Meridian Energy committed NZD 510 million for Meridian Energy stock value

Published on 10/13/2026 at 06:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Waitaki capacity will rise from 105MW to 120MW by 2036. For Meridian Energy stock this means NZD 370-410 million of fiscal 2027 capex guidance.

Key points in brief

Meridian Energy committed up to NZD 510 million to upgrade the Waitaki Power Station.
The project is scheduled to lift available capacity from 105MW to 120MW by 2036.
The company reported NZD 810 million in operating cash flow for fiscal 2026.
Meridian Energy's annual shareholder meeting is scheduled for October 20, 2026.

Meridian Energy, NZMELE0002S7, Illustration mit AI erstellt.

Meridian Energy committed up to NZD 510 million to rebuild the Waitaki Power Station, a project designed to lift available capacity from 105MW to 120MW by 2036. According to Meridian Energy on September 30, 2026, the investment will replace seven turbines and generators and modernize 21 headgates.

What the upgrade means for capacity

The Waitaki project is scheduled for completion by 2036 and will classify 85 percent of the spending as repowering capital expenditure, with the remaining 15 percent treated as growth capital expenditure. The station will continue operating during the work, with outages planned around the construction program.

Meridian's revised total capital expenditure guidance for fiscal 2027 remains NZD 370 million to NZD 410 million, including NZD 110 million to NZD 120 million of stay-in-business spending and NZD 220 million to NZD 250 million of growth spending, according to Meridian Energy on September 30, 2026.

Three milestones shape the story

On August 26, 2026, Meridian reported NZD 810 million of operating cash flow for fiscal 2026, compared with NZD 318 million in fiscal 2025, according to its investor center. On September 30, 2026, it announced the NZD 440 million to NZD 510 million Waitaki investment. On October 5, 2026, a corporate governance presentation outlined the company strategy while reaffirming Meridian's 100 percent renewable generation model, according to Meridian Energy.

Dates for shareholders

Meridian's 2026 annual shareholder meeting is scheduled for October 20, 2026, according to NZX. A company-backed community decarbonization fund is scheduled to notify applicants on November 13, 2026, after a panel meeting on November 5, 2026, according to Scoop on October 5, 2026.

Waitaki adds long-term execution risk

The investment increases available capacity by 15MW, while the 85 percent repowering share directs most spending toward extending an existing asset rather than adding a new station. For Meridian Energy stock, the key measurable test is whether the upgrade supports reliability and flexible output while fiscal 2027 capital spending remains within the NZD 370 million to NZD 410 million range.

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