Hydro lakes at 101% of average

Meridian’s hydro lakes are in good shape as New Zealand moves into the second month of winter, thanks to regular rain, careful balancing of hydro and wind generation as well as a proactive approach from the electricity industry to boost security of supply, Meridian chief executive Mike Roan says.

"Supply being managed carefully and low spot prices — this is the market doing what it was designed to do and working in the interest of all New Zealanders," a statement from Mr Roan said.

"The welcome boost we’ve seen in our hydro storage is the result of regular rain since April, rather than the damaging events we’ve seen in other parts of the country over the last week."

Across the country, controlled hydro storage was at 101% of average for the time of year.

Among the storage lakes that Meridian manages, the Waiau catchment (Lakes Te Anau and Manapōuri) is 89% full, or 131% of average for the time of year, while Lake Pūkaki is 61% full, or 93% of average for the time of year.

"That storage, along with increased thermal fuel reserves, has seen wholesale [spot market] prices soften considerably, with average prices last week of $91 in the North Island and $85 in the South Island.

"Forward market prices at Otahuhu for 2025 have also halved, having fallen from $300/MWh in March and April to $150/MWh currently."

At 11.40am on Wednesday, Meridian was generating almost 1900MW.

"We produced 106GWh on the Waitaki chain in the week beginning June 23, out of a total 250GWh across all of Meridian’s assets.

"Of that, 207 was hydro, and 43 was wind," a Meridian spokesperson said.