Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Meridian Energy pays $300m dividend

Thursday 2 November 2006

Meridian Energy pays $300m dividend

State-owned electricity generator and retailer Meridian Energy has paid the Government a $300 million dividend for the 2005-06 year.

Chairman Wayne Boyd says the company’s recent excellent financial performance and its wish to maintain an efficient balance sheet make the dividend an appropriate step.

“We are pleased to deliver this dividend to our shareholder as a result of the company’s success and as a sign of its strong prospects for the future.”

The payment follows a special dividend of $800 million paid to the Government in May, largely the result of its highly profitable foray into Australia with the sale a year ago of its Southern Hydro assets.

Under Meridian’s Statement of Corporate Intent the company’s target dividend ratio is 65 percent of net profit after tax.

However Mr Boyd says Meridian is able to pay well in excess of that amount because of the exceptional results it achieved in 2005-06 and its commitment to make the best use of shareholder funds consistent with its obligation to be as efficient and effective as its private sector competitors.

“Meridian is a successful company in terms of the value it delivers both to its customers, and to its shareholders – all the people of New Zealand. We have kept our rate of price increase at close to the rate of inflation for the last two years, and our increases are among the smallest – if not the smallest – in the market.

“At the same time we have been able to deliver more than a billion dollars in dividends to New Zealanders. That is a record to be proud of.”

Despite the dividend payments, Meridian is still well able to support its commitment to New Zealand’s leading renewable generation development programme, with several wind and hydro projects either under construction, or at varying stages in the resource consent process.

These include the 58 megawatt (MW) wind farm at White Hill in Southland and the Manapouri refurbishment currently under construction, the 210 MW West Wind wind-farm proposal near Wellington which is still awaiting an appeal decision from the Environment Court, the 630MW Project Hayes proposal in Central Otago, and the 210-250 MW tunnel-based hydro concept for the north bank of the lower Waitaki for which water consents have been lodged.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news