Meridian Energy Limited (MEZ.AX) Stock Analysis & Winston Score

Meridian Energy is a New Zealand electricity company that generates power almost entirely from renewable sources, mainly hydro dams and wind farms. It sells electricity to homes, businesses, and farms across New Zealand, and also owns the Powershop retail brand. Meridian is the largest renewable electricity generator in New Zealand by output. The company makes money by generating electricity and selling it directly to customers through retail contracts, as well as selling wholesale power into the grid. It operates primarily in New Zealand, with some wind energy assets in Australia, and earns roughly NZD 3–4 billion in annual revenue. Its main competitive advantage is its large portfolio of hydro assets, which have low running costs and are difficult to replicate. The key risk is that hydro generation depends heavily on rainfall, meaning dry years can significantly reduce output and squeeze margins.