Meridian keeps hydro storage robust as retail customer growth offsets softer volumes

The latest announcement is out from Meridian Energy Limited ( (MDDNF) ).

Meridian Energy reports that February 2026 marked the first below-average hydrological inflows in six months, yet national and catchment storage levels remain above historical norms, leaving the hydro system well positioned heading into autumn. Despite a 2.7% year-on-year drop in retail sales volumes, driven largely by lower irrigation demand and weaker agricultural sales, customer numbers grew 2.1% in the month and nearly 20% over the year, underscoring continued scale and momentum in its retail business.

Operationally, the period was shaped by the “Valentine’s Storm,” cooler-than-usual weather, and HVDC link outages that constrained inter-island power transfers, while national electricity demand eased 0.5% from a year earlier. Segment data show strong growth in residential, small and medium business, and large business sales, offset by significant declines in agricultural and corporate segments, suggesting a shift in demand mix even as industrial load from New Zealand Aluminium Smelters rose versus the prior year.

More about Meridian Energy Limited

Meridian Energy Limited is a New Zealand-based electricity generator and retailer listed on the NZX and ASX. The company focuses on renewable energy, particularly hydro generation, supplying power to residential, business, agricultural and corporate customers across New Zealand.

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