Newly-listed Meridian Energy said the average price it received for its power generation in the September quarter was 22 per cent lower than the same quarter last year, mostly reflecting higher-than-average lake levels, while demand was flat.
Catchment inflows were 139 per cent of the historical average in the quarter and 21 per cent higher than the same quarter last year, Meridian said in a statement to the NZX.
The quarter's inflows were dominated by very high inflows in early July and mid-September, which resulted in comparatively high storage levels by the end of the quarter.
By the end of September, Meridian's Waitaki catchment storage was at 1,465 gigawatt hours - 155 per cent of the historical average and 27 per cent higher than the same quarter last year.
With above average inflows and strong wind conditions, Meridian's New Zealand generation was 143 per cent higher than the same period last year. Meridian's weekly market share was well above 30 per cent.
The company said national demand continued to be influenced by the longer term decline in industrial demand.
Demand over the quarter was flat compared with the same quarter last year. Intalment receipts in Meridian, which floated on the NZX last month, last traded at $1.025 compared with their $1.00 issue price and $1.11 post float high.