MEL - Meridian Energy monthly operating report for June 2026

Thursday 16th July 2026

“Careful management of the southern hydro lakes are seeing the sector comfortably manage the current winter,” says Meridian CEO Mike Roan.

“Of course, favourable conditions are always welcomed and the combination of lake management and storms into the Southern hydro catchments are reflected in relatively low wholesale spot prices for this time of year. Longer term, 2027 forward wholesale prices fell by over 35% from April through today and 2028 and 2029 have fallen15% over the same period, as new renewable generation is built. This is already resulting in lower prices for commercial customers as their contracts come up for review.”

Key points this month include:

In the month to 13 July 2026, national hydro storage increased from 125% to 136% of historical average.

South Island storage increased to 139% of average and North Island storage decreased to 126% of average by 13 July 2026.

Meridian’s June 2026 monthly total inflows were 187% of historical average.

This financial year, total inflows are 122% of historical average, the highest financial year inflows since 1998.

Meridian’s Waitaki catchment water storage at the end of June 2026 was 131% of historical average.

Water storage in Meridian’s Waiau catchment was 129% of average at the end of June 2026.

It was the warmest June on record with temperatures well above average for most of the country. Rainfall was varied across both islands, with above normal rainfall in parts of the Mackenzie country and central and western parts of Southland.

National electricity demand in June 2026 was 0.1% lower than June 2025. Excluding New Zealand Aluminium Smelters Ltd (NZAS), demand is 1.1% lower than June 2025.

NZAS average load during June 2026 was 576MW, compared with 530MW a year ago, when Meridian and NZAS had agreed a 50MW demand response reduction from March 2025 to August 2025.

Meridian’s retail sales volumes in June 2026 were 6.4% higher than June 2025.

Compared to June 2025, segment sales in residential were 16.4% higher, small medium business 5.3% higher, large business 9.2% higher, agriculture 1.3% lower and corporate 0.8% higher.

Key points this quarter include:

Q4 total inflows were 118% of historical average and 15% higher than Q4 last year.

Meridian’s Waitaki catchment water storage at the end of Q4 was 51.4% higher than Q4 last year.

Compared to Q4 last year, Meridian’s generation was 11.4% higher at a 65.7% lower average price.

Electricity futures prices continued to decrease during Q4, with 2027-2029 quarterly prices declining around 15%.

National electricity demand in Q4 was 1.7% higher than Q4 last year. Excluding NZAS demand, Q4 demand is 0.6% higher than Q4 last year, when Meridian and NZAS had agreed a 50MW demand response reduction for Winter 2025.

Autumn 2026 was mild, dry and warmer than average for many parts of the country. Rainfall was below normal or normal over most of New Zealand, although parts of the North Island experienced significant rain events and a cyclone.

At the end of Q4, Meridian’s customer numbers were 12.3% higher than at the same time last year.

Compared to Q4 last year, Meridian’s retail sales volumes were 7.4% higher, with increases in residential, small business, large business, agricultural and corporate at a 5.2% higher average price.

Compared to Q4 last year, total operating costs were 21.5% higher and total capital expenditure was 64.1% higher.

Meridian Energy monthly operating report for June 2026

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