Meridian reports strong hydro storage, lower demand

Meridian Energy has reported strong hydro storage levels and inflows for the month of September 2024.

National hydro storage increased from 99% to 115% of the historical average, with South Island storage at 119% of average and North Island storage at 100% of average.

Meridian's September 2024 monthly total inflows were 223% of the historical average, with Waiau catchment inflows at 242% of the historical average.

However, national electricity demand in September 2024 was 5.2% lower than the same month last year.

Meridian's retail sales volumes in September 2024 were also 4.9% lower than September 2023, with decreases in the small medium business, agricultural, and corporate segments.

The company's Q1 total inflows were 147% of the historical average, 30% higher than the same period last year.

However, its Waitaki catchment water storage at the end of Q1 was 12% lower than Q1 last year, and its generation was 15% lower, although at a higher average price.