The energy giant, which owns the Waitaki Valley hydro scheme, this week reported a net loss (after tax) of $452m, compared to a net profit (after tax) of $429m in the previous financial year. Underlying net profit also fell from $359m to $56m.
"We weathered a perfect storm," Meridian chief executive Mike Roan said.
"The combination of historically low hydro inflows, extended periods of low wind, two major droughts and a dramatic decline in gas availability combined to make this a very challenging financial year," he said.
Over the year, Meridian’s generation team were able to deliver 112MW of new capacity from existing hydro assets - more than the capacity of two units at Ōhau B or C - and increase levels of peak-period availability across the generation fleet.
Meridian’s Waitaki hydro assets generated 6710GWh, down from 7300GWh in the previous financial year.
The company’s plans to free-up contingent storage at Lake Pūkaki will be a vital step in protecting against future drought and gas supply issues.
"We’re delighted that the Minister for Infrastructure has approved our request to have our application heard through the fast-track process," Mr Roan said.
"This lake holds more than 40% of the country’s total hydro storage and access to more of its water will reduce the impacts of future droughts on both supply and prices.
"Continuing to focus on reducing resource consenting timeframes will also greatly assist to improve security of supply more rapidly."
A company spokesperson told the Oamaru Mail that a "substantive application" for the project was in the process of being drafted.
