Meridian Q1 Generation Up 18.9% on High Hydro Inflows

Meridian (ASX:MEZ) Energy's September operating report shows above-average hydro inflows and storage lifting first-quarter generation to a record level, alongside lower retail sales volumes and fewer customers than a year earlier.

Meridian's September inflows were 150% of historical average, and first-quarter inflows were 154% of average and 29% higher than the same quarter last year. Waitaki catchment storage was 183% of historical average at the end of September. Compared with Q1 last year, Meridian's generation was 18.9% higher at a 64.3% lower average price. In the month to 12 October, national hydro storage decreased from 155% to 121% of historical average. Retail sales volumes were 3.0% lower in the quarter at a 1.1% higher average price, and 6.4% lower in September. Customer numbers at the end of the quarter were 0.9% lower than a year earlier, although total connections increased slightly in September, and over 245,000 customers have been migrated onto the Kraken platform. Total operating costs were 1.1% higher than Q1 last year and total capital expenditure was 93.9% higher. Capital expenditure guidance for the 2027 financial year is unchanged at $370 million to $410 million.

The report contains no revenue or earnings figures for the quarter, and it does not state the currency of the capital expenditure guidance.