November 29 (Renewables Now) - New Zealand hydro and wind power company Meridian Energy Ltd (NZE:MEL) on Thursday announced the appointment of Jason Stein as chief executive for its Australian operations.
Stein, who has worked at the company for nearly 12 years, previously acted as general manager of the office of the chief executive and accounted for the sustainability, legal, regulatory, government relations and communications functions. In his new role, he will be responsible for Meridian's subsidiary Powershop Australia as well as for the company's renewable generation business in Australia.
Stein will move from Wellington to Melbourne to take over his new role on January 1.
In the full year to June 30, the company booked record earnings and net profit thanks to robust hydro conditions, trans-Tasman customer growth and an increase in wholesale market prices. Group earnings before interest, tax, depreciation and changes in financial instruments (EBITDAF) jumped 26% to NZD 838 million (USD 590m/EUR 537m), while net profit rose to NZD 339 million from NZD 201 million the previous year.
(NZD 1.0 = USD 0.705/EUR 0.640)