Households will be socked with power bill increases of as much as 24% next month and power firms and network operators are blaming each other over who is responsible.

The NZX will run out of steam unless companies, particularly the larger ones, can take advantage of the stronger economy, writes Brian Gaynor.

Indigestion triggered by the size of the Govt's power company floats and investors wanting to take profits are being blamed for a fall in NZ's benchmark index.

Meridian Energy's instalment receipts traded at another post-float low today after a number of factors - including regulatory risk - combined to work against the stock.

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 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.

Meridian says a New York bank owns just 3.98 per cent of the company - not the 8.1 per cent it said earlier.

The FMA yesterday called on issuers of investment statements and prospectuses to "lift their game" after its report on the industry following its guidance note of June last year.

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.

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.

Market players say Meridian Energy's initial public offer price is fair and reflects the lessons the Government has learned from its listing of Mighty River Power.

The deal will raise $1.88 billion instead of the maximum $2.25 billion for the 49 per cent share, and values Meridian at $3.84 billion.

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.