New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Energy / Thematic (Sector/Industry)

<ul><li>It was a particularly challenging 1H25 for the sector, with the dry start to the period resulting in expensive back-up options being procured and a drop in earnings for the sector.</li><li>Meridian Energy (MEL) took the brunt of the pain, and we anticipate a record-low six-month result (since listing in 2013) for MEL.</li><li>Very low wholesale electricity prices in 2Q25 benefited Mercury (MCY) and Genesis Energy (GNE) in particular, while we expect Contact Energy (CEN) to report a record half-year result due to the first full six months of Tauhara generation. </li></ul>

It was a particularly challenging 1H25 for the sector, with the dry start to the period resulting in expensive back-up options being procured and a drop in earnings for the sector.Meridian Energy (MEL) took the brunt of the pain, and we anticipate a record-low six-month result (since listing in 2013) for MEL.Very low wholesale electricity prices in 2Q25 benefited Mercury (MCY) and Genesis Energy (GNE) in particular, while we expect Contact Energy (CEN) to report a record half-year result due to the first full six months of Tauhara generation. 

Electricity Sector - A Tale of Two Quarters—1H25 Preview