The Meridian Energy Ltd (ASX: MEZ) share price is in focus today after the company released its monthly operating report for November 2025, highlighting national hydro storage reaching 153% of historical average and a 12.1% rise in retail sales volumes compared to November last year.
What did Meridian Energy report?
- National hydro storage increased from 143% to 153% of historical average by 8 December 2025.
- South Island storage reached 157% of average, North Island storage climbed to 132% of average.
- November 2025 inflows were 149% of historical average, with year-to-date inflows the highest since 1988/89.
- Retail sales volumes in November rose 12.1% year on year, with residential segment up 23.2%.
- National electricity demand was 5.9% higher than in November 2024.
- Meridian's total New Zealand customer connections grew by 20% since November 2024.
What else do investors need to know?
November was the warmest on record for New Zealand, with temperatures above average in most areas and higher rainfall for the North Island and the west of the South Island. Despite drier conditions in the east, strong hydro inflows supported impressive storage levels.
Meridian's generation for November was 2.7% higher than the same month last year, mainly due to increased hydro output. Year-to-date generation is tracking 12.7% ahead of last year, and the average price received for generation in November rose 93.3% compared to November 2024.
Higher demand from New Zealand Aluminium Smelters Ltd (NZAS) also featured, with average load rising to 569MW from 451MW a year ago.
What's next for Meridian Energy?
Investors can keep an eye on Meridian's ability to maintain strong hydro inflows and storage as summer progresses, supporting both generation and retail sales. The company continues to benefit from rising electricity demand and expanded customer connections.
Ongoing investment in renewable energy and a focus on operational efficiency position Meridian well for future growth, though weather patterns and wholesale market dynamics will remain key factors to watch.
Meridian Energy share price snapshot
Over the past 12 months, Meridian Energy shares have declined 8%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.
