Meridian Energy monthly operating report for October 2025

Attached is Meridian Energy Limited's monthly operating report for the month of October 2025.

Key points this month include:
In the month to 10 November 2025, national hydro storage increased from 110% to 143% of historical average.
South Island storage increased to 148% of average and North Island storage increased to 121% of average by 10 November 2025.
Meridian’s October 2025 monthly total inflows were 212% of historical average.
Waiau catchment inflows in October 2025 were 218% of historical average.
Meridian’s Waitaki catchment water storage at the end of October 2025 was 151% of historical average.
Snow storage in Meridian’s Waitaki catchment continues to lift, at 131% of average in early November 2025.
Water storage in Meridian’s Waiau catchment was 205% of average at the end of October 2025.
October was a windy and wet month, with temperatures above or near average for most parts of the country. Rainfall was above average for the West Coast, and most parts of the North Island. Multiple severe gale wind events were recorded in the east and south of both islands.
National electricity demand in October 2025 was 6.6% higher than October 2024.
New Zealand Aluminium Smelters Ltd (NZAS) average load during October 2025 was 567MW, compared with 417MW a year ago, when Meridian was exercising call options under the demand response agreement.
Meridian’s retail sales volumes in October 2025 were 14.6% higher than October 2024.
Compared to October 2024, segment sales in residential were 29.4% higher (including Flick customers), small medium business 13.5% higher, large business 9.1% higher, agriculture 22.7% higher and corporate 6.5% higher.

Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels

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