Linked here is Meridian Energy Limited's monthly operating report for the month of September 2025.
Mandy Simpson (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 14 October at 11.00am NZDT (9.00am 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'.
Key points this month include:
- In the month to 6 October 2025, national hydro storage increased from 79% to 110% of historical average.
- South Island storage increased to 107% of average and North Island storage increased to 118% of average by 6 October 2025.
- Meridian’s September 2025 monthly total inflows were 181% of historical average.
- Waiau catchment inflows in September 2025 were 201% of historical average.
- Meridian’s Waitaki catchment water storage at the end of September 2025 was 91% of historical average.
- Snow storage in Meridian’s Waitaki catchment has lifted markedly to be 105% of average by early October 2025.
- Water storage in Meridian’s Waiau catchment was 188% of average at the end of September 2025.
- Above average catchment inflows have continued into October 2025.
- September overall was a warm month for the country, with temperatures above or near average for most parts of New Zealand. Rainfall was above or well above average in the west of both islands, contrasting eastern areas where it was much drier.
- National electricity demand in September 2025 was 8.5% higher than September 2024.
- New Zealand Aluminium Smelters (NZAS) average load during September 2025 was 571MW, compared with 375MW a year ago, when Meridian was exercising the largest call option under the demand response agreement.
- Meridian’s retail sales volumes in September 2025 were 18.5% higher than September 2024.
Key points this quarter include:
- Q1 total inflows were 120% of historical average, 18% lower than Q1 last year.
- Meridian’s Waitaki catchment water storage at the end of Q1 was 10% lower than Q1 last year.
- Compared to Q1 last year, Meridian’s generation was 15.1% higher at a 56.9% lower average price.
- Near-term electricity futures prices decreased during Q1.
- National electricity demand in Q1 was 4.5% higher than Q1 last year.
- Winter 2025 was mild with temperatures generally above average across New Zealand. Most of the country experienced a wetter than average winter, except for some areas in the east of both islands.
- Earth Sciences spring 2025 outlook sees current neutral El Niño – Southern Oscillation conditions remain present in the tropical Pacific, with a La Niña Watch in effect. This suggests higher than average temperatures across the country and normal to below normal South Island rainfall.
- During Q1, NZAS completed ramp up from the largest demand response call Meridian exercised, that took effect in August 2024.
- At the end of Q1, Meridian’s customer numbers were 21.2% higher than at the same time last year.
- Compared to Q1 last year, Meridian’s retail sales volumes were 13.5% higher, with increases in all segments, at a 5.9% higher average price.
- Compared to Q1 last year, total operating costs were 5.5% lower and total capital expenditure was 6.0% lower.
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-level