Meridian reports increased hydro storage, lower electricity demand

Meridian Energy Limited has released its monthly operating report for September 2023.

The report highlights that national hydro storage increased to 116% of the historical average, with South Island storage at 121% and North Island storage at 98% of average.

Meridian's total inflows for September were 160% of the historical average, with Waiau catchment inflows at 173% of average.

Waitaki catchment water storage was at 116% of average, and snow storage in the Waitaki catchment was at 105% of average.

National electricity demand in September 2023 was 1.7% lower than the same month last year.

The report also mentions that a memorandum of understanding was signed with Parkwind for offshore wind exploration, and there was an increase in retail sales volumes compared to September 2022.

The first quarter highlights include lower total inflows compared to the previous year, lower generation with a higher average price, and higher operating costs and capital expenditure compared to the same period last year.