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Highlights
- Meridian Energy selects Kraken for major tech transformation
- New billing system aims to support retail innovation
- Customer growth follows tech-led retail reset
Meridian Energy (ASX:MEZ), a key player among the ASX200 stocks, has announced a strategic technology partnership with UK-based Kraken to power its retail transformation. The agreement sees Kraken becoming the core technology provider for Meridian’s retail operations, which serve around 400,000 homes and businesses through the Meridian and Powershop brands.
This partnership is set to deliver a sophisticated billing platform as part of a broader technology overhaul to support the company’s evolving retail strategy. The new system will replace the one currently maintained by Meridian’s subsidiary, Flux, with a phased migration starting in July 2025. The transition is expected to be completed within a year.
Flux will continue supporting the current platform during the migration phase, after which Meridian will evaluate the subsidiary’s long-term future. Recently, Flux underwent an internal restructuring, trimming its workforce from 121 to 68 to better align with its refined focus on New Zealand and Australian markets. The transition also includes leadership changes, with interim CEO Bharat Ratanpal set to return to his role as Chief Information Officer at Meridian on 1 July 2025.
Kraken brings a strong track record, having successfully migrated numerous major energy providers using its proprietary technology. This expertise will be instrumental in helping Meridian achieve its digital transformation goals.
Following a strategic retail reset in late 2024, Meridian introduced new offerings such as Smart Hot Water, Smart EV Charging, and a Four Hours Free Plan. These initiatives have contributed to an 8% increase in customer numbers since June 2024—an encouraging sign of growing consumer engagement.
Lisa Hannifin, Chief Customer Officer at Meridian, highlighted that technology is at the heart of their customer value strategy. She noted that Kraken’s experience in the energy sector and capability in areas like artificial intelligence make it a strong fit to help the company innovate and streamline energy delivery.
Mark Soper, Kraken’s Managing Director for APAC, called the partnership a milestone, particularly in a market like New Zealand, known for its forward-thinking energy approach.
As Meridian moves forward with this digital upgrade, the company is aligning itself with broader themes in the market, such as innovation within ASX dividend stocks and customer-focused technological evolution—hallmarks of strong contenders in the ASX200.
This development marks a pivotal shift in how Meridian positions itself in the competitive energy landscape, with customer-centric technology at the core of its retail strategy.
