Storage slumps

Hydro and wind power generator Meridian said its water inflows over the third quarter to March were

70 per cent of the historical average and 31 per cent lower than the same quarter last year. Meridian’s Waitaki catchment water storage at the end of the quarter was 82 per cent lower than the third quarter of last year, the company said in its quarterly report. Compared to the previous third quarter, Meridian’s New Zealand generation was 16.5 per cent lower in the March quarter at a 266 per cent higher average price. Over the period, New Zealand futures prices lifted significantly across all future quarters. NZ Aluminium Smelter’s average load during the quarter was 565 megawatts compared with 590MW in Q3 last year. National electricity demand in the quarter was 2.2 per cent lower. Meridian’s New Zealand retail sales volumes were 8.2 per cent higher at a 0.1 per cent lower average price.