Meridian Energy says it has stored more hydroelectricity than average, but demand remained relatively flat in October, compared to the same month last year.
Inflows into Meridian's catchments reached their second highest level for the month in 81 years of records.
For the year to October, the company's power generation was 10% higher than the previous 12 months but the average price achieved was 14% lower.
Retail sales remained flat for the October month.