Meridian unveils growth and investment plans at 2025 investor day

Meridian Energy hosted its 2025 investor day, detailing a robust strategic investment pipeline and an optimistic market price outlook. The company anticipates real prices of approximately NZD120-130/MWh in the North Island from FY28 for the next 15 years, driven by increased build costs and storable fuel access. Meridian aims to significantly expand its generation capacity, with projections indicating a need for 45% to 70% more generation than today.

Key projects in the pipeline include 592MW of wind and 2,540MW of hydro capacity, supported by 13,300GWh of energy sustained and an additional 80MW of hydro capacity. The company is also investing NZD55 million in a generation control system replacement and NZD111 million in Benmore penstock upgrades to enhance resilience. The retail division is scaling its "Hot Water Flex" product, generating NZD880,000 in customer credits and moving ~2,500MWh from peak periods.

Meridian is actively involved in new developments, with the Ruakākā Solar Farm (130MW, 230GWh) and Te Rahui Stage 1 Solar (200MW, 389GWh, 50% Meridian) currently under construction. Future projects like Mt Munro Wind (85MW, 360GWh) and Te Rere Hau Wind (170MW, 750GWh) are consented, with final investment decisions targeted for 2026. The company is also pursuing fast-track applications for Waiinu Energy Park and Western Bays Solar, aiming to add substantial new renewable energy capacity.