MEL - Meridian Energy monthly operating report for April 2026

Friday 15th May 2026

The month again saw strong Meridian retail sales growth, higher customer demand and rising hydro storage from another month of sizeable inflows. ASX forward prices have declined further this month, likely a continued reflection of the high levels of investment in new renewable generation and the system security provided by agreements signed for Huntly capacity.

“We’re maintaining good momentum as we move through the second half of the financial year,” says Meridian CEO Mike Roan.

“Significant rainfall events in the North Island and solid South Island inflows have boosted national hydro storage to close to 120% of average for this time of the year, meaning the country’s electricity system is exceptionally well fuelled as we enter the cooler months.”

Key points this month include:

In the month to 11 May 2026, national hydro storage increased from 106% to 119% of historical average.

South Island storage increased to 109% of average and North Island storage increased to 201% of average by 11 May 2026.

Meridian’s April 2026 monthly total inflows were 98% of historical average.

To date this financial year, total inflows are 121% of historical average, the 8th highest financial year inflows on record.

Meridian’s Waitaki catchment water storage at the end of April 2026 was 106% of historical average.

Water storage in Meridian’s Waiau catchment was 91% of average at the end of April 2026.

A cyclone and a low dominated April, which saw temperatures above average for much of New Zealand. Rainfall was well above normal for the North Island with multiple heavy rain events,

whereas much of the South Island recorded near normal rainfall.

National electricity demand in April 2026 was 3.7% higher than April 2025. Excluding NZAS demand, demand is 2.6% higher than April 2025.

New Zealand Aluminium Smelters Ltd (NZAS) average load during April 2026 was 575MW, compared with 522MW 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 April 2026 were 8.2% higher than April 2025.

Compared to April 2025, segment sales volumes in residential were 25.0% higher, small medium business 9.2% higher, large business 11.4% higher, agriculture 6.1% higher and corporate 0.8% higher.

Meridian Energy monthly operating report for April 2026

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