Biggest power company, Meridian Energy, increases profit 51% [Video]

The country’s biggest power company, Meridian Energy, increased its profit by 51% to $201 million in the six months to the end of December.

Meridian’s operating profit, which can be a better guide to companies’ underlying performance, rose by a more modest 7.9% but still confirmed the second half of last year as a good one for the country’s three majority state-owned generation and retail businesses.

Mercury Energy last month reported an 86% rise in its operating profit for the period while Genesis increased its interim operating profit by 42%.

However, Mercury’s net profit was lower than in 2021 when it was boosted by a large one-off gain from the sale of its stake in its Australian wind farm business, Tilt Renewables.

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