Meridian Energy monthly operating report for February 2026

Monday 16th March 2026

Meridian Energy Limited has released its monthly operating report for the month of February 2026 (attached).

“Although inflows eased during February, this is the first below‑average month in the past six. Storage levels remain robust, leaving the system well placed heading into autumn,” says Meridian CEO Mike Roan.

“Our retail growth remains strong. While lower irrigation demand saw sales volumes dip marginally year‑on‑year, customer numbers increased 2.1% during February, lifting total growth to nearly 20% over the past year, adding further scale and momentum to our Retail business.”

February Key Points

In the month to 9 March 2026, national hydro storage decreased from 117% to 110% of historical average.

South Island storage decreased to 102% of average and North Island storage increased to 169% of average by 9 March 2026.

Meridian’s February 2026 monthly total inflows were 72% of historical average.

To date this financial year, total inflows are 129% of historical average.

Meridian’s Waitaki catchment water storage at the end of February 2026 was 111% of historical average.

While snowpack has normally melted by this time of year, current snow storage in Meridian’s Waitaki catchment is at 95GWh as of early March 2026.

Water storage in Meridian’s Waiau catchment was 82% of average at the end of February 2026.

In February, the country experienced the “Valentine’s Storm”, a deep low-pressure system that brought widespread and intense rainfall. Despite prolonged periods of settled weather during the month, rainfall was above average across large parts of the country. In contrast, inland parts of the South Island were notably drier. This month was the coolest February since 2012.

Outages on the HVDC link limited inter-island transfer from 15 February through to 2 March.

National electricity demand in February 2026 was 0.5% lower than February 2025.

New Zealand Aluminium Smelters Ltd (NZAS) average load during February 2026 was 576MW, compared with 545MW a year ago, when NZAS volume was ramping up following Meridian exercising call options under the demand response agreement.

Meridian’s retail sales volumes in February 2026 were 2.7% lower than February 2025.

Compared to February 2025, segment sales in residential were 27.9% higher, small medium business 9.2% higher, large business 17.6% higher, agriculture 36.6% lower and corporate 3.6% lower.

Meridian Energy monthly operating report for February 2026

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