Meridian Energy records Q3 inflows at 80% of historical average
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The news: Meridian Energy has reported that total inflows for the third quarter were at 80% of the historical average compared to a year ago.
The numbers: Meridian’s Waitaki water storage catchment was 39.9% higher in the third quarter, while its generation was 16.4% higher at a 71.2% lower average price.
The national electricity demand was 2.4% higher than the year prior. Meridian reported a customer year-on-year increase of 17.7% during the period.
Retail sales volumes were 3.9% higher, while total capital expenditure came in 186.6% higher.
The context: Meridian said robust operating activities in March were driven by strong retail sales growth, increased customer demand and hydro storage levels remaining near historical averages despite weaker inflows.
The company added that a decline in ASX forward pricing is likely to support higher investment in new renewable generation and system security provided by agreements signed for the Huntly capacity.
What they said: "We’ve maintained momentum through the March quarter after a very strong half-year result and the lakes are looking really good as we get closer to winter,” Meridian Energy CEO Mike Roan said.
“These things can change, however at this stage we have 40% more water than we did at the same time last year,” he added.
The source: ASX
