Meridian Energy Limited (ASX: MEZ) has released its monthly operating report for July 2026, detailing its operational performance during a period of record electricity demand in New Zealand. Meridian Energy Limited is a New Zealand-based generator of renewable electricity, primarily from hydro and wind sources, and also a retailer to customers across New Zealand. A company spokesperson, Mike Roan, confirmed New Zealand experienced unprecedented July electricity demand, with daily records broken multiple times. He stated that Meridian successfully navigated this challenge, leveraging carefully managed hydro storage levels to support strong renewable generation across its portfolio.
The report indicated national hydro storage decreased from 136% to 128% of the historical average by 10 August 2026, with South Island storage at 138% and North Island at 88%. Despite this, Meridian’s July 2026 monthly total inflows were robust, registering 162% of the historical average. Water storage in Meridian’s Waitaki catchment was 145% of historical average at July’s end, and Waiau catchment stood at 158%. July saw warm, wet conditions in the South Island, contrasting with average temperatures and below-average rainfall for the North. National electricity demand in July 2026 set a new monthly record, increasing 1.9% from July 2025.
Meridian’s retail sales volumes for July 2026 rose 2.3% compared to July 2025. Segment-wise, residential sales increased by 13.6%, small-medium business by 3.0%, large business by 7.4%, and agriculture by 1.8%, while corporate sales saw a 7.6% decrease. Total generation for July 2026 was 18.0% higher year-on-year, driven by increased hydro and wind generation. However, the average price Meridian received for its generation declined by 55.9% over the same period. The report also noted that ASX electricity futures prices for 2027 to 2029 have fallen over 20% since February 2026, primarily due to committed new generation buildout.
