Meridian Energy posts 3.7% year-on-year rise in April electricity demand
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The news: Meridian Energy has reported a 3.7% year-on-year increase in national electricity demand for April, with monthly total inflows at 98% of the historical average driven by heavy rainfall across New Zealand recorded during the period.
The numbers: In the month to 11 May, national hydro storage increased from 106% to 119% of the historical average, with South Island storage increasing to 109% and North island storage increasing to 201%.
Total inflows to date are 121% of the historical average, while retail sales volumes in April were 8.2% higher than the prior corresponding period.
The context: The company stated that the stronger monthly inflows were driven by significant rainfall events across the North and South islands, boosting national hydro storage to nearly 120% of the average as New Zealand enters the cooler months.
Separately, the company has secured approval to build a 120-megawatt solar farm and battery energy storage system at Bunnythorp.
The deal is part of the company’s NZD3 billion ($2.45 billion) investment in new renewable energy capacity, aiming to improve New Zealand’s electricity affordability by 2030.
