Renewing
Our Future.

Meridian Energy Limited Integrated Report 2020

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    Printed Report

    Download a printable pdf version of the full Integrated Report (PDF 9.2MB)

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Renewing
Our Future.

Meridian Energy Limited Integrated Report 2020

  • Cover of full report

    Printed Report

    Download a printable pdf version of the full Integrated Report

The world has changed for all of us this year.

The world has changed for all of us this year. Climate action is more important than ever.

This year global issues have grabbed everyone’s attention. The significant scale and impact of the fires in Australia highlighted the need for action on climate change. Protests in the United States have drawn global attention to racial inequality. And the global COVID-19 pandemic has exacerbated existing inequality and political tensions in many countries, overwhelming public health systems and wreaking havoc on local and regional economies. All three have highlighted the threat levels and complexities that humanity now faces.

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Let’s make changes for the world together

Focusing on what’s important

We rely on the effective management of a wide range of resources including our physical assets, our technology platforms, our financial capital, our people and their knowledge, our many relationships and the natural resources we use to generate electricity and value.

We want to report openly, responsibly and objectively on how the resources we've utilised and the decisions we've made have delivered positive changes for the future.

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What We Do

Our Business

We own hydro power stations and wind farms that generate the electricity we sell into the wholesale market. We also purchase back electricity from the wholesale market to sell directly to customers through our Meridian and Powershop brands in Australia and New Zealand.

Video quicklinks

What matters to us and our stakeholders

Material Topics
Stakeholder Interests
Key Stakeholders
Financial performance
Climate action
Putting customers first
Responsible generation
Great place to work

Directors’ statement

Our commitment to effective governance

This integrated report has been prepared using the International Integrated Reporting Council’s Integrated Reporting Framework. The Board has established processes to ensure the quality and integrity of this integrated report and has entrusted Management with preparing and presenting it accordingly.

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How we create value

As a vertically integrated company, it’s important that the different parts of the business work together to achieve our overall goals.

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Neal Barclay Chief ExecutiveMark Verbiest Chair

Chair and CEO Review

Successfully navigating a range of challenges

Meridian’s commitment to our purpose of Clean Energy for a Fairer and Healthier World continues to be the number one driver of all our business decisions, and being closely aligned with this purpose in FY20 was more important than ever.

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  • Neal Barclay signature

    Neal Barclay Chief Executive

  • Mark Vervies signature

    Mark Verbiest Chair

Championing Change

We operate in two markets with quite different characteristics. The New Zealand market draws on largely renewable energy sources, while the Australian market continues to lean heavily on fossil fuels.

Close up of hydro dam

Different market positions

A leader in one market; a challenger in the other

While both countries are currently making important changes to the ways their markets operate, our ability to influence those changes is differs between the two.

An aerial view of a car is running along the coast

Championing competitive markets

Supporting fairness and efficiency

While decisions don’t always go our way, we continue to advocate for changes to the market that deliver great outcomes for market participants, customers and the environment.

A happy little girl is playing under the rain from exterior shower

Advocating for climate policy

Leadership means speaking up when it counts

Being a 100% renewable energy company is great but it’s not enough. We’re taking action in our business, working with our customers, our suppliers and our people to help effect change.

An electric car is charging at Meridian EV charging station

Investing in net zero carbon starts now

Reducing our own carbon footprint

In FY20 our actions ranged from planting trees and electrifying our fleet to once again reporting on how climate change impacts our business.

A man is running marathon over the hill with a blurred image of wind turbine behind

Power to make a difference

Working with our customers to take action

From Renewable Energy Certificates to solar and electric cars, there’s a growing energy for change and a real sense of momentum in our work with customers.

Kids in school uniform

Putting our customers first

Energy hardship intensifies during a pandemic

During the COVID-19 pandemic and in the months and years of impact ahead, we’ll continue to put our energy and focus into supporting customers who experience financial hardship to keep the lights on and their houses warm.

Optimising Our Relationships

As a business we engage with a wide range of stakeholders across New Zealand and Australia. Strong relationships not only help our business to grow and prosper, they also enable us to explore new ways to renew the future.

A wind turbine in the sun rise

Building a balanced culture

We want our people to feel they belong

In a year that tested our people, engagement held up very well. However, we’re not making the progress we’d like on gender diversity.

Little girl in raincoat playing in the rain

The future of our workforce

Bringing through the best people

The workforce of tomorrow will look very different from our current ranks. Our search for the best people we can attract takes many forms.

A group meridian engineer is fixing a wind turbine

Keeping our people safe

Refining our approach to safety

Incidents in the past two years have prompted us to examine and evolve our approach to safety across our business.

A hydro dam

Asset optimisation

Getting the most out of our assets

The reliability and availability of our wind and hydro generating assets is fundamental to our financial, environmental and safety performance. As we generate more than one third of New Zealand’s electricity the performance of our assets remains core to supporting the country’s economy and low carbon goals.

Men in conversation in front of computer screens

Maintaining open dialogue

Working with our partners for good

Access to water is vital for our business and for New Zealand’s aspiration of net zero carbon by 2050, but we recognise it’s also held dear by a wide range of other parties.

Two men are inspecting the water

Caring about the environment

Valuing the natural resources with which we work

Our social licence to operate relies on our demonstrating that we’re a responsible guardian of the natural elements on which we depend. In FY20 we published our internal guidelines on environmental management and biodiversity on our website and invited our stakeholders to give us feedback on our approach.

A little girl in purple coat with a view of a set of wind turbines

Assessing our financial performance

Strong inflows, disruptive outages

While inflows provided plenty of water in New Zealand, a planned transmission outage challenged us to manage our potential risks carefully.

Sizing up the years ahead

We’re proud to announce another record year in terms of financial results. However, the NZAS decision may see developments in New Zealand put on hold even while they continue at pace in Australia. We’ll continue to focus on growing our customer bases and guiding Flux to achieve its considerable potential.

Solar panels

New Zealand developments may pause

Supply and demand needs time to find a new level

In the short to medium term we expect to see some instability in the New Zealand market as dynamics adjust to the departure of NZAS and the running down of thermal capacity. We’ll continue to grow our connections with our customers.

A little kid is eating ice cream

Connecting with customers continues

Continuing to grow our customer bases

We continue to attract more people to our brands through the service and support we offer and the values our brands represent.