0016 GMT - Meridian Energy's 1H result was ugly and its outlook for the rest of the fiscal year is deteriorating every week it doesn't rain, says Forsyth Barr. Meridian's 1H Ebitdaf of NZ$257 million was its lowest as a listed entity. Meridian held its dividend flat in response, missing Forsyth Barr's expectations of a moderate rise. Still, Forsyth Barr is confident its travails are a one-off. "The sector is more aware of the gas shortage issues and has put in place contingencies, including more coal, early use of NZAS demand response, and is seeking to unlock contingent hydro storage," analyst Andrew Harvey-Green says. NZAS refers to New Zealand Aluminium Smelters, which is run by Rio Tinto and accounts for some 13% of New Zealand's energy demand. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 26, 2025 19:16 ET (00:16 GMT)
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