The Meridian Energy Ltd (ASX: MEZ) share price could be on the move today after July's operating report showed record electricity demand and an 18% jump in generation compared to last year.
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What did Meridian Energy report?
- National electricity demand for July reached a record, up 1.9% versus July 2025
- Meridian's total generation for July up 18.0% on last year, to 1,371 GWh
- Retail sales volumes rose 2.3% year on year, with residential segment up 13.6%
- National hydro storage decreased from 136% to 128% of average, but remains elevated
- Average generation price received was $47.7/MWh, down 55.9% year on year
- Retail contracted sales volume reached 870 GWh, with average retail price at $175.4/MWh
What else do investors need to know?
July saw continued strong inflows into Meridian's hydro catchments, with Waitaki water storage at 145% of historical average and Waiau at 158%. Hydro inflows for the month were robust at 162% of average despite some storage drawdown.
The price Meridian received for its generation fell sharply versus last year, but so did the cost to supply customers—down 47.3%, supporting margins. Customer connection numbers slipped slightly in July (down 0.2%), but are up 10.5% year on year.
Quarterly wholesale electricity futures for 2027-2029 continued to soften, falling more than 20% since February due to new generation projects coming online.
What's next for Meridian Energy?
Looking ahead, Meridian highlights its strong renewable energy position and resilient storage levels as key strengths in meeting ongoing high demand. Continued development in wind, hydro and battery storage are set to help the company manage volatility and support the New Zealand grid.
Management will be watching market pricing closely while maintaining a focus on efficiency and renewable investment. Investors can access weekly storage updates on the Meridian website.
Meridian Energy share price snapshot
Over the past 12 months, Meridian Energy shares have declined 11%, trailing the S&P/ASX 200 Index (ASX: XJO), which has risen 4% over the same period.
