The Meridian Energy Ltd (ASX: MEZ) share price is in focus today after the company's April 2026 monthly report revealed strong growth in retail sales and demand, along with increased national hydro storage.
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What did Meridian Energy report?
- National hydro storage rose to 119% of the historic average by 11 May 2026 (up from 106% a month earlier).
- South Island hydro storage reached 109% and North Island storage surged to 201% of average by the same date.
- April retail sales volumes were 8.2% higher than April 2025, led by a 25% lift in residential sales.
- Meridian's total electricity generation for April was 1,009 GWh, up 13.5% on last year, reflecting strong hydro conditions.
- National electricity demand in April was up 3.7% on the prior year; demand excluding NZ Aluminium Smelters rose 2.6%.
- Average price received for generation in April was $100.50/MWh, significantly lower than April 2025's $332.30/MWh.
What else do investors need to know?
April's bumper rainfall in the North Island and healthy inflows in the South Island boosted hydro storage across the country. Meridian's Waitaki catchment ended April at 106% of average storage, while Waiau reached 91%.
Retail customer connections dipped by 1.1% in April, but still grew 15.7% over the year. Retail segment sales outpaced 2025 levels for every major customer group, with business and agricultural segments both seeing solid growth.
On the wholesale market, ASX forward electricity prices continued to fall, likely reflecting strong renewable investment and improved system security from Huntly agreements.
What's next for Meridian Energy?
Management is staying focused on capitalising on strong hydro conditions as New Zealand moves into winter, traditionally a period of higher demand. Meridian is also watching market dynamics as increased renewable generation investment and strong storage keep prices subdued, which could impact earnings going forward.
Weekly updates on lake levels and further operating developments can be found on the company's website, giving investors timely visibility as conditions evolve.
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 4% over the same period.
