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Highlights
- New Zealand boasts a well-established energy sector, where most of the helectricity is produced through renewable sources.
- Contact Energy announces few inclusions in its leadership team.
- Genesis Energy to hold its ASM towards October end.
New Zealand, an island nation, has most of its electricity generated through hydropower, while other sources like geothermal, solar, and wind make up for the rest.
Major companies supplying electricity across the country are Contact, Meridian, Genesis, Mercury, and Trustpower. They infuse power into the national electricity grid, with over 50 points located across the Kiwiland, owned, and managed by Transpower, which then supplies power to different parts of the country.
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Lately, Stats NZ has disclosed that electricity and gas supply touched a record high in the June quarter of 2021, with sales climbing to 32% in the said quarter, majorly driven by high electricity index prices.
Amid this background, let us look into the five NZX-listed energy stocks worth investing.
Contact Energy Limited (NZX:CEN; ASX:CEN)
First on the list is Contact Energy Limited, which is based in Wellington. Recently, the Company has announced few additions to its leadership team.
Iain Gauld and Tighe Wall, CEN’s Chief Information Officer and Chief Digital Officer, respectively, have now been included to its executive board.
At the time of writing on 10 September, Contact Energy rose by 0.74% at NZ$8.160.
Related Read: Is Contact Energy (NZX:CEN) government owned? Is it based in NZ?
Genesis Energy Limited (NZX:GNE; ASX:GNE)
Next, we would be looking at Genesis Energy Limited, which is headquartered in Auckland. GNE will organise its Annual Shareholder Meeting on 29 October, details of which will be communicated later.
Also, the director’s nominations should be sent latest by 17 September.
At the time of writing, Genesis Energy was decreasing by 0.30% at NZ$3.340, on 10 September.
Must Read: Genesis Energy (NZX:GNE): How is the Company tapping into solar power?
Mercury NZ Limited (NZX:MCY; ASX:MCY)
Another famous Auckland-based energy company is Mercury NZ Limited. Considering the prevailing COVID-19 situation across the country, Mercury has announced to hold a virtual Annual Meeting of its shareholders on 23 September.
Resolutions are intended to be passed for election as well as the re-election of directors, and to increase the total pool of the Company's directors' fees.
On 10 September, at the time of writing, Mercury NZ was trading down by 0.52% at NZ$6.645.
Related Read: Why are these 5 New Zealand Exchange stocks in the limelight?
Meridian Energy Limited (NZX:MEL; ASX:MEZ)
Coming up next is Meridian Energy Limited, with HQ situated in Wellington. The Company will hold an online Annual Meeting on 6 October, owing to uncertainties related to pandemic restrictions.
Apart from the re-election of directors, a resolution would be passed to increase the total annual pool pertaining to directors' fees by NZ$99,000.
At the time of writing, Meridian Energy was down by 0.87% at NZ$5.135, on 10 September.
Also Read: Are these the 5 most active stocks o/n NZX?
Trustpower Limited (NZX:TPW)
Last on the list is Trustpower Limited, which is based in Tauranga. Recently, the Company advised to organise its Annual Meeting entirely online in the third week of September, which otherwise, was earlier stated to be joined either in person or virtually.
Shares of Trustpower declined by 0.64% at NZ$7.710, at the time of writing, on 10 September.
Related Read: Which are the top 15 dividend stocks on NZX?
Bottom Line
Climate Change Commission has advised the nation to reduce its dependence on generating energy from fossil fuels, NZ’s energy companies are making many efforts to be more climate conscious, thereby helping the country reach its climate change goals.
