Several heavy downpours over the past month have helped to fill hydro lakes close to their brim.
Lake Benmore, which is part of Meridan's Waitaki hydro scheme. Photo: muha/123RF
The National Institute of Water and Atmospheric Research (NIWA) said July was the wettest on record, with some storms causing floods around the country.
Manawa Energy, formerly known as Trustpower, told shareholders at its annual meeting that lake storage was now well above-average, after a dry start to the current financial year in March.
However, the company warned of "downward pressures" on its full year earnings, due to poor generating conditions in April and May, as well as cost blow outs on new projects.
"While we had envisaged a certain amount of activity and associated costs around our new generation development activity, this is greater than we anticipated and while this is creating further short-term downward pressure on earnings of FY23, this is very positive in the long term," the company said.
"This being said, it is early days in terms of the financial year, and we are certainly well placed with regard to... continued strong forward prices providing a more positive outlook for the remainder of the year."
Meanwhile, rival power company Meridian Energy's monthly operating report showed its national hydro storage jumped from 94 percent to 144 percent of its historical average in the month ending August 9th.
A strong increase in South Island storage offset a decline in the North Island, the company said.
The report said national electricity demand was 1.1 percent lower in July when compared with the same month a year ago.