Meridian Energy Limited (ASX:MEZ), a company incorporated in New Zealand focusing on renewable energy generation, has released its monthly operating report for January 2026. The report highlights continued wet summer conditions leading to high lake levels and strong inflows into Meridian’s hydro catchments. National hydro storage decreased from 135% to 117% of the historical average in the month to 9 February 2026. Despite the decrease, South Island storage remained at 110% of average, while North Island storage increased to 162% of average.
Meridian’s January 2026 total inflows were reported at 108% of the historical average. Total inflows to date this financial year are 138% of the historical average, marking the second-highest July to January inflows on record. The company’s Waitaki catchment water storage was 119% of historical average at the end of January 2026, with snow storage in the catchment at 177% of average in early February 2026. Waiau catchment inflows were 87% of historical average in January 2026, and water storage in the Waiau catchment was 90% of average at the end of January 2026.
According to Meridian Chief Executive Mike Roan, the high inflows and storage levels put the country in a good position ahead of the coming winter. However, extended periods of spilling in both the Waitaki and Waiau catchments drove wholesale prices to remarkably low levels in January. Meridian’s average generation sales price was just over $1 per megawatt hour last month.
National electricity demand in January 2026 was 3.1% higher than in January 2025. New Zealand Aluminium Smelters Ltd (NZAS) average load during January 2026 was 576MW, compared with 513MW a year ago. Meridian’s retail sales volumes in January 2026 were 2.9% higher than January 2025, with residential sales up 27.4%, small medium business up 12.5%, large business up 15.3%, agriculture down 4.5%, and corporate down 8.5%.
