Full Year 2021 Meridian Energy Ltd Earnings Call Transcript
Welcome to Meridian's 2021 Annual Result Briefing. I'm Neal Barclay, Meridian's Chief Executive, and I have sitting here on my virtual left, Mike Roan, our CFO. Well, actually, I think he's here.
I'll make a few opening remarks before getting to the guts of the presentation. Most obviously, we saw quite a shift in financial performance in FY '21 compared to the previous 2 years. FY '19 and FY '20 saw successive record results powered by strong generation and growing retail sales volumes. This year, we maintained our customer growth momentum. However, we ran into tough drought conditions that reduced our generation capability and increased our hedge costs. That's just the nature of the business and the variableness of the weather.
In January, we also completed negotiations with the owners of the Tiwai Point Aluminum Smelter to extend our electricity supply contract to the end of 2024. That extension was done at a significant discount in the existing contract. Now both of these events impacted financial performance with EBITDAF and underlying
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