Meridian Energy chief executive Mark Binns said there had been progress over the past year on a number of issues affecting the NZ electricity market. Photo / Richard Robinson
Meridian Energy is looking at ways of returning an extra $625 million to shareholders.
Meridian, the country's biggest electricity generator, lifted annual earnings 5.6 percent, beating its prospectus forecast, and plans to pay a second special dividend after asset sales helped boost the company's cashflow.
The company is embarking on
a five year capital management programme in which it intends, barring unforeseen investment opportunities or changes to the market, to return some $625 million to shareholders, chief executive Mark Binns said.
Earnings before interest, tax, depreciation, amortisation and fair value adjustments, rose to $618 million in the 12 months ended June 30, from $585 million a year earlier, and was 5 percent above the company's prospectus forecast, the Wellington-based company said in a statement.
