Electricity generation and electricity retailing company, Meridian Energy Limited (ASX: MEZ) on 9 April 2019, Paul Chambers who served the company for a period of 10 years as Chief Financial Officer decided to leave the organization. Mr Chambers had played an important part in the success of Meridian over a long time. His last working day was Friday, 12 April 2019.
On 29 April 2019 Meridian Energy Limited announced the appointment of Mike Roan as the Chief Financial Officer with immediate effect. Mr Chambers would be taking over the position of General Manager Finance and Strategy. While holding the position of General Manager Finance and Strategy, he would be responsible for the strategy, finance, as well as ICT roles at Meridian.
Mike Roan holds a master’s degree in finance. At present, Mike is holding the position of General Manager Wholesale Markets at Meridian. There will be an internal employment process to appoint the new General Manager.
On 11 April 2019, the company released its monthly operating report for March 2019.
In the month to 5 April 2019, Meridian Energy Limited reported a growth in the storage from 81 per cent to 105 per cent of the historical average. The South Island storage was reported at 109 % of average. On the other hand, North Island storage was reported at 67% of average on 5 April 2019. In the month of March 2019, the total monthly inflows were 136% of the historical average.
By the end of March 2019, the Waitaki catchment storage of Meridian Energy Limited was 107 per cent of its historical average. The storage in the Waiau catchment of MEZ was reportedly over its average at the end of March 2019.
There was also an increase in national electricity demand by 3.6% as compared to its previous corresponding period. As per the market data, March 2019 for New Zealand was second equal warmest March on record as many parts in New Zealand remained dry. However, in the western South Island, there was extremely heavy rainfall during 25 March 2019 to 27 March 2019.
New Zealand Aluminium Smelter’s load was below the contract level of 622 MW during March 2019. The March 2019 operating report also highlighted that the retail sales of Meridian Energy Limited were up by 21.4% as compared to its previous corresponding period.
In the previous six months, the shares of MEZ generated a decent return of 33.57%. The shares of MEZ are trading at A$3.840 on ASX (As at Tuesday 30 April 2019, AEST: 1:04PM) down by 1.285% as compared to its previous day’s closing price. Meridian Energy Limited holds a market capitalization of A$9.97 billion with approximately 2.56 billion outstanding shares and a PR ratio of 43.950x. The 52-week high price is A$4.090 and 52-week low price is A$2.674.