Meridian CEO Mike Roan said the additional access would directly lower wholesale electricity prices.
“When the pressure’s on like it was in Winter 2024, every extra metre makes a big difference,” Roan said.
“Access to contingent storage will lower the price of electricity traded in the wholesale market by increasing the amount of renewable energy, lower-cost fuel available. This will in turn put downward pressure on the fixed rates retailers offer to residential and business customers, which is our number one priority.”
Modelling in the fast-track referral documents showed the move could release enough energy to power 75,000 homes and reduce wholesale electricity prices by approximately 7%, by removing the uncertainty over when Meridian could access its backup water storage and enabling more efficient generation planning.
The draft decision also grants Meridian permission to permanently install rock armouring at Pūkaki Dam to protect against wave erosion when the lake operates at lower levels, a structural measure required to make the extended storage range operationally viable without compromising dam integrity.
