5 NZX energy stocks helping NZ achieve 2050 carbon neutrality goal

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 5 NZX energy stocks helping NZ achieve 2050 carbon neutrality goal
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  • New Zealand authorities have outlined a framework for the nation's commitments to become carbon-free by 2050.
  • Meridian Energy responds to EA’s Wholesale Market Review and looks forward to engaging with them for final recommendations.
  • Contact Energy considers offering green capital bonds of up to NZ$200 million.

The NZ Government has of late announced a new investment in line with its climate commitments of going carbon neutral by 2050.

The said framework which focuses on climate change commitments has been developed with the support of Crown Financial Institutions (CFIs), which would assist the investors in transforming their portfolios to zero-carbon levels.

Further, the Government has announced additional funds worth NZ$13.2 million for the public sector to purchase 127 EVs and replace carbon-emitting coal boilers with cleaner and greener alternatives.

With this backdrop, let us take a peek into the five NZ-listed energy stocks that would lend great support to the nation's climate change commitments.

NZX energy stocks- MEL, TPW, CEN, IFT, NWF

Image source: © 2021 Kalkine Media New Zealand Ltd, data source- Refinitiv

Meridian Energy Limited (NZX:MEL)

Meridian Energy Limited had recently responded to the Wholesale Market Review provided by the country’s Electricity Authority.

Earlier, EA stated that the last three years had increased wholesale electricity prices reflecting tight supply and demand conditions, with the scarcity of natural gas for electricity production.

Related Read: Which are the 10 most traded shares on NZX?

On the contrary, MEL is of the view that most of the household customers have opted for fixed-term plans, which safeguard them from price volatility.

Even if there is any effect on wholesale prices, it is short lived, whereas electricity retailers compete hard on prices so as to ensure that the customers are not affected by changes.

Moreover, MEL is reviewing EA’s consultation papers and is looking forward to deliberating on the same.

At the time of writing, on 29 October, Meridian Energy was up by 0.10% at NZ$4.985.

Trustpower Limited (NZX:TPW)

Trustpower Limited will host a webinar to unveil its half-year results ended 30 September.

The said webinar would take place on 8 November wherein both TPW’s Chief Executive as well as its CFO would talk about the Company’s interim performance.

At the time of writing, on 29 October, Trustpower fell by 1.35% at NZ$7.300.

Do Read: 5 NZX stocks with a healthy dividend yield

Contact Energy Limited (NZX:CEN)

Contact Energy Limited has announced that it was planning to offer unsecured green capital bonds of up to NZ$200 million to its NZ retail and institutional investors.

The funds thus obtained would be utilised for financing renewable generation assets. Further details on the same will be revealed by the Company.

At the time of writing, on 29 October, Contact Energy was falling by 0.49% at NZ$8.16.

Related Read: Do these 2 NZX midcap stocks have growth prospects in Q4?

Infratil Limited (NZX:IFT)

Infratil Limited had recently announced its intention to build Kao Data, a London data centre platform.

It will provide growth capital worth £120-130 million for the same.

As per Jason Boyes, Infratil’s CEO, Kao Data is of strategic importance as it would help IFT to expand its digital infrastructure portfolio.

On 29 October, at the time of writing, Infratil remained unchanged at NZ$8.255.

Interesting Read: What does Infratil’s (NZX:IFT) investment activity reflect?

NZ Windfarms Limited (NZX:NWF)

NZ Windfarms Limited has recently confirmed that its Chair, John Southworth had stepped down from his role.

Meanwhile, Christine Spring has taken the role of acting Chair.

The Company is actively looking for a suitable replacement and will provide an update on the same before the year-end.

At the time of writing, on 29 October, NZ Windfarms climbed 2.04% at NZ$0.25.

Bottom Line

The country's energy stocks are focused on providing affordable and cleaner electricity and are continuously working in line with the Government's guidelines for cleaner and greener Aotearoa.


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