Half Year 2021 Meridian Energy Ltd Earnings Call Transcript
Good morning, everyone. Welcome to Meridian Energy's interim result announcement for the 6 months ended December 31, 2020. I'm Neal Barclay, Chief Executive of the company. And I have with me Mike Roan, our CFO.
I'll start by touching on a few of the highlights. Operationally, we had a reasonably successful 6 months, but financially, the period was more challenging than the prior year. We did deliver our second highest level of interim EBITDAF, however, the highest level was last year, and that was 9% higher. Mike will talk a bit more about that as we work through the financial performance. But in summary, the key factors impacting performance was lower hydro inflows leading to lower generation volumes in New Zealand and lower wholesale prices in Australia.
And when you stand back and look at it, I think it's reasonably clear that the electricity sector is performing well for New Zealanders. We have a very reliable, mostly renewable grid. And importantly, residential prices are lowest they've been in real terms in the last 8 years. That
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