The decade-long surge in big wind farm building in New Zealand is nearing an end with no new projects in the pipeline as the sector booms around the world.

Voting begins today in a citizens-initiated referendum on whether the Government should sell part of its stake in power companies and Air New Zealand.

Meridian Energy's instalment receipts fell below their issue price - in early afternoon trading today.

The Government, fresh from the sale of shares in Mighty River Power and Meridian Energy, faces a harder sell when it comes to divesting a 49 per cent stake in the third and final power generator.

Meridian Energy's instalment receipts have continued to hold firm, helped by buying interest from Bank of New York Mellon Corp, through its London-based subsidiary, Newton Investment.

The head of New Zealand's investment regulator has hit out at the Government's energy company sharemarket floats and says they have failed to lead the way in making it easier for retail investors to access information.

The price of newly-listed Meridian Energy instalment receipts edged higher this morning.

Analysts expect power company's stock to keep trading above its issue price after gaining 8% on first day.

Meridian Energy's shares debuted at $1.08 after tepid demand in the initial public offering saw the stock sold at the bottom end of its indicative range.

Share price expected to rise on first day but analysts are unsure of progress after that.

The low turnout and price set in the Meridian Energy float this week has confirmed the failure of the Government's "Mixed Ownership Model", says Bernard Hickey.

The chances of the Govt raising $5 billion to $7 billion from its partial assets sales is looking dimmer after details of No 2 sale, Meridian, were announced last night.

Meridian shares will be issued at a listing price of $1.50, the bottom of the indicative range, and with a much smaller investor pool than the government had hoped for.

Sources said the Meridian general offer could attract up to $280 million which, when taken with the broker allocation of $565m, could see up to $850m out of the $1.25 billion offer in retail ownership.

Closing day for the Meridian offer, the Vector media blackout, Diligent and Abano.

People contemplating investment in Meridian Energy shares need to think long and hard about political risk, writes Brian Fallow.

Potential investors in Meridian Energy have plenty of reading material.

Independent research house Morningstar has come out in favour of the upcoming Meridian Energy float, saying it is likely to appeal to long-term investors seeking yield.

Prime Minister John Key has confirmed the Citizens Initiated Referendum over asset sales will take place in late November and early December this year.