Meridian Energy's November 2024 performance

Meridian Energy (ASX:MEZ) has released its operating report for November 2024. The report highlights a decrease in national hydro storage and a drop in electricity demand compared to the previous year. Despite this, the company saw growth in generation and retail sales in certain segments.

Meridian Energy's November 2024 outlook

Meridian Energy's operating report for November 2024 indicates several key developments. While national hydro storage levels experienced a slight decline, the company reported an increase in generation by 1.9% compared to last year, driven by stronger wind generation. Retail sales volumes grew by 1.8%, with notable increases in residential, agricultural, and large business segments. Despite lower electricity demand, these growth areas highlight the company's resilience and adaptability in varying market conditions. Meridian Energy continues to focus on strategic management of its resources and market engagement to sustain its performance.

Executive insights on Meridian Energy's performance

National hydro storage decreased from 139% to 134% of the historical average by 10 December 2024. South Island storage reduced to 137% and North Island increased to 120% of average. Waitaki catchment water storage was 151% of the historical average at the end of November. Waiau catchment inflows were 89% of the historical average, with storage at 88% at the end of November. November 2024 experienced dry and warm conditions across New Zealand, with above-average temperatures and below-normal rainfall, except for the South Island's West Coast, which received above-normal rainfall.