Highlights

  • January inflows were 108% of historical average, with year-to-date inflows at 138%.
  • Waitaki water storage reached 119% of average, with snow storage at 177%.
  • Shares traded at AUD 4.93, unchanged on the day of the update.

Meridian Energy Limited (ASX:MEZ) has released its January 2026 monthly operating report, highlighting decline in hydro storage levels and above-average inflows across key catchments. Shares were trading at AUD 4.93 at 10:00am on 13 February 2026, unchanged for the session.

Hydro Storage Remains Elevated

National hydro storage declined from 115% to 92% of the historical average in the month to 9 February 2026. South Island storage eased to 88% of average, while North Island storage stood at 117% of average.

Meridian reported January total inflows at 108% of the historical average. For the financial year to date, total inflows reached 138% of the historical average, marking the second-highest July-to-January inflow period on record.

Water storage in the Waitaki catchment was 119% of historical average at the end of January, while snow storage in early February reached 177% of average levels. In contrast, Waiau catchment water storage was 90% of average, with inflows at 87% of historical average during the month.

Wholesale Prices and Generation Trends

Extended periods of spilling across the Waitaki and Waiau catchments concluded during January. The high storage levels contributed to lower wholesale electricity prices, with Meridian’s average generation sales price at just over AUD 1 per megawatt hour for the month.

January weather conditions included record rainfall across parts of both islands, although the West Coast of the South Island recorded below-normal rainfall. Temperatures were average or above average nationwide.

National electricity demand in January 2026 increased 3.1% compared with January 2025.

Retail Sales and Customer Segments

Meridian’s retail sales volumes rose 2.9% year-on-year in January. Residential segment sales increased 27.4%, including former Flick customers. Small and medium business sales rose 12.5%, while large business sales climbed 15.3%.

Agriculture sales declined 4.5%, and corporate segment sales were down 8.5% compared with January 2025.

New Zealand Aluminium Smelters Ltd (NZAS) recorded an average load of 576MW during January 2026, compared with 513MW a year earlier, when volumes were ramping up under a demand response agreement.

Operational Position Ahead of Autumn

Meridian Chief Executive Mike Roan stated that both water and snow storage in the Waitaki catchment remain above historical averages for this time of year. Elevated storage levels position the system ahead of the autumn and winter periods.

The company noted that extended spilling has now ended, following sustained wet summer conditions.

Meridian Energy’s January 2026 operating report showed above-average inflows and elevated hydro storage levels across key catchments, alongside increased national electricity demand. Wholesale prices were lower during the month due to high storage and extended spilling. Shares remained steady at AUD 4.93 following the update.

F&Q

  1. What were Meridian’s inflows in January 2026?
    January inflows were 108% of the historical average, with financial year-to-date inflows at 138% of average.
  2. How did hydro storage levels change?
    National hydro storage declined to 92% of historical average by 9 February 2026, with Waitaki storage at 119% of average at the end of January.
  3. What is Meridian’s current share price?
    Meridian Energy shares were trading at AUD 4.93 on 13 February 2026.