Meridian Energy Limited · NZX:MEL
Meridian Energy — Investor Presentation (2019)
9 slides from Meridian Energy's investor presentation, 2019
Slide 1: Meridian Energy Limited Management Presentation
MERIDIAN ENERGY LIMITED MANAGEMENT PRESENTATION Meridian Energy Limited Management Presentation 1
Slide 2: About Meridian Energy
ABOUT MERIDIAN ENERGY New Zealand’s largest generator, all production from renewable sources Seven big hydro stations – flexible plant with the country’s largest storage; low operating costs and capital needs Five New Zealand wind farms and proven success operating in a high wind environment
Slide 3: Shareholder Highlights
SHAREHOLDER HIGHLIGHTS Five successive years of earnings and EBITDAF $M dividend growth since listing 700 Double digit shareholder returns every year 657 666 since listing 650 650 High free cash flow, high payout ratio (75- 618 90% of that free cash flow), progressive 600 585 ordinary dividend
Slide 4: Operating Update
OPERATING UPDATE Wholesale prices have reflected ongoing MERIDIAN'S AVERAGE GENERATION PRICE* $/MWh gas supply concerns 300 285 Combined with recent high inflows, has 250 produced very favourable 2H FY19 trading 200 171 157 153 conditions 150 149 128 125127 96 99 100 Solid customer growth in N
Slide 5: Climate Change
CLIMATE CHANGE We have seen No significant change to catchment inflows over the last 100 years Some seasonal shift in inflows; drier autumns, wetter summers Snowpack and glaciers getting smaller It is projected to get Genesis Energy’s Tekapo B power station Wetter in our catchments, includin
Slide 6: The New Zealand Electricity Market
THE NEW ZEALAND ELECTRICITY MARKET Demands for action on climate change are NZ 2016 SECTOR EMISSIONS growing and the New Zealand regulatory 3% 5% landscape is changing Electricity 6% The country is committing to reducing all Road transport 17% non-methane emissions to net zero by Stationary ener
Slide 7: The New Zealand Electricity Market
THE NEW ZEALAND ELECTRICITY MARKET Further thermal and older renewable plant PLANT RETIREMENT SCHEDULE MW closures or repowering are inevitable 500 450 Closures will require new generation and 400 capital spend, adding to growth and in 350 addition to decarbonisation 300 250 Unit costs of newe
Slide 8: Meridian's Investment Proposition
MERIDIAN’S INVESTMENT PROPOSITION Strong free NZ retail cash flow load Long term Retail Capital Low capital sustainable platform management needs business changes Potential Income Growth Flux High free Medium Progressive Powershop cash flow term new ordinary DPS franchise payout generation into the
Slide 9: Disclaimer
DISCLAIMER THE INFORMATION IN THIS SECURITIES AND MAY NOT BE RELIED PRESENTATION WAS PREPARED BY UPON IN CONNECTION WITH ANY MERIDIAN ENERGY WITH DUE CARE AND PURCHASE OF MERIDIAN ENERGY ATTENTION. HOWEVER, THE SECURITIES. INFORMATION IS SUPPLIED IN SUMMARY THIS PRESENTATION CONTAINS A FORM AND IS T