Meridian Energy's instalment receipts fell 2.5c to 0.99c - below their issue price - in early afternoon trading today.
Weakness was across the board among the power generators. Mighty River Power, which listed in May, dropped 5c to $2.10 - a post-float low, while the Origin Energy-controlled Contact Energy was down 5c at $4.90.
Trustpower dropped 1c to $6.66.
Meridian said on Monday that the average price it received for its power generation in the September quarter was 22 per cent lower than the same quarter last year, mostly reflecting higher-than-average lake levels, but Matt Goodson, managing director at Salt Funds Management, said that would not have come as a surprise to the market.
Goodson said there was no "new" news driving the stock, although it was possible the weakness came from funding pressure as people sold to take up shares in Air NZ after the government released 20 per cent of the stock onto the open market.