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Release Stock Exchange Listings NZX ( MEL ) ASX ( MEZ ) Meridian . Meridian Energy interim net profit higher , cash earnings¹ lower 24 February 2021 Meridian Energy has reported a 19 % increase in net profit for the six months ended 31 December 2020 , which includes positive changes in the value of hedge instruments . Excluding these hedge value movements , Meridian has reported a 9 % decrease in its EBITDAF¹ . Customer growth continued , however lower New Zealand hydro generation and lower market prices in Australia negatively impacted EBITDAF from last year's record level . Chief Executive Neal Barclay says Meridian's performance partly reflected less than favourable conditions compared to the prior year . Overall , our generation volumes were down 7 % on the prior period due to lower starting storage and lower inflows into our catchments since October 2020 . Generation volume and price volatility are a feature of New Zealand's hydro - based renewable electricity system ; however the underlying performance of the business remains strong and we were particularly pleased that the strength of the Meridian and Powershop brands continued to shine through . " Customer numbers across New Zealand and Australia now exceed half a million and have grown 3 % since June 2020. It is pleasing to see continued customer growth , demonstrating that our commitment to excellent service and support is delivering , " Mr Barclay says . Meridian announced in January 2021 , that it had reached an agreement with its largest customer , Rio Tinto . Rio Tinto , who operate the Tiwai Point Aluminium Smelter in Southland will extend the planned closure period from August 2021 to December 2024 . " The additional four years of smelter operation will be invaluable to the Southland region as it allows time to create new business opportunities and new jobs for Southlanders . Meridian is committed to working with a range of parties who are progressing some exciting new opportunities in Southland , from mega scale data centres to hydrogen production at scale . The availability of large amounts of renewable energy in Southland is a point of difference for the region and our country , " says Barclay . " As a 100 % renewable energy generator who is committed to protecting our environment , we're supportive of the Climate Change Commission's advice . We believe that the electricity sector is a huge part of the solution to decarbonise our economy and support New Zealand businesses and 1 EBITDAF is a commonly used non - GAAP measure reflecting earnings before interest , tax , depreciation , changes in fair value of hedges and other significant items ( see page 2 for a reconciliation ) . Meridian Energy Limited ( ARBN 151 800 396 ) A company incorporated in New Zealand Level 2 , 55 Lady Elizabeth Lane , PO Box 10840 , Wellington 6143 meridianenergy.co.nz