Meridian Energy's Monthly Operating Report for August 2024

Meridian Energy Limited (ASX:MEZ) has released its monthly operating report for August 2024, highlighting significant increases in national hydro storage, with the storage reaching 99% of the historical average by 9th September 2024. The report also indicates a -6.3% decrease in national electricity demand compared to the same month last year, along with notable changes in segment sales.

Executive Commentary on August 2024 Performance

The August 2024 operating report reflects a robust performance in hydro storage, with national storage levels reaching 99% of the historical average. We are pleased to note the positive inflows, particularly in the Waiau catchment, which were 124% of the historical average. However, the Waitaki catchment water storage at the end of August 2024 was 48% of the historical average, indicating some variability in storage levels. The segment sales also exhibited mixed results, with increases in agriculture and large business, but decreases in residential, small medium business, and corporate segments. The warmer temperatures and above-normal rainfall in certain regions have influenced these outcomes, and we continue to monitor the market dynamics closely.

Summary of August 2024 Operating Report and Outlook

Meridian Energy's August 2024 operating report demonstrates a positive trend in hydro storage, with national levels reaching 99% of the historical average. The company's focus on segment sales has yielded mixed results, with notable increases in agriculture and large business, but decreases in residential, small medium business, and corporate segments. The warmer temperatures and above-normal rainfall have impacted national electricity demand, which was -6.3% lower than the same month last year. Looking ahead, Meridian Energy aims to maintain its strong hydro storage performance and navigate the market dynamics to optimize its segment sales in the coming months.