Attached is Meridian Energy Limited's monthly operating report for the month of April 2024.
Highlights this month include:
In the month to 8 May 2024, national hydro storage decreased from 102% to 96% of historical average
South Island storage decreased to 97% of average and North Island storage decreased to 84% of average by 8 May 2024
Meridian’s April 2024 monthly total inflows were 136% of historical average
Waiau catchment inflows in April 2024 were 130% of historical average
Meridian’s Waitaki catchment water storage at the end of April 2024 was 97% of historical average
Water storage in Meridian’s Waiau catchment was 148% of average at the end of April 2024
National electricity demand in April 2024 was +3.9% higher than the same month last year
April 2024 was dry in eastern New Zealand but wetter in the west of both islands. Temperatures were above average for most of the country
New Zealand Aluminium Smelter’s average load during April 2024 was 569MW
Meridian’s retail sales volumes in April 2024 were +5.6% higher than April 2023
Compared to April 2023, segment sales increased in residential +4.7%, small medium business +3.6%, large business +7.4% and agriculture +38.0% with decreases in corporate -1.2%
The S&P/NZX 50 Index closed at the day’s low of 12,349.47, down 46.79 points or 0.38%.
Forsyth Barr says a premium valuation is now warranted.
The only worst performer is the Norwegian krone.
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