Meridian’s Manapouri power station, built to supply the Tiwai Point aluminium smelter, could soon be in need of new customers. Meridian Energy has reported a 48 per cent fall in its net profit to $176 million for the year to the end of June. The company’s revenues fell 2 per cent to $3.4b and its “underlying profit” was down 5 per cent at $313m. Smelter closure was probably inevitable some time in the next 10 years given its age, Meridian chief executive Neal Barclay says. Meridian shares fell 1.6 per cent to $5.04 when trading opened on the NZX in the wake of the result.

Source: Stuff August 25, 2020 20:54 UTC