WELLINGTON (dpa-AFX) - Meridian Energy Limited (MEL.NZ), a New Zealand-based electricity generator and retailer, reported an 18.9% increase in generation for the first quarter of fiscal 2027, supported by strong hydro inflows and above-average lake storage, despite mild weather in September.
Total inflows for the first quarter were 154% of the historical average, up 29% from the same period last year. The average price achieved during the first quarter was 64.3% lower than a year earlier.
Total generation in September 2026 rose 17.6% from a year earlier, while national electricity demand declined 0.5%. September inflows reached 150% of the historical average.
National hydro storage fell to 121% of the historical average as of October 12, 2026, from 155% previously.
Retail sales volumes declined 6.4% in September compared with the same month last year, while customer connections increased slightly. More than 245,000 customers have now been migrated to the Kraken platform.
Meridian maintained its fiscal 2027 total capital expenditure guidance at NZ$370 million to NZ$410 million. Stay-in-business capital expenditure is expected to be NZ$110 million to NZ$120 million, growth capital expenditure at NZ$220 million to NZ$250 million, and repowering capital expenditure at NZ$40 million.
On the NZSE, Meridian Energy shares closed up 0.18% at NZ$5.52 on Monday.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
