NZ's Meridian Energy drops after flagging higher costs for wind farm project

Meridian Energy

24/08/2022 01:21

** Shares of Meridian Energy Ltd  MEL.NZ  fall as much as
3.6% to NZ$5.06 in their biggest intraday pct drop since June 13
    ** Power co says it expects capital costs for its Hawke's
Bay-based wind farm project to increase to NZ$448 mln ($277.94
mln) from NZ$395 mln  urn:newsml:reuters.com:*:nL4N2ZZ3KS
    ** Says pandemic, inflation and resource constraints will
impact project's overall costs
    ** Adds initial construction at the 176 MW project hampered
by heavy rains and cyclone
    ** Co on schedule to produce first power in June 2023 and
full power in June 2024
    ** Stock touches its lowest level since Aug. 3, among
biggest pct losers on the NZX 50 benchmark index  .NZ50 
    ** Stock had risen 8.3% this year, as of last close

($1 = 1.6119 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))