Meridian Energy Report: Cold May 2024 Affects Hydro Storage

Meridian Energy's (ASX: MEL) report for May 2024 reveals significant drops in hydro storage, with national storage decreasing from 96% to 72% of the historical average by early June. South Island storage fell to 73% and North Island to 64%. May inflows were only 45% of the average.

The Waitaki and Waiau catchments saw storage at 77% and 66% of historical averages, respectively. Despite these challenges, national electricity demand rose by 6.2%, making May 2024 the coldest and driest in 15 years. Meridian’s retail sales increased by 2.3% year-on-year, with significant growth in residential, small-medium business, large business, and agriculture sectors.

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