Meridian Energy Limited has released its monthly operating report for the month of September 2026, linked here.
"Despite mild weather during September, we continue to have inflows and lake storage that are well above historical averages,” says Chief Executive Mike Roan.
"These factors enabled us to maintain high levels of hydro generation, lifting our overall generation for the first quarter of a financial year to a record level. It was also pleasing to see a return to growth in customer numbers, while we have now migrated more than half of all our customers onto the Kraken platform.”
Meridian’s revised total capital expenditure guidance for the 2027 financial year is unchanged at $370 million to $410 million. Stay in business capital expenditure is expected to be between $110 million and $120 million, growth capital expenditure is expected to be between $220 million and $250 million, and repowering capital expenditure is expected to be $40 million.
Call this afternoon with Mandy Binnie and Owen Hackston
Mandy Binnie (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 20 October at 2.30pm NZDT (12.30pm 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 from September Operating Report
- In the month to 12 October, national hydro storage decreased from 155% to 121% of historical average.
- South Island storage decreased to 133% of average and North Island storage decreased to 78% of average by 12 October 2026.
- Meridian’s September 2026 monthly total inflows were 150% of historical average.
- Meridian’s Waitaki catchment water storage at the end of September 2026 was 183% of historical average.
- Snow storage in Meridian’s Waitaki catchment was 102% of average in early October.
- Water storage in Meridian’s Waiau catchment was 133% of average at the end of September 2026.
- September was a mild month with temperatures above or near average for the whole country. Rainfall was above normal for much of the South Island, whereas most of the North Island had below normal rainfall.
- National electricity demand in September 2026 was 0.5% lower than September 2025.
- NZAS average load during September 2026 was 578MW, compared with 571MW a year ago.
- Meridian’s retail sales volumes in September 2026 were 6.4% lower than September 2025.
- Compared to September 2025, segment sales in residential were 9.4% lower, small medium business 11.7% higher, agriculture 21.4% lower, large business 9.2% higher and corporate 10.6% lower.
- Total customer connections increased slightly in September. Over 245,000 customers have now been migrated onto the Kraken platform.
Key points this quarter include:
- Q1 total inflows were 154% of historical average and 29% higher than Q1 last year.
- Meridian’s Waitaki catchment water storage at the end of Q1 was 100.3% higher than Q1 last year.
- Compared to Q1 last year, Meridian’s generation was 18.9% higher at a 64.3% lower average price.
- While nearer term electricity futures prices decreased during Q1, 2028-2029 quarterly prices firmed slightly. 2030 futures began trading at the start of October and are currently priced slightly higher than 2029.
- National electricity demand in Q1 was 0.4% higher than Q1 last year. Excluding NZAS demand, Q1 demand is 0.2% higher than Q1 last year, when Meridian and NZAS had agreed a 50MW demand response reduction for Winter 2025 (to August 2025).
- Winter 2026 was New Zealand's 3rd warmest winter on record. While northern areas experienced near average temperatures, the rest of the country saw a relatively warm winter, particularly the South Island. The North Island had a drier than usual winter, in contrast to the South Island, which was significantly wetter than normal. El Niño conditions were present in the tropical Pacific atmosphere and ocean and strengthened considerably from mid-winter onwards.
- At the end of Q1, Meridian’s customer numbers were 0.9% lower than at the same time last year.
- Compared to Q1 last year, Meridian’s retail sales volumes were 3.0% lower, with decreases in agricultural and corporate, offset slightly by increases in residential, small business and large business at a 1.1% higher average price.
- Compared to Q1 last year, total operating costs were 1.1% higher and total capital expenditure was 93.9% higher.
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels