Meridian Energy is expecting wholesale spot electricity prices to stay low in the short term as national hydro storage levels continue to track above average levels.
That would continue to result in challenging trading conditions, the state-owned company said today in its operating result for the December quarter.
Meridian's storage position at the close of the quarter, at 2698 gigawatt hours (GWh) was 144% of the historical average.
Inflows during the December quarter were 113% of the historical average at 4562GWh.
Conditions varied greatly during the quarter, with a sustained period of low inflows and dry outlook followed by significant inflow events towards the end of December, Meridian said.
Average daily wholesale prices fluctuated significantly during the quarter, reaching as high as $236 per megawatt hour (MWh) before falling as low as $5/MWh in late December.
Retail competition remained intense, Meridian said. Its total customer numbers increased by 3097 during the quarter.
