Linked here is Meridian Energy Limited's monthly operating report for the month of September 2024.
Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 15 October at 11.30am NZDT (9.30am AEDT).
Click on the link below at this time to join the call.
Meridian Energy Quarterly Operating results - Microsoft Teams Live Event
Please submit any questions using the Q&A panel on the right-hand side of the call window. If the Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech bubble'.
Highlights this month include:
- In the month to 7 October 2024, national hydro storage increased from 99% to 115% of historical average
- South Island storage increased to 119% of average and North Island storage increased to 100% of average by 7 October 2024
- Meridian’s September 2024 monthly total inflows were 223% of historical average
- Waiau catchment inflows in September 2024 were 242% of historical average
- Meridian’s Waitaki catchment water storage at the end of September 2024 was 102% of historical average
- Snow storage in Meridian’s Waitaki catchment was 117% of average in early October
- Water storage in Meridian’s Waiau catchment was 182% of average at the end of September 2024
- September 2024 was warm and dry for northern and eastern parts of both islands. Rainfall was above normal for the lower half of the South Island
- National electricity demand in September 2024 was -5.2% lower than the same month last year
- New Zealand Aluminium Smelter’s average load during September 2024 was 375MW
- During the quarter, Meridian made calls on volume under the largest option of the Demand Response Agreement with NZAS
- Meridian’s retail sales volumes in September 2024 were -4.9% lower than September 2023
- Compared to September 2023, segment sales increased in residential +1.7% and large business +4.6%, with decreases in small medium business -2.8%, agricultural -21.5% and corporate -4.8%
Highlights for the first quarter include:
- Meridian’s Q1 total inflows were 147% of historical average, +30% higher than Q1 last year
- Meridian’s Waitaki catchment water storage at the end of Q1 was -12% lower than Q1 last year
- Compared to Q1 last year, Meridian’s generation was -15.0% lower at a +157.3% higher average price
- Electricity futures prices decreased across the curve during Q1
- Winter 2024 was the 3rd warmest on record for much of New Zealand, with rainfall above average in the Mackenzie Basin and parts of Otago
- NIWA’s spring 2024 outlook includes a La Niña Watch with a 60-70% chance that an event develops by December. Above average temperatures and normal rainfall totals through spring are forecast
- National electricity demand in Q1 was -3.1% lower than Q1 last year
- New Zealand Aluminum Smelter’s sales volumes in Q1 were lower than Q1 last year
- During the quarter, Meridian made calls on volume under the largest option of the Demand Response Agreement with NZAS
- At the end of Q1, Meridian’s customer numbers were +2.2% higher than the same time last year
- Compared to Q1 last year, Meridian’s retail sales volumes were -3.6% lower at a +8.5% higher average price
- Sales decreased in all segments, apart from large business
- Compared to Q1 last year, total operating costs were +16.6% higher
- Compared to Q1 last year, total capital expenditure was -28.1% lower
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels