Meridian Energy monthly operating report for January 2026

Attached is Meridian Energy Limited's monthly operating report for the month of January 2026. Meridian Chief Executive Mike Roan says January has seen a continuation of wet summer conditions and high lake levels. “We are in a really solid position as we move towards autumn. Both water and snow storage in the Waitaki catchment are well above historical averages for this time of year, putting the country in a good position ahead of the coming winter.” “Extended periods of spilling in both the Waitaki and Waiau catchments have now ended but drove wholesale prices to remarkably low levels in January. Our average generation sales price was just over $1 per megawatt hour last month,” says Mike Roan. Key points this month include: In the month to 9 February 2026, national hydro storage decreased from 115% to 92% of historical average. South Island storage decreased to 88% of average and North Island storage decreased to 117% of average by 9 February 2026. Meridian’s January 2026 monthly total inflows were 108% of historical average. To date this financial year, total inflows are 138% of historical average, the second highest July to January inflows on record. Waiau catchment inflows in January 2026 were 87% of historical average. Meridian’s Waitaki catchment water storage at the end of January 2026 was 119% of historical average. Snow storage in Meridian’s Waitaki catchment was at 177% of average in early February 2026. Water storage in Meridian’s Waiau catchment was 90% of average at the end of January 2026. January was wet with record rainfall for parts of both islands. By contrast, the West Coast of the South Island had below normal rainfall during the month. Temperatures were average or above average for most of the country. National electricity demand in January 2026 was 3.1% higher than January 2025. New Zealand Aluminium Smelters Ltd (NZAS) average load during January 2026 was 576MW, compared with 513MW a year ago, when NZAS volume was ramping up following Meridian exercising call options under the demand response agreement. Meridian’s retail sales volumes in January 2026 were 2.9% higher than January 2025. Compared to January 2025, segment sales in residential were 27.4% higher (including ex customers of Flick), small medium business 12.5% higher, large business 15.3% higher, agriculture 4.5% lower and corporate 8.5% lower. Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels