Meridian Energy

• Official Name & Registration: Meridian Energy Limited (NZ Company No. 938552) – registered on 16 December 1998 as a New Zealand limited company under the state-owned enterprises reform. Its New Zealand Business Number (NZBN) is 9429037696863.

• Company Status & Type: Mixed-Ownership Model (Public) – Originally 100% state-owned, Meridian became a mixed-ownership publicly listed company in 2013. The NZ Government retains majority control (51% shareholding) by law. Meridian’s shares trade on the NZX (ticker: MEL) and ASX (ticker: MEZ).

• Founding & Origins: Established 1998–1999 during the break-up of the Electricity Corporation of NZ (ECNZ) as part of electricity market reforms. Meridian took over ECNZ’s Waitaki River and Manapōuri hydro power assets upon inception. Initially a state-owned enterprise, it was partially privatised in October 2013 under the Fifth National Government’s asset sales programme.

• Headquarters & Contact: Headquartered in Wellington, New Zealand (33 Customhouse Quay). Public contact details include Freephone 0800 496 496 and email info@meridianenergy.co.nz.

• Ownership & Shareholding: 51% Crown-owned (New Zealand Government holds a majority stake via the Minister of Finance and Minister for State-Owned Enterprises). The government’s 51% single-shareholder stake gives it effective control over major decisions. The remaining ~49% is held by private and institutional investors – notably ~36% by individual retail shareholders and the rest by institutions (e.g. NZ Super Fund ~1% stake). No other single shareholder holds more than a few percent.

• Board of Directors: Meridian’s board comprises entirely non-executive directors (no current politicians). Mark Verbiest – Chair since 2019 (former Telecom NZ executive; has chaired Transpower and was on a Treasury advisory board). Other independent directors include Julia Hoare (Deputy Chair; former PwC partner; chairs Auckland Airport and Port of Tauranga), Michelle Henderson (engineer; ex-Rio Tinto NZ, director at South Port NZ), Nagaja Sanatkumar (technology executive; also director of ANZ Bank NZ), Tania Simpson (governance consultant; former director of Mighty River Power; former Reserve Bank board member), Graham Cockroft (former Contact Energy CFO; director of AGL Energy Australia), and David Carter (engineer, not the former MP, joined 2023; Executive Chair of engineering firm Beca). The board’s mix of corporate and public-sector experience reflects Meridian’s dual commercial and public-interest role.

• Executive Leadership: Neal Barclay – Chief Executive Officer (CEO) since 2018. Barclay has worked at Meridian in senior roles since 2008 and publicly positioned Meridian on industry issues (e.g. calling out unfair pricing practices). Jason Woolley – General Counsel & Company Secretary (leads legal, regulatory and government relations). Other executives include a Mike Roan - Chief Financial Officer, Guy Waipara – GM Development (oversees new projects and stakeholder consents), Claire Shaw – GM Corporate Affairs & Sustainability (leads public relations and sustainability initiatives), among others. Meridian does not appear to employ any former politicians in management; its government engagement is managed by in-house legal/regulatory staff rather than external lobbyists.

• Group Structure & Subsidiaries: Meridian is the parent of several subsidiaries and related entities. Key active subsidiaries include Dam Safety Intelligence Ltd (a consulting arm for dam management) and Flux Federation (an energy retail software company). Powershop – Meridian’s online electricity retail brand – operated as a subsidiary in NZ (now integrated into Meridian’s retail operations). Meridian’s former Australian subsidiary (Meridian Energy Australia, operating Powershop Australia and renewable generation assets) was sold in January 2022 to a consortium of Shell and Infrastructure Capital Group for A$740 million. (Meridian exited direct operations in Australia with that sale.) The company also maintains Meridian LTI Ltd as a trustee for employee share schemes. No complex cross-shareholdings are evident; Meridian is the ultimate holding company of its group.

• Sector & Activities: Meridian is a vertically integrated electricity generator and retailer, focused on renewable energy. It is New Zealand’s single largest electricity generator by volume – providing ~35% of the nation’s electricity in 2014 – exclusively from renewable sources (hydro and wind). It operates seven major hydro power stations (including the Manapōuri and Waitaki hydro schemes) and multiple wind farms across NZ. On the retail side, Meridian (including its Powershop brand) supplies power to residential, business, and agricultural customers nationwide, with about 14% retail market share as of 2015. The company positions itself as 100% renewable, with no ownership of fossil-fuel generation.

• Major Customers & Partnerships: Meridian’s largest single customer is the New Zealand Aluminium Smelter (NZAS) at Tiwai Point, owned by Rio Tinto. NZAS consumes ~12–14% of NZ’s electricity and is supplied under a long-term contract with Meridian’s Manapōuri hydro station. This contract is economically critical for Meridian and has been renegotiated multiple times. The current agreement keeps NZAS open until at least end of 2024. Meridian has also partnered with Contact Energy to explore a potential green hydrogen plant in Southland as a future alternative off-taker for Manapōuri power should the smelter close. Other significant industrial clients include NZ Steel (Glenbrook Mill) and large corporates; Meridian is also a supplier to many government departments via all-of-government electricity contracts (by virtue of being a major retailer).

• Political Donations: None (Company Policy) – Meridian publicly states that it “does not make donations to political parties”. Its Board must approve any political donations, and in recent years none have been reported. Reviews of electoral donation records show no direct contributions from Meridian Energy Ltd to any political party. (Meridian focuses its donations on charitable and community causes – e.g. ~$1.1 million donated to community and environmental programmes in FY2020 – and explicitly avoids partisan funding.) There is no evidence of Meridian sponsoring political parties’ conferences or campaign events. If any Meridian executives have made personal political donations, these are not attributed to the company.

• Industry & Lobby Associations: Meridian is a member of multiple industry bodies that engage in lobbying and policy influence on its behalf. It is a core corporate member of the Electricity Retailers’ Association of NZ (ERANZ), which lobbies on retail market policy (Meridian’s CEO was ERANZ chair in earlier years). It’s also listed as a member of BusinessNZ’s Major Companies Group and the BusinessNZ Energy Council, aligning Meridian with the main business lobby federation. Through these groups Meridian collectively advocates on energy, climate, and economic policy. Meridian’s CEO Neal Barclay is on the Steering Group of the Climate Leaders Coalition (a corporate climate-action alliance), signaling Meridian’s commitment to influence climate policy. The company also engages with the World Energy Council via BusinessNZ Energy Council membership.

• Government Engagement & Lobbying: Meridian primarily conducts government relations in-house. Its General Counsel’s team handles “legal, government relations and regulatory functions”, and Meridian’s staff regularly participate in policy consultations. The company frequently makes formal submissions to Government and Parliament – e.g. on electricity market regulation, climate change policy, resource management reforms, etc.. Senior Meridian executives meet with ministers and officials as needed; for example, in December 2022 Meridian’s CEO and Chair met with Energy Minister Megan Woods and Finance Minister Grant Robertson at Parliament to discuss industry matters. Meridian is known to lobby against proposals it views as adverse – for instance, it strongly opposed the 2013 Labour/Greens “NZ Power” single-buyer proposal which threatened to undermine its business model. Instead of hiring external lobby firms, Meridian tends to leverage industry associations and direct dialogues with policymakers (facilitated by its part-government ownership status). No external lobbying consultancy on retainer is disclosed, and no revolving-door lobbyists are evident on staff.

• Political Connections & Revolving Door: Meridian’s governance shows some crossover with government roles, though no sitting politician is involved. As a majority Crown-owned company, Meridian’s board appointments are effectively approved by the government of the day (the shareholding Ministers vote the Crown’s 51% stake). Several directors have held public appointments: Chair Mark Verbiest previously sat on the NZ Treasury’s Advisory Board and chaired state-owned transmission grid operator Transpower ; director Tania Simpson was a government appointee to the Reserve Bank board (2016–2021). These roles indicate access to high-level public sector networks. Former Meridian Chair Chris Moller (2009–2019) was later appointed Chair of NZ Transport Agency by the government, exemplifying the revolving door between top state sector roles and Meridian’s leadership. However, no former Ministers or MPs currently serve on Meridian’s board or executive. Meridian’s internal Government Relations Manager (a role held by staff like Mary Ann Mitchell in prior years ) serves as a point of contact with officials, sometimes coming from public service background, but such staff are not public figures.

• Major Government Interactions: Meridian is directly affected by government policy and maintains active dialogue with officials. It has been involved in Electricity Authority (EA) and Commerce Commission proceedings on market rules. Government-commissioned reviews – e.g. the 2018–2019 Electricity Price Review – scrutinised Meridian and peers over high retail prices and prompted changes (like ending prompt-payment penalties). Meridian’s CEO engaged with Ministers during that process. The company also relies on regulatory decisions (e.g. EA’s Transmission Pricing Methodology reform) to reduce costs for the Tiwai smelter – Treasury briefings show Meridian negotiated price concessions for NZAS and anticipated government/EA help on transmission charges. Cabinet ministers have weighed Meridian’s interests in policy decisions due to its part-Crown ownership; for example, Meridian’s concerns were represented when the Government in 2021 considered options to keep the smelter running longer (balancing jobs vs. Meridian’s revenue). In short, Meridian enjoys a high level of access to decision-makers (regular meetings with energy ministers, consultation on energy strategy, etc.), reflecting its importance in NZ’s power system.

• Political Advocacy Record: Meridian has at times taken public stances on policy. It advocates for renewable energy expansion and strong climate action (aligned with its commercial interest in electrification). The company supported the Zero Carbon Act framework and Climate Commission budgets, urging ambitious emissions targets to drive electricity demand growth (electric vehicles, process heat conversion). Conversely, Meridian has opposed structural interventions in the electricity market: it was implicitly critical of the 2013 opposition plan for a single-buyer and, more recently, expressed skepticism about government building a giant “Lake Onslow” pumped hydro scheme (which Meridian sees as potentially undermining the market). Through ERANZ, Meridian helped lobby for a ban on win-back offers to preserve retail competition, aligning with smaller retailers on that specific consumer issue. The company’s influence efforts are thus a mix of self-interest (protecting its market position) and sector interest (promoting renewables and competition where it aligns with Meridian’s strategy).

• Controversies & Criticisms: Meridian has faced notable controversies affecting its public and political profile:

• Wholesale Market Manipulation (2019) – The Electricity Authority in 2020 found Meridian engaged in an “undesirable trading situation” by spilling water from its South Island dams in late 2019 instead of generating, which artificially hiked power prices. This manipulation was estimated to have cost consumers ~$80 million. Meridian avoided formal legal penalties but was required to forgo ~$11.3 million in revenue (with refunds to large users like NZAS and NZ Steel). The incident drew sharp criticism – rival retailer Electric Kiwi said Meridian “got off lightly” and called for breaking up gentailers’ dual roles. It also prompted heightened regulatory scrutiny of Meridian’s trading conduct.

• “Dirty Secrets” in Retail Pricing (Prompt Payment Discounts) – Meridian’s CEO Neal Barclay publicly admitted in 2018 that the industry’s use of prompt-payment “discounts” was effectively a late-payment penalty hurting vulnerable customers, calling it one of the industry’s “dirty secrets”. Meridian, 51% owned by the Crown, scrapped its prompt payment penalties in October 2018 following a Government review highlighting this problem. While Barclay framed Meridian’s move as ethical leadership, competitors accused Meridian of grandstanding (“unhelpful” according to Genesis Energy). The episode put political pressure on all retailers to drop these penalties, which they eventually did at the Government’s urging. It showcased Meridian leveraging moral suasion – arguably to pre-empt regulation – while also acknowledging past unfair practices.

• ASA Ruling on “100% Renewable” Advertising (2020) – In late 2020, Meridian was found guilty of greenwashing by the Advertising Standards Authority. The ASA upheld a complaint by Electric Kiwi that Meridian’s TV ad “For Power That Doesn’t Cost the Earth” misled consumers to think Meridian’s electricity was uniquely renewable. In reality, all retailers supply from the same grid mix. The watchdog agreed Meridian’s marketing was deceptive, and the ad was ordered off air. Meridian defended its intent but faced reputational damage for overstating its environmental purity. This incident highlighted the fine line in Meridian’s branding – as a 100% renewable generator – and drew political attention to truth in green marketing (important as NZ moves toward renewable targets).

• Excessive Profit and Pricing Allegations – Since partial privatisation, Meridian (like other “gentailers”) has been criticized for high profits at the expense of consumers. In 2015 the Green Party accused Meridian of “lining investors’ pockets” with bloated profits and special dividends while raising power prices and cutting solar buy-back rates. They noted Meridian announced a $625 million special dividend for shareholders post-IPO, even as households saw rising bills. More recently in 2023, a group of large industrial power users alleged Meridian and others have earned billions in “super-profits” due to insufficient competition. These claims fuel political calls for tighter regulation or even structural separation of generation and retail. Meridian rejects accusations of profiteering (it argues NZ power companies do not make excessive returns ), but the political risk of public anger at high electricity prices remains a constant backdrop to Meridian’s operations.

• Tiwai Point Negotiations & Environmental Liabilities – Meridian’s dealings with Rio Tinto over the Tiwai aluminium smelter have been politically contentious. In 2013, leading into Meridian’s float, the National-led government quietly paid NZ$30M to NZAS to encourage the smelter to stay open, stabilising Meridian’s value – a move criticised as a subsidy to Rio Tinto. In 2020, Rio Tinto again threatened closure; Meridian and the Government scrambled to offer concessions (e.g. lower power prices, transmission relief) to delay closure. Documents show Treasury believed Meridian offered a “super sharp” discounted deal to Rio Tinto in late 2020 to extend operations. While keeping Tiwai open saved jobs and revenue, it drew criticism that a big multinational leveraged political pressure on a partly state-owned company. Additionally, the smelter’s eventual closure will leave a costly toxic waste cleanup – an issue on which Meridian, as the power supplier, has lobbied the Government to ensure Rio Tinto meets its obligations. This saga illustrates Meridian’s complex role juggling commercial interests, political intervention, and environmental stewardship concerns.

• Regulatory and Legal Matters: Meridian operates in a heavily regulated sector. It is subject to oversight by the Electricity Authority (EA) for market behavior and the Commerce Commission for certain competition matters. Meridian has been involved in numerous EA consultations and was a party to high-profile EA investigations (e.g. the 2019 undesirable trading case above). It has not been convicted of any criminal wrongdoing. Legal challenges have occurred around its resource consents – notably, Meridian’s proposed Project Hayes wind farm in Central Otago was fought through the Environment Court and ultimately cancelled in 2012 amid environmental concerns. There was also a significant Treaty of Waitangi claim in 2012: Māori interests challenged the partial privatisation of power companies (including Meridian) on the basis of unresolved Māori water rights. The case went to the Supreme Court, which allowed Meridian’s share float to proceed in 2013, but with acknowledgment of the Crown’s duty to Māori (this remains a point of political sensitivity regarding water use rights).

• Financial Profile: Meridian is one of NZ’s largest companies by market capitalisation (approx NZ$10–13 billion in 2023). In FY2023, Meridian Energy Ltd’s underlying net profit after tax was around NZ$233 million, and it paid out substantial dividends (the Crown’s 51% share yielding tens of millions of dollars annually to the government’s coffers). Meridian’s revenues depend on wholesale electricity prices and retail margins; dry-year events or market shifts can significantly impact earnings. The company’s capital investments are focused on new renewable generation (e.g. building the $227 million Harapaki wind farm and a $>200m solar farm at Ruakākā ) to meet future demand and climate targets. Meridian’s financial clout (annual revenues ~$3.5B NZD, assets ~$8.7B ) underpins its influence – it can fund lobbying, sponsorships, and policy research to shape its operating environment.

• CSR, Sponsorships & Community Influence: Meridian brands itself as a responsible corporate citizen, aligning its image with environmental sustainability and community support – which also helps bolster its political goodwill. It is a founding sponsor of the Kākāpō Recovery Programme (for NZ’s endangered parrot) and supports conservation projects like Project River Recovery in the Waitaki basin. Through its “Power Up” community fund, Meridian distributes grants in regions near its wind farms and hydro stations, an effort that ingratiates the company with local communities (and local politicians) affected by its projects. It also partners with schools and NGOs on environmental education. While these sponsorships are philanthropic, they also serve a strategic purpose: building Meridian’s social license to operate and soft influence. There is no indication Meridian engages in astroturfing or deceptive front groups in NZ’s policy debates. Its advocacy is generally out in the open, often couched in terms of public good (renewable energy, climate action, fair pricing) that align with its business model.

• Ethical Considerations & Conflicts: Being majority state-owned yet profit-driven creates an inherent conflict of interest: the Government relies on Meridian’s dividends while also being responsible for ensuring fair power prices for consumers. This dual role has drawn comment – for instance, consumer advocates note the Crown has benefitted from high gentailer profits even as it laments energy hardship. Meridian’s leadership has to balance fiduciary duty to all shareholders with political/public expectations of ethical conduct. The company has a published Code of Conduct and touts values like transparency and “doing the right thing”. However, events like the ASA greenwashing ruling and the price-spike controversy have raised questions about Meridian’s ethical compass in practice. Another area of potential conflict is generation vs. environment: as Meridian pursues new wind and hydro developments, it must navigate environmental impacts and Māori iwi rights – tensions that can become political (e.g. water rights, landscape preservation). So far Meridian has managed these issues pragmatically, often working with iwi on project agreements. No major corruption or corporate governance scandals have been reported in Meridian’s history.

• Overall Transparency: Meridian, as an NZX-listed issuer, discloses considerable information in annual reports and sustainability reports. It reports lobbying-type activities in broad terms (such as policy submissions listed on its website), but like all NZ companies, it is not subject to any mandatory lobbying register. The Integrity Institute’s unofficial register listing (this report) is part of bringing Meridian’s political influence activities to light in a more structured way. Meridian’s dealings with ministers occasionally come to light via the Official Information Act – for example, OIA releases have revealed Meridian’s offers to Rio Tinto and its communications with Treasury. Such glimpses underscore the importance of transparency, given Meridian’s significant behind-the-scenes role in policy decisions that affect New Zealand’s energy future.

Sources:

[1] “Meridian Energy Limited (938552) – Companies Office,” Ministry of Business, Innovation and Employment, www.business.govt.nz (Retrieved 7 Sep 2014).

[2] “Meridian Energy Limited – NZX Company Profile,” NZX.com, https://www.nzx.com/companies/MEL (Shows government retaining 51% ownership after 2013 float).

[3] Bryce Edwards, “Integrity Briefing: The Silent Death of Lobbying Reform in NZ,” Democracy Project (Substack), 21 Feb 2025. (Discusses NZ’s lack of official lobby register and mentions influence of major corporates like Meridian).

[4] Simply Wall St News, “While individual investors own 36% of Meridian Energy Limited (NZSE:MEL), state or government are its largest shareholders with 51% ownership,” 5 Apr 2025, SimplyWall.st (Analysis of share registry).

[5] “Meridian Energy – Wikipedia,” Wikipedia.org, updated Oct 2023: Provides history, market share, and ownership details.

[6] Hamish Rutherford, “Meridian to be listed in October,” 3 News NZ (via Archive), 16 Sep 2013. (Details on asset sales program and IPO structure).

[7] NZ Companies Office records for Meridian Energy Ltd (Company No. 938552), MBIE Companies Register. (Registration date 16/12/1998, NZBN 9429037696863, entity type and status).

[8] “Meridian Energy Limited – Notice of Annual Shareholder Meeting 2022,” MarketScreener (Official publication), 6 Sep 2022. (Confirms company number and ARBN).

[9] Govt.nz Directory, “Meridian Energy Limited – Mixed ownership model companies,” Govt.nz, Oct 2017. (Govt contact details and noting Chris Moller as Chair at the time).

[10] Meridian Energy, “Board of Directors – Profiles,” MeridianEnergy.co.nz (Governance page), updated 2023. (Bios of Mark Verbiest, Julia Hoare, etc., including prior roles).

[11] Meridian Energy, “Executive Team,” MeridianEnergy.co.nz, 2023. (Profiles of management; notes that General Counsel Jason Woolley oversees government relations).

[12] Advertising Standards Authority, Decision 20/575, 8 Dec 2020. (ASA ruled Meridian’s “Power that Doesn’t Cost the Earth” ad was misleading by implying its energy was uniquely renewable).

[13] Tom Pullar-Strecker, “Meridian ad ordered off TV over misleading environmental claims,” NZ Herald, 9 Dec 2020. (Electric Kiwi’s ASA complaint upheld; Meridian had to pull TV ad).

[14] Jenny Keown, “Electric Kiwi lays complaints against Meridian Energy,” NZ Herald, 20 Nov 2020. (Describes Electric Kiwi accusing Meridian of misleading advertising and pricing conduct).

[15] Otago Daily Times, “Meridian boss lifts lid on ‘dirty secrets’ in power industry,” 8 Oct 2018. (CEO Neal Barclay criticises prompt payment “penalties” as unfair, announces Meridian scrapping them).

[16] RNZ News, “Meridian spilled water to hike electricity prices – Authority ruling,” 30 Jun 2020. (EA’s preliminary decision finding Meridian’s actions created an $80m cost to consumers; undesirable trading situation).

[17] RNZ News, “Meridian, Contact facing hefty bills, consumers to get refunds after ‘undesirable trading situation’,” 11 Mar 2021. (EA proposes $11.3m cost for Meridian, mostly benefiting major users like Tiwai with refunds).

[18] RNZ News, “Electricity consumers paid $70m more than needed last December – regulator,” 22 Dec 2020. (EA confirms consumers overpaid due to generators spilling water, foreshadows settlement).

[19] Newsroom, “Govt doubles smelter’s carbon subsidy to $75m, overriding officials,” 1 Feb 2021. (Reveals Cabinet increased free carbon credits for NZAS, indicating political moves to reduce smelter costs).

[20] New Zealand Treasury, “Issues and options relating to the NZ Aluminium Smelter closure” (Treasury Report T2020/2559), 22 July 2020 (released under OIA Mar 2022). (States Meridian offered NZAS a more attractive electricity deal and expected transmission cost relief).

[21] Election 2014 policy debate coverage: ODT, “First Meridian report indicates ‘good start’,” 26 Feb 2014. (Notes Meridian’s special dividend and commentary on Labour’s NZ Power proposal impact on Meridian).

[22] Gareth Hughes (Green Party), “Meridian privatisation lines pockets of investors,” greens.org.nz, 18 Feb 2015. (Green Party press release criticizing Meridian’s price rises and $625m in special dividends post-privatisation).

[23] Electric Kiwi Times (company blog), “Making things better – Meridian greenwashing ad,” 2021. (Electric Kiwi describes how Meridian’s ad misled consumers and was taken down by ASA).

[24] Stuff.co.nz, “Major power outage 9 August 2021 – report,” 2021. (Incident where insufficient generation reserve led to outages; Electric Kiwi lodged complaint against gentailers for failing to supply demand).

[25] BusinessNZ Energy Council, “Our Members,” bec.org.nz, 2023. (Lists Meridian Energy as a member of the BEC, a lobby group working with government on energy strategy).

[26] Meridian Energy Ltd, Integrated Annual Report 2020, Aug 2020, p.112. (States total donations ~$1.108m in FY20 and “Meridian does not make donations to political parties” in corporate governance disclosures).

[27] Meridian Energy Ltd, Integrated Report 2023, Aug 2023. (Highlights Meridian’s climate initiatives, stakeholder engagement, and mentions of no political contributions policy).

[28] Minister Megan Woods – Diary Summary December 2022 (released on Beehive.govt.nz). (Entry for 14/12/2022: Meeting with Meridian Energy – Hon Robertson, Neal Barclay, Mark Verbiest).

[29] Electricity Authority, “Investigation into Meridian and Contact’s hydro spill 2019,” Market Briefing, 2020. (Details on undesirable trading situation outcome and rule changes in response).

[30] RNZ, “Unchecked industry lobbying needs regulating, say ex-politicians,” 14 Mar 2023. (Mentions calls for a lobbying register and cites energy as a sector with powerful lobbying).

Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz