Investors in listed power companies appear to be betting the National Party will retain the government benches at Saturday's general election.

Meridian Energy has fattened its dividend and is hinting of a possible return of capital next year after beating prospectus forecasts in its first annual result.

Analysts have mixed views on the outlook for the upcoming earnings season as some of NZ's biggest and most widely held firms prepare to report their annual results.

Meridian Energy's Wellington head office continues to win awards for its green credentials nearly seven years after it was completed.

The National Government's asset sale programme is complete but the debate about the process just won't go away.

The Treasury would have liked more "Mum and Dad" small investors to have bought shares in electricity generators Mighty River Power and Meridian Energy.

Households will be socked with power bill increases of as much as 24% next month and power firms and network operators are blaming each other over who is responsible.

Indigestion triggered by the size of the Govt's power company floats and investors wanting to take profits are being blamed for a fall in NZ's benchmark index.

Meridian Energy's instalment receipts traded at another post-float low today after a number of factors - including regulatory risk - combined to work against the stock.

The decade-long surge in big wind farm building in New Zealand is nearing an end with no new projects in the pipeline as the sector booms around the world.

Voting begins today in a citizens-initiated referendum on whether the Government should sell part of its stake in power companies and Air New Zealand.

Meridian Energy's instalment receipts fell below their issue price - in early afternoon trading today.

The Government, fresh from the sale of shares in Mighty River Power and Meridian Energy, faces a harder sell when it comes to divesting a 49 per cent stake in the third and final power generator.

Meridian Energy's instalment receipts have continued to hold firm, helped by buying interest from Bank of New York Mellon Corp, through its London-based subsidiary, Newton Investment.

The head of New Zealand's investment regulator has hit out at the Government's energy company sharemarket floats and says they have failed to lead the way in making it easier for retail investors to access information.

Meridian says a New York bank owns just 3.98 per cent of the company - not the 8.1 per cent it said earlier.

The FMA yesterday called on issuers of investment statements and prospectuses to "lift their game" after its report on the industry following its guidance note of June last year.

The price of newly-listed Meridian Energy instalment receipts edged higher this morning.

Analysts expect power company's stock to keep trading above its issue price after gaining 8% on first day.

Meridian Energy's shares debuted at $1.08 after tepid demand in the initial public offering saw the stock sold at the bottom end of its indicative range.

Share price expected to rise on first day but analysts are unsure of progress after that.

The low turnout and price set in the Meridian Energy float this week has confirmed the failure of the Government's "Mixed Ownership Model", says Bernard Hickey.