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Highlights
- New Zealand has a target to become carbon neutral by 2050.
- Meridian Energy finalised the sale of its Australian business to an association of Shell Energy Operations Pty Ltd for AU$740 million.
- MCY lowered its FY22 EBITDAF forecast from NZ$590 million to NZ$570 million.
Climate change is one of the most defining issues faced by the world and is impacting every country. Countries are taking significant actions to lower greenhouse gas emissions that are affecting the climate.
New Zealand has a target to become carbon neutral by 2050. However, the country has been dependent on the mitigation capability of land use and the forestry sector to reach its target rather than aiming for reducing emissions from high-emission sectors.
Let’s take a peek into the performance of these 4 NZX-listed utilities.
Image source: © 2022 Kalkine Media®, Data source- Refinitiv
Contact Energy Limited (NZX:CEN, ASX:CEN)
Contact Energy, a major privately held energy retailer and distributor, recently published its operating report for December. In December 2021, CEN's client business reported 288 GWh of mass market electricity and gas sales, up from 286 GWh in December 2020.
CEN's wholesale business recorded contracted wholesale electricity sales of 644GWh in December last year, up from 582GWh in December 2020.
CEN ended the day 0.26% in green to close at $7.85.
Meridian Energy Limited (NZX:MEL, ASX:MEZ)
Meridian notified on Tuesday that it had finalised the sale of its Australian business to an association of Shell Energy Operations Pty Ltd for AU$740 million.
DO READ: What is Meridian Energy Limited’s (NZX:MEL) latest sale all about?
The Group also confirmed that the deferral of the Potline 4 deal, which occurred between Meridian and New Zealand Aluminium Smelters Limited, has been extended up to and including 31 May 2022.
MEL ended the day 3.21% in green to close at $4.5.
Mercury NZ Limited (NZX:MCY, ASX:MCY)
Mercury released its quarterly operational update on 28 January 2022. Due to low inflows and hydro storage management, MCY's hydro generation remained steady at 929GWH in the quarter relative to pcp.
ALSO READ: How are 4 NZX energy stocks doing amid NZ’s green energy initiatives?
Group's average spot prices declined for the quarter to NZ$77/MWh and NZ$60/MWh at Otahuhu and Benmore, respectively, due to significant hydro storage in Q2 FY22.
MCY lowered its FY22 EBITDAF forecast from NZ$590 million to NZ$570 million.
MCY ended the day flat to close at $5.55.
Genesis Energy Limited (NZX:GNE, ASX:GNE)
Genesis announced on 28 January that it had chosen its 2047 Capital Bond (GN040) as a Green Capital Bond associated with the Green Bond Principles 2021 and the Climate Transition Finance Handbook. This takes total green bonds on issue to $325 million.
ALSO READ: Can these penny stocks under 50 cents also provide growth--BLT, GEN, NWF, GEO, CBD?
GNE also converted a further $90 million of its revolving bank facilities with the Bank of New Zealand and $60 million with MUFG Bank Ltd to sustainability linked loans, taking total loans to $250 million.
GNE ended the day 2.62% in green to close at $2.74.
Bottom Line
Climate change is a major risk to the NZ economy, environment, and daily lives. NZ has introduced many policies to lower emissions and to avoid the worst impacts of global warming on the country.
(NOTE: Currency is reported in NZ Dollar unless stated otherwise)
