Meridian Energy monthly operating report for December 2017

Release
Stock exchange listings: NZX (MEL) ASX (MEZ)
Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand 33 Customhouse Quay, PO Box 10840, Wellington 6143
www.meridian.co.nz

PG 1

Meridian Energy monthly operating report for December 2017
19 January 2018
Attached is Meridian Energy Limited's monthly operating report for the month of December 2017.
Highlights this month include:
§ In the month to 17 January 2018, national hydro storage decreased from 90% to 79% of historical
average
§ South Island storage sat at 72% of average and North Island storage at 122% of average on 17 January
§ Meridian’s December 2017 monthly total inflows were 70% of historical average
§ Meridian’s Waitaki catchment storage at the end of December 2017 was 81% of historical average
§ Storage in Meridian’s Waiau catchment was also well below average at the end of December 2017
§ Waiau catchment inflows were 68% of average in December 2017
§ Meridian has made calls on load under the Genesis Swaption during both December 2017 and January
2018
§ National electricity demand in December 2017 was 2.4% higher than the same month last year
§ December 2017 was a very warm and dry month with temperatures well above average and rainfall well
below average across most of New Zealand
§ Meridian’s retail sales volumes in December 2017 increased by 20.5% compared to December 2016

ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Polly Atkins
External Communications Specialist
021 174 1715

MERIDIAN
ENERGY
LIMITED
MONTHLY
OPERATING
REPORT
DECEMBER
2017.
19 January 2018

Meridian Energy Limited Monthly Operating Report for December 2017
2
December highlights.
In the month to 17
January 2018, national
hydro storage
decreased from 90% to
79% of historical
average
South Island storage sat
at 72% of average and
North Island storage at
122% of average on 17
January
Meridian’s December
2017 monthly total
inflows were 70% of
historical average
National electricity
demand in December
2017 was 2.4% higher
than the same month last
year
December 2017 was a
very warm and dry month
with temperatures well
above average and
rainfall well below
average across most of
New Zealand
Meridian’s retail sales
volumes in December
2017 increased by 20.5%
compared to December
2016
Meridian’s Waitaki
catchment storage at
the end of December
2017 was 81% of
historical average
Storage in Meridian’s
Waiau catchment was
also well below average
at the end of December
2017
Waiau catchment
inflows were 68% of
average in December
2017
Meridian has made calls
on load under the
Genesis Swaption during
both December 2017 and
January 2018
19 January 2018

2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GWh
NATIONAL DEMAND
Range (2009-2016) 2012 2013 2014 2015 2016 2017
• National electricity demand in December
2017 was 2.4% higher than the same month
last year
• December 2017 was a very warm and dry
month with temperatures well above
average and rainfall well below average
across most of New Zealand
• Demand in the last 12 months was 1.1%
higher than the preceding 12 months
• New Zealand Aluminium Smelter's average
load during December 2017 was at the
572MW base quantity of the NZAS
agreement
• 12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 7.8% at the
end of November 2017
• 12-month average switching rate of
customers moving and changing retailers
(“move in” switch) was 13.1% at the end of
November 2017
Market data.
Meridian Energy Limited Monthly Operating Report for December 2017
3
Source: Electricity Authority
Source: Electricity Authority
19 January 2018
5%
7%
9%
11%
13%
15%
Nov 12 May 13 Nov 13 May 14 Nov 14 May 15 Nov 15 May 16 Nov 16 May 17 Nov 17
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-In Switch Industry Trader Switch

4
• December 2017 saw a further rise in near-
term ASX prices
• National storage decreased from 90% of
the 83 year average on 12 December 2017
to 79% of average on 17 January 2018
• South Island storage decreased to 72% of
historical average on 17 January 2018.
North Island storage increased to 122% of
average
Market data.
Source: NZX
Source: ASX
Source: ASX
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018
40
50
60
70
80
90
100
110
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 2017 31 August 2017 29 September 2017
31 October 2017 30 November 2017 29 December 2017
40
50
60
70
80
90
100
110
Q4
2017
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 2017 31 August 2017 29 September 2017
31 October 2017 30 November 2017 29 December 2017
0
1,000
2,000
3,000
4,000
5,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GWh
NATIONAL HYDRO STORAGE (17 January 2018)
84yr Average 1992 2004 2008 2012 2015 2016 2017 2018

0
500
1,000
1,500
2,000
2,500
1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979- 2012 2013 2014 2015 2016 2017
• December 2017 monthly inflows were 70%
of historical average
• To date this financial year, inflows are 93%
of historical average
• Meridian’s Waitaki catchment storage
moved from 1,287GWh to 1,334GWh during
December 2017
• Waitaki storage at the end of December
2017 was 81% of historical average and
30% lower than the same time last year
• Storage in Meridian’s Waiau catchment
was also well below average at the end of
December 2017
• Waiau catchment inflows were 68% of
average in December 2017
• Meridian has made calls on load under the
Genesis Swaption during both December
2017 and January 2018
Operating information.
5
Source: Meridian
Source: Meridian
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
December YTD 84 year average

6
Source: Meridian
Source: Meridian
• Meridian’s New Zealand generation in
December 2017 was 14.4% lower than
the same month last year, reflecting
lower hydro generation and higher wind
generation
• To date this financial year, Meridian’s
New Zealand generation is 15.5% lower
than the same period last year,
reflecting lower hydro generation and
lower wind generation
• The average price Meridian received for
its generation in December 2017 was
257.2% higher than the same month last
year
• The average price Meridian paid to
supply contracted sales in December
2017 was 228.8% higher than the same
month last year
• To date this financial year, the average
price Meridian received for its
generation is 109.9% higher than the
same period last year
Operating information.
*price received for Meridian’s physical generation
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018
0
200
400
600
800
1,000
1,200
1,400
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
GWh
MERIDIAN'S NEW ZEALAND GENERATION
FY18 Hydro FY18 Wind FY17 Hydro FY17 Wind
157
83
55
53
96
128
48
49
48
44
40
36
41
42
49
43
70
122
0
20
40
60
80
100
120
140
160
180
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY18 FY17

• Meridian’s New Zealand customer
connection numbers rose 0.4% during
December 2017 and have risen 2.7%
since June 2017
• Retail sales volumes in December 2017
increased by 20.5% compared to
December 2016
• Compared to December 2016,
residential/SMB sales volumes increased
by 19.3% (higher irrigation based agri
volumes) and corporate sales volumes
increased by 23.2%
• To date this financial year, retail sales
volumes are 12.3% higher than the same
period last year
• This reflects a 7.4% increase in
residential/SMB sales volumes and a
22.3% increase in corporate sales
volumes
7
Operating information.
Source: Meridian
Source: Meridian
*excludes volumes sold to New Zealand aluminium Smelters and CFDs
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018
115
116
117
117
117
117
104
104
103
103
103
103
60
60
60
60
61
62
0
50
100
150
200
250
300
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
ICPs ('000)
MERIDIAN'S NEW ZEALAND CUSTOMER CONNECTIONS
Powershop Meridian North Island Meridian South Island Total FY17
330
340
312
295
351
399
188
189
179
180
188
190
0
100
200
300
400
500
600
700
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
GWh
MERIDIAN'S RETAIL SALES VOLUMES*
FY18 Corporate FY18 Residential/SMB
FY17 Corporate FY17 Residential/SMB

8
Source: Meridian
Source: Meridian
• Meridian’s Australian generation in
December 2017 was 2.2% lower than
the same month last year
• To date this financial year, Australian
generation is 1.1% lower than the same
period last year
• Australian retail sales volumes in
December 2017 increased by 11.4%
compared to December 2016
• To date this financial year, Australian
retail sales volumes are 19.8% higher
than the same period last year
Source: Meridian
Source: Meridian
Operating information.
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018
69
60
67
42
32
35
71
56
40
63
43
36
38
37
38
30
37
22
0
10
20
30
40
50
60
70
80
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
GWh
MERIDIAN'S AUSTRALIAN GENERATION
FY18 FY17
59
58
50
43
39
40
47
46
41
38
34
35
38
34
42
39
45
55
0
10
20
30
40
50
60
70
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
GWh
AUSTRALIAN RETAIL SALES VOLUMES
FY18 FY17

Meridian Energy Limited Annual Results 2017
9
DECEMBER
2017
MONTH
DECEMBER
2016
MONTH
NOVEMBER
2017
MONTH
OCTOBER
2017
MONTH
6 MONTHS TO
DECEMBER
2017
6 MONTHS TO
DECEMBER
2016
New Zealand contracted sales
1
Retail contracted sales volume (GWH)
589
489
539 475
3,141 2,797
Average retail contracted sales price ($/MWH)
$93.3
$99.6
$96.0 $98.7
$104.5 $108.9
NZAS sales volume (GWH)
426
426
412 426
2,525 2,525
Sell side derivative volumes
2
(GWH)

125
87
194 142
767 576
Wholesale contracted sales average price
3
($/MWH)
$58.5
$50.0
$57.6 $54.9
$58.1 $50.2
Total New Zealand customer connections
4
282,396 275,714 281,314 280,211
New Zealand generation

Hydro generation volumes (GWH)
867
1,036
1,000 985
5,289 6,296
Wind generation volumes (GWH)
118
116
82 106
648 733
Total generation volumes (GWH)
985
1,152
1,082 1,091
5,937 7,029
Average generation price
5
($/MWH)
$128.4
35.9
$95.5 $53.1
$93.2 $44.4
Acquired generation volume
6
(GWH)
200
56
178 164
1,188 453
Cost of acquired generation ($/MWH)
$69.9
$65.6
$64.9 $60.6
$68.7 $57.9
Acquired generation revenue average price ($/MWH)
$114.2
$43.9
$99.7 $54.4
$96.6 $50.5
Future contract close outs ($M)
-$0.4
$0.1
$0.1 -$0.3
-$2.5 -$0.2
Contracted sales supply volumes (GWH)
1,163
1,022
1,174 1,054
6,587 6,034
Cost to supply contracted sales ($/MWH)
$126.8
$38.6
$100.1 $54.4
$97.9 $47.6
Australia

Wind generation volumes (GWH)
35 36 32 42 305 309
Retail contracted sales volume (GWH)
40 35 39 43 289 241
Powershop customer connections
7
101,460 90,638
not disclosed not disclosed
See following page for footnotes
Operating information.

10
Footnotes
1. Contracted sales volumes and volume weighted average price received from contracted
customers less distribution costs
2. Derivatives sold excluding the sell-side of virtual asset swaps
3. Average price of both NZAS sales volume and sell side derivative volumes
4. Meridian Retail and Powershop New Zealand installation control points (ICPs),
excluding vacants
5. Volume weighted average price received for Meridian’s physical generation
6. Over the counter and ASX contracts excluding the buy-side of virtual asset swaps
7. Financially responsible market participants
Operating information.
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018

11
FY18 operating
information.
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018
JulAugSepOctNovDecJanFebMarAprMayJun
201720172017201720172017201820182018201820182018
New Zealand Contracted Sales
Retail contracted sales volume (GWh)519529491475539589
Average retail contracted sales price ($/MWh)$113.9$115.5$109.0$98.7$96.0$93.3
NZAS sales volume (GWh)426426411426412426
Sell side derivative volumes (GWh)95100111142194125
Wholesale contracted sales average price ($/MWh)$60.9$59.0$58.1$54.9$57.6$58.5
Total New Zealand customer connections278,595279,967280,209280,211281,314282,396
New Zealand Generation
Hydro generation volume (GWh)7398318679851,000867
Wind generation volume (GWh)10811811610682118
Total generation volume (GWh)8479499831,0911,082985
Average generation price ($/MWh)$156.5$83.4$55.0$53.1$95.5$128.4
Acquired generation volume (GWh)282206158164178200
Cost of acquired generation ($/MWh)$77.4$70.1$62.5$60.6$64.9$69.9
Acquired generation revenue average price ($/MWh)$138.8$84.1$55.6$54.4$99.7$114.2
Future contract close outs ($m)$0.7$0.6($0.7)($0.3)($0.1)$0.4
Contracted sales supply volume (GWh)1,0671,0771,0531,0541,1741,163
Cost to supply contracted sales ($/MWh)$155.0$88.2$59.2$54.4$100.1$126.8
Australia
Wind generation volume (GWh)696067423235
Retail contracted sales volume (GWh)595850433940
Powershop Australia customer connectionsnot disclosednot disclosed101,096not disclosednot disclosed101,460

12
FY17 operating
information.
JulAugSepOctNovDecJanFebMarAprMayJun
201620162016201620162016201720172017201720172017
New Zealand Contracted Sales
Retail contracted sales volume (GWh)45448745645845548951250 250 2445492477
Average retail contracted sales price ($/MWh)$122.9$119.7$112.2$10 0 .1$98.7$99.6$96.9$98.6$10 1.5$10 8.4$115.7$10 9.5
NZAS sales volume (GWh)426426411426412426426384426412426412
Sell side derivative volumes (GWh)648712 810 21108713 718 214 424014 916 8
Wholesale contracted sales average price ($/MWh)$49.7$50 .8$50 .3$50 .2$50 .4$50 .0$55.5$53.5$56.0$56.8$56.7$59.5
Total New Zealand customer connections275,344275,861275,840275,339275,785275,714275,598276,429277,0 96278,518276,147276,767
New Zealand Generation
Hydro generation volume (GWh)1, 1191, 16 61, 0 6 99809261, 0 3 69911, 0 8 3992912882818
Wind generation volume (GWh)14 39111412 514 411613 884110939687
Total generation volume (GWh)1, 26 21, 2571, 18 31, 10 51, 0 701, 1521, 1291, 16 71, 10 21, 0 0 5978905
Average generation price ($/MWh)$48.1$48.5$48.3$44.4$40 .0$35.9$41.4$42.3$48.9$43.3$69.5$122.5
Acquired generation volume (GWh)10 21127249645617 213 615 817 5210259
Cost of acquired generation ($/MWh)$46.2$58.2$52.1$70 .0$66.8$65.6$59.6$61.0$61.0$58.4$59.8$75.8
Acquired generation revenue average price ($/MWh)$48.3$57.8$51.5$49.1$47.2$43.9$45.4$45.7$51.1$45.2$64.6$112.4
Future contract close outs ($m)($0.2)($0.1)($0.1)$0 .0$0 .0$0 .1$0 .1$0 .1($0.1)$0 .1($1.1)($1.6)
Contracted sales supply volume (GWh)9501, 0 2 11, 0 0 31, 0 3 21, 0 0 71, 0 2 21, 0 9 11, 0 8 81, 10 61, 12 41, 0 9 71, 0 7 0
Cost to supply contracted sales ($/MWh)$54.4$52.7$51.1$47.0$42.3$38.6$44.6$45.7$52.2$45.4$71.1$125.8
Australia
Wind generation volume (GWh)715640634336383738303722
Retail contracted sales volume (GWh)474641383435383442394555
Powershop Australia customer connectionsnot disclosednot disclosed83,908not disclosednot disclosed90,638not disclosednot disclosed95,963not disclosednot disclosed10 0 , 5 2 4
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018

13
FY16 operating
information.
JulAugSepOctNovDecJanFebMarAprMayJun
201520152015201520152015201620162016201620162016
New Zealand Contracted Sales
Retail contracted sales volume (GWh)50 951049551356357448948050 9410476443
Average retail contracted sales price ($/MWh)$120 .9$119.3$111.5$96.1$94.9$88.2$96.1$10 0 .0$99.9$10 7.7$118.0$122.6
NZAS sales volume (GWh)426426411426412426426398426412426412
Sell side derivative volumes (GWh)14 015 811311410 24994908111217 751
Wholesale contracted sales average price ($/MWh)$50 .7$51.4$51.6$50 .2$51.7$50 .4$53.5$52.6$50 .6$48.8$45.1$51.0
Total New Zealand customer connections276,366275,479275,875275,0 48274,146274,10 1274,433275,0 0 6275,869275,771274,947274,920
New Zealand Generation
Hydro generation volume (GWh)1, 0 6 01, 0 2 19541, 0 0 61, 0 3 31, 0 139801, 0 151, 0 7 61, 0 161, 0 6 31, 0 14
Wind generation volume (GWh)12 312 412 415 713 510 811410 310 110 214 412 1
Total generation volume (GWh)1, 18 31, 14 51, 0 781, 16 31, 16 81, 1211, 0 9 41, 1181, 1771, 1181, 20 71, 135
Average generation price ($/MWh)$49.7$52.2$58.0$54.5$62.1$66.3$67.9$61.8$50 .7$59.2$51.7$50 .6
Acquired generation volume (GWh)14 4979513 39410 57144691118780
Cost of acquired generation ($/MWh)$82.2$84.7$83.6$62.0$70 .5$70 .8$74.5$75.2$75.1$78.7$75.1$78.9
Acquired generation revenue average price ($/MWh)$50 .4$52.4$56.6$56.6$66.6$72.3$72.2$74.6$62.9$66.3$57.6$58.1
Future contract close outs ($m)($0.1)($0.9)($0.1)($0.1)($0.2)($0.2)($0.1)($0.8)($1.0)($1.1)($2.0)($0.3)
Contracted sales supply volume (GWh)1, 0 9 31, 12 01, 0 5 01, 0 9 01, 0 9 61, 0 8 61, 0 0 99911, 0 3 69301, 114940
Cost to supply contracted sales ($/MWh)$52.6$55.5$60 .4$57.9$69.0$70 .7$72.3$66.6$54.4$64.3$54.5$54.5
Australia
Wind generation volume (GWh)604743383338362929397153
Retail contracted sales volume (GWh)313227242227262529283341
Powershop Australia customer connectionsnot disclosednot disclosed55,993not disclosednot disclosed63,763not disclosednot disclosed71,111not disclosednot disclosed77,970
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018

14
Glossary.
Acquired generation volumes buy-side electricity derivatives excluding the buy-side of virtual asset swaps
Average generation price the volume weighted average price received for Meridian’s physical generation
Average retail contracted sales price volume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales price volume weighted average electricity price received from wholesale customers, including NZAS
Combined catchment inflows combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of acquired generation volume weighted average price Meridian pays for derivatives acquired to supplement generation
Cost to supply contracted sales volume weighted average price Meridian pays to supply contracted customer sales
Contracts for Difference (CFDs) an agreement between parties to pay the difference between the wholesale electricity price and an agreed fixed price for a
specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections (NZ) number of installation control points, excluding vacants
FRMP financially responsible market participant
GWh gigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflows the historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 83 years
Historic average storage the historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDC high voltage direct current link between the North and South Islands of New Zealand
ICP New Zealand installation control points, excluding vacants
ICP switching the number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was
initiated
MWh megawatt hour. Enough electricity for one average New Zealand household for 46 days
National demand Electricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZAS New Zealand Aluminium Smelters Limited
Retail sales volumes contract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Sell side derivatives sell-side electricity derivatives excluding the sell-side of virtual asset swaps
Virtual Asset Swaps (VAS) CFDs Meridian has with Genesis Energy and Mercury. They do not result in the physical supply of electricity
Meridian Energy Limited Monthly Operating Report for December 2017
19 January 2018

Thank you.