Big four power company Meridian Energy has posted a solid profit as plenty of wind and rain erased the previous year's drought driven horrors.Key numbers for the 12 months ended June compared with a year agoNet profit $130m vs loss $452mEnergy margin $1.47bn vs $982mOperating earnings $1.05bn vs $611mFinal dividend 16.1 cents per share vs 14.85 cpsLast year it posted a large bottom line loss as it was squeezed by low hydro lake levels and intermittent wind generation, which along with a lack of back up gas forced it to buy expensive price hedges to cover the gap.Chief executive Mike Roan said the rebound would strengthen the company's financial base."Our job is to develop renewable and firming assets in a way that benefits customers, creates value for shareholders and strengthens New Zealand's long-term energy resilience."The company's energy margin - the difference between what it earns from generating power and the costs of generating the power - increased by 50 percent to $1.47 billion.Retail sales volumes were up 14 percent on the back of growth in broad consumer demand, with the number of connections rising 12 percent to 455,000, about a third of whom were Powershop brand consumers.Wet weather delivered above average hydro lake levels, while the company had record wind generation.Roan said the company's drive to expand renewable generation made it better prepared to avoid a repeat of last year's supply crunch.The company recently gained fast track approval to take more water out of Lake Pūkaki, which holds 40 percent of the country's hydro storage capacity, as well as having its consent to operate the Waitaki power system renewed.It is building two solar farms, and has been given the nod for another solar farm in Waikato, and upgrading a wind farm in Manawatu.Renewable projects to lean on pricesRoan said Meridian has further renewable projects on the drawing board and would make decisions on a wind farm in Wairarapa, and a solar and battery complex in Manawatu.He said the renewable projects improved the prospects of keeping a lid on power prices, although line charges would keep rising for at least another three years."We're already seeing positive signs, with wholesale forward prices easing during 2026, which is enabling us to reduce prices for commercial and industrial customers as they come up for renewal.""We have committed to ensuring that, for residential and small business customers, the average price increase in the energy component of the bill across all our plans will be held below the rate of inflation over the next year."The company forecast operating earnings of between $1.04 bn to $1.12 bn for the coming year.