Meridian Energy sees strong inflows, sales boost in November

Meridian Energy reported strong operating results for November 2025, with total monthly inflows at 149% of the historical average. This contributed to the highest financial year-to-date inflows since 1988/89, currently standing at 150% of the historical average. National hydro storage increased from 143% to 153% of the historical average by December 8, 2025, with South Island storage at 157% and North Island at 132%.

Retail sales volumes in November 2025 were 12.1% higher than in November 2024. This increase was driven by growth across all segments, including residential sales up 23.2% (including Flick customers), small-medium business up 10.2%, large business up 8.5%, agriculture up 18.4%, and corporate up 6.0%. Agricultural volumes were the highest November month volumes in 10 years, attributed to strong, dry winds increasing irrigation load.

Meridian's generation in November 2025 was 2.7% higher than the same month last year. The average price Meridian received for its generation in November 2025 was $57.9/MWh, a 93.3% increase from the same month last year. National electricity demand in November 2025 was 5.9% higher than November 2024. New Zealand Aluminium Smelters Ltd averaged 569MW during November 2025, compared to 451MW a year ago.