Meridian Energy Limited has released its quarterly operational result for the three-month period to 30 September.
Performance for the quarter was characterised by:
above average inflows to the company’s South Island hydro catchments, following record low inflows during the previous financial year increased generation compared with the previous quarter, 11% lower than the same period last year, due to soft demand reduced average wholesale prices compared with last quarter and the same quarter last year.
Meridian’s Chief Executive Mark Binns says, “We successfully managed our way through the unprecedented low inflows of last year. Since then our generation volumes have increased with recent inflows.”
Mr Binns says, “Meridian’s diversified renewables approach and integrated portfolio of generation and retail activities is key to the way we’re managing risk”.
During the quarter, Meridian gained two new consents to access more water in Lake Pukaki that help boost the company’s ability to mitigate extreme hydrology risks.
Meridian’s financial performance in retail is improving and both brands, Meridian and Powershop, held their positions – Powershop at the top – in an independent consumer customer satisfaction survey released in August.
Mr Binns says, “It’s great to get these results but we know we have to work hard to attract and retain customers. Our renewable point of difference is important, and a commitment alongside striving for higher levels of customer service.”
Meridian is continuing to leverage its renewables expertise in Australia. The Mt Mercer wind farm, in Victoria, will begin construction later this year. The addition of Mt Mercer strengthens Meridian’s presence in Australia. The company’s first wind farm in Victoria, Macarthur − a joint venture on what will be the largest wind farm in the Southern Hemisphere − started generating power in September.