The Meridian Energy Ltd (ASX: MEZ) share price is in focus today after the company released its operating update for February 2026, showing customer growth of 2.1% during the month and a lift in total water inflows for the year to date.
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What did Meridian Energy report?
- February retail customer numbers rose 2.1%, up nearly 20% over the past year.
- Total water inflows for financial year to date were 129% of historical average.
- February 2026 hydro storage remained robust, ending at 110% of average nationally.
- Generation in February was 5.2% higher than last year, with increases in both hydro and wind output.
- Retail sales volumes in February were 2.7% lower than a year ago, mainly from reduced irrigation demand.
- Average generation price received in February dropped 83.7% year-on-year.
What else do investors need to know?
February saw a mix of wet and dry weather, with the "Valentine's Storm" delivering above-average rainfall to much of New Zealand, while inland South Island areas stayed drier. Despite recent lower inflows, storage levels are well above average, keeping Meridian's generation system in a strong position for autumn.
Residential, SMB, and large business sales were all higher compared to last February, but agriculture and corporate segments saw lower volumes. Wholesale prices fell sharply, and outages on the HVDC link between the islands limited power transfers for part of the month.
What did Meridian Energy management say?
CEO Mike Roan said:
Although inflows eased during February, this is the first below-average month in the past six. Storage levels remain robust, leaving the system well placed heading into autumn. Our retail growth remains strong. While lower irrigation demand saw sales volumes dip marginally year-on-year, customer numbers increased 2.1% during February, lifting total growth to nearly 20% over the past year, adding further scale and momentum to our Retail business.
What's next for Meridian Energy?
Meridian is heading into autumn with strong hydro storage, even after a relatively dry February. The company highlights ongoing growth in customer numbers and expanding momentum in its Retail business as areas of continued focus, alongside careful management of storage and generation as weather patterns shift.
Investors can access weekly storage and lake level updates on Meridian's website for further insight into trends as autumn progresses.
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 10% over the same period.
