Meridian's hydro storage levels drop, sales increase

Meridian's hydro storage levels have declined, with the national average decreasing to 96% of the historical average by May 8 2024.

Storage levels in the South Island are now at 97% of average, while the North Island is at 84% of average.

However, the company did experience higher-than-average total inflows in April 2024, which were at 136% of the historical average.

In addition, Waiau catchment inflows for the same month were at 130% of average.

Meridian's retail sales volumes in April 2024 also saw an increase of 5.6% compared to April 2023.

This growth was driven by higher segment sales in residential, small medium business, large business, and agriculture.

National electricity demand in April 2024 was also higher, recording a 3.9% increase from the same month last year.

The company noted that April was dry in eastern New Zealand, but wetter in the west, with above-average temperatures.