Transpower firm on lake levels as Meridian says rules let rivals shape prices

There is money in Lake Pūkaki and other southern hydro lakes. (Image: NZME)

Mon, 12 Jan 2026

The battle over access to water in the South Island hydro lakes is continuing, with Transpower proposing new flexibility but stopping short of the deeper changes sought by Meridian and Contact.The debate over contingent storage, the portion of lake reserves held back for dry years or extreme events, is central to managing risk as gas production declines and thermal back-up becomes more fragile.The dispute matters to households and factories alike: who carries dry-year risk, and at what price?If lakes are run too low and another dry spell hits,...

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