Meridian Energy Limited (ASX:MEZ) Monthly Operating Report for November 2024
Operational Highlights
Meridian Energy Limited (ASX:MEZ) has released its monthly operating report highlighting November 2024’s key operational metrics. National hydro storage levels decreased from 139% to 134% of the historical average, with South Island storage dropping to 137% while North Island storage rose to 120%. Meridian’s inflows for November were 119% of the historical average, including a significant 151% for the Waitaki catchment.
November experienced dry and warm weather across New Zealand, resulting in national electricity demand falling by 2.2% compared to November 2023. Retail sales volumes saw an increase of 1.8% from the previous year, with notable segment gains in large business and agricultural sales.
Financial Performance
In terms of generation, Meridian’s output increased by 1.9% compared to the same month last year. However, the average price received for its generation was significantly lower, declining by 77% year-on-year. The average price paid to supply customers also fell by 69.8% during the same timeframe.
Meridian’s customer connections rose by 0.9% in November, reflecting a yearly increase of 2.5%. While retail sales volumes for the financial year are currently down by 1.9%, the outcomes stem from mixed performances across different customer segments.