• Meridian Energy received final approval for easing Lake Pūkaki hydro storage restrictions
• Approval reduces dry-year risk and price impacts through to Winter 2028
• Permission granted for permanent rock armouring at Pūkaki Dam
• Meridian to use extra storage only if security of supply is at risk
• Expected to use less than half of available storage in 2026

Meridian Energy Limited has received final approval from the Fast-track Panel to ease access restrictions on Lake Pūkaki hydro storage for three years. This decision is expected to mitigate dry-year risks and related price impacts through to Winter 2028, offering additional security while new generation capacity is developed. Meridian's Chief Executive, Mike Roan, emphasized the importance of hydro generation, which accounts for around 60% of the country's electricity. The approval also allows Meridian to permanently install rock armouring at Pūkaki Dam to enhance its resilience against wave erosion. Meridian plans to use the extra storage cautiously, only in cases of heightened risk to security of supply, and currently does not expect to utilize more than half of the available five meters this year.

Meridian Energy expects to benefit from reduced dry-year risks and price impacts through Winter 2028, with careful management of the additional hydro storage.