Meridian Energy Posts Record Q1 Hydro Output, Keeps FY27 Capex Guidance
Meridian's generation rose 18.9% on strong inflows, but its average realised price fell 64.3%. Fiscal 2027 capex guidance was kept unchanged.
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what happened
New Zealand electricity generator Meridian Energy reported that generation in the first quarter of fiscal 2027 rose 18.9%. Strong hydro inflows and above-average lake storage supported the increase, even though September weather was mild. Inflows for the quarter reached 154% of the historical average, up 29% from a year earlier.
The average price the company achieved in the quarter was 64.3% lower than a year before. In September, total generation rose 17.6%, while national electricity demand fell 0.5%. Retail sales volumes dropped 6.4%, while customer connections edged higher. Meridian kept its fiscal 2027 capital expenditure guidance at NZ$370 million to NZ$410 million.
On the NZX, Meridian shares closed up 0.18% at NZ$5.52 on Monday.
why it matters
A steep fall in prices alongside record output shows how abundant hydro resources are pressuring wholesale electricity prices in New Zealand. For power generators, this means thinner margins even at high volumes.
market impact
NZ power market: abundant inflows push down electricity prices and squeeze generator margins
tags
instruments
sources
- Meridian Energy Reports Record Q1 Hydro Generation; Maintains FY27 Capex Guidance — TradingView, 20 October 2026 at 06:35 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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