The Meridian Energy Ltd (ASX: MEZ) share price is one to watch this morning after the New Zealand-based ASX energy group's November update.
What did Meridian announce in its monthly update?
Meridian reported a relatively strong result across a number of key business areas this morning.
National hydro storage increased from 111% to 175% of the historical average in the 10 months to 10 December 2019. South Island storage came in at 186% of average with North Island at 124% of average.
Meridian's total monthly inflows for November 2019 were at 174% of historical average with its Waitaki catchment well above average as at November end.
The ASX energy group's shares will be worth watching today after reporting strong demand for its services.
Positively, national electricity demand was 2.7% higher compared to the prior corresponding period (pcp). This may be in part due to November 2019 being New Zealand's hottest November on record.
However, demand is up over the last 12 months by 0.7% and Meridian has seen a 37.0% increase in corporate sales volumes.
Meridian reported retail sales volumes 26.9% higher compared to November 2018 as its strong growth continues.
How has the ASX energy group performed this year?
The ASX energy group is one of the largest companies by market cap that is not included in the ASX 200.
Meridian shares have outperformed strongly in 2019 and are up 47.83% since the start of the year.
That compares favourably to the 23.24% achieved by the S&P/ASX 200 Index (INDEXASX: XJO) in the same time.
It's one of the top-performing ASX energy shares for the year behind just Beach Energy Ltd (ASX: BPT).
Beach shares have rocketed 106.20% since the start of the year and were among the best ASX 200 performers last week.
Foolish takeaway
The ASX energy group's shares will be worth watching in early trade after this morning's monthly update.
Meridian has proven to be a strong performer on the ASX this year and could be climbing even higher in early trade.
