country does not need to import liquefied natural gas (LNG) to cover electricity supply shortages, Radio New Zealand reported on Friday.The government is considering a proposal for LNG imports when lake levels are low for hydropower generation, and solar and wind power cannot meet demand, the report said.Roan said that "the analysis shows dry-year risk is being managed through the next 10 years," due to the agreements the electricity sector had put in place, including the Huntly strategic coal reserve, demand response measures with the Tiwai Point aluminium smelter, and remaining generation sources.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:MEZNZE:MEL
Asia

New Zealand Regulator Imposes New Rules on Top Energy Companies to Boost Competition in Electricity Sector

New Zealand's Electricity Authority on Tuesday imposed non-discrimination obligations on the country's four largest energy companies in a bid to level the playing field for hedging contracts in the electricity sector.Under the new rules, which are effective from July 1, Contact Energy (NZE:CEN, ASX:CEN), Genesis Energy (NZE:GNE, ASX:GNE), Mercury (NZE:MCY, ASX:MCY), and Meridian Energy (NZE:MEL, ASX:MEZ) will be required to provide risk management contracts to all buyers on an even-handed basis. This will prevent the companies from favoring their own retail divisions on price or non-price terms.The four power generation-retailer, or gentailer, firms will need to furnish compliance plans to the Authority each year, and also submit six-monthly assessments justifying their retail price offers relative to their expected cost of electricity supply.Electricity Authority Acting Chair Erik Westergaard said the new rules will boost competition, enhance transparency, and can be implemented quickly without a material cost increase for gentailers.Shares of all four companies rose less than 1% in recent Tuesday trade on the New Zealand bourse.

ASX:CENASX:GNEASX:MCYASX:MEZNZE:CENNZE:GNENZE:MCYNZE:MEL
Asia

NZX Biggest Losers

Here are the NZX-listed companies with the biggest losses on Friday.Vista Group International (NZE:VGL): -3%, NZ$2.26Briscoe Group (NZE:BGP): -2%, NZ$4.40Turners Automotive Group (NZE:TRA): -2%, NZ$8.41Millennium & Copthorne Hotels NZ (NZE:MCK): -2%, NZ$3.04Port of Tauranga (NZE:POT): -2%, NZ$8.18South Port New Zealand (NZE:SPN): -2%, NZ$8.83Seeka (NZE:SEK): -2%, NZ$5.04Scales Corporation (NZE:SCL): -1%, NZ$5.95Meridian Energy (NZE:MEL): -1%, NZ$5.84Napier Port Holdings (NZE:NPH): -1%, NZ$3.61

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Asia

Meridian Energy Launches 500th Electric Vehicle Charge Point in New Zealand

Meridian Energy (NZE:MEL, ASX:MEZ) launched its 500th electric vehicle charge point in New Zealand as part of its commitment to roll out a further 900 public charge points through to 2030, the power company said in a statement on Wednesday.The company has opened 120 charge points since November and 18 this month alone.It is planning to launch more charge points in the central and upper North Island and South Island, per the statement.Meridian Energy's shares fell nearly 2% in recent Wednesday trade in New Zealand and Australia.

ASX:MEZNZE:MEL

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