Meridian Energy targets 5.9GW renewables, outlines executive pay

Meridian Energy's 2025 corporate governance presentation highlights a strategic focus on expanding its renewable generation capacity, with a target of 5.9GW (13.9TWh) of development options. This includes 3.0GW already secured and 2.9GW in advanced prospects across wind, solar, and battery storage projects. The company aims to accelerate New Zealand's decarbonisation through large-scale energy projects, grow system flexibility, and secure long-term access to water. The presentation also details the government's review of the electricity sector, including delivering an LNG import facility and enabling mixed ownership model companies to raise equity.

The board of directors comprises eight members, with Tania Simpson chairing the people, remuneration and culture committee, and Mark Verbiest chairing the audit and risk committee. Executive remuneration for FY25 for Neal Barclay showed a total fixed remuneration of NZD $1,490,320, with no short-term incentive payment due to financial measures being below the minimum threshold. For incoming chief executive Mike Roan in FY26, the total remuneration package is projected at NZD $2,542,446, including a base salary of NZD $1,123,870 and an assumed target for variable incentive remuneration.

Meridian's FY26 executive scorecard outlines key objectives, including growing renewable generation (25% weighting) and delivering cleaner, cheaper energy (20% weighting). These objectives are measured by milestones such as Waitaki consent, Manapōuri re-consenting strategy, and the migration of customers to a new retail platform. The company also emphasizes improving diversity, lifting Māori representation, and achieving World Index category in Dow Jones Best-in-Class index under its "grow capability and culture safety" objective.