Meridian Energy monthly operating report for June 2019

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for June 2019
11 July 2019
Attached is Meridian Energy Limited's monthly operating report for the month of June 2019.
Highlights this month include:
▪ In the month to 8 July 2019, national hydro storage decreased from 122% to 108% of
historical average
▪ South Island storage sat at 114% of average and North Island storage at 73% of average on 8
July 2019
▪ Meridian’s June 2019 monthly total inflows were 100% of historical average
▪ Meridian’s Waitaki catchment storage at the end of June 2019 was 121% of historical average
▪ Storage in Meridian’s Waiau catchment was slightly below average at the end of June 2019
▪ National electricity demand in June 2019 was 1.9% lower than the same month last year
▪ Meridian made calls on load under the Genesis Swaption in June and early July 2019
▪ June 2019 was an unusually dry month across much of the country. Temperatures were near
average for most of the North Island and more variable in the South Island
▪ New Zealand Aluminium Smelter's load during June 2019 was below the contract level of
622MW
▪ Meridian’s New Zealand retail sales volumes in June 2019 were 9.1% higher than June 2018
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:

Anna Vrede
Senior External Communications Specialist
021 195 3175

About Meridian
As New Zealand’s largest 100% renewable energy generator, and as a retailer, Meridian cares about sustainability and the
future of our planet.
Meridian is focused on sustainability, which is why the company has adopted the UN Sustainable Development Goals.
Meridian is also listed as one of only three New Zealand companies on the Dow Jones Asia-Pacific Sustainability Index.
Meridian and its subsidiary Powershop retail electricity to more than 400,000 connections – homes, farms and businesses
throughout New Zealand and Australia. Meridian owns and operates ten hydro stations − six within the Waitaki Hydro
Scheme − and seven wind farms in New Zealand and Australia.

M O N T H LY O P E R AT I N G R E P O RT
J U N E 2 0 1 9

J U N E H I G H L I G H T S
In the month to 8 July
2019, national hydro
storage decreased from
122% to 108% of
historical average
South Island storage sat
at 114% of average and
North Island storage at
73% of average on 8 July
2019
Meridian’s June 2019
monthly total inflows
were 100% of historical
average
June 2019 was an unusually
dry month across much of
the country. Temperatures
were near average for most
of the North Island and more
variable in the South Island
New Zealand Aluminium
Smelter's load during June
2019 was below the contract
level of 622MW
Meridian’s New Zealand
retail sales volumes in June
2019 were 9.1% higher than
June 2018
Meridian’s Waitaki
catchment storage at the
end of June 2019 was
121% of historical
average
Storage in Meridian’s
Waiaucatchment was
slightly below average at
the end of June 2019
National electricity
demand in June 2019 was
1.9% lower than the
same month last year
Meridian made calls on
load under the Genesis
Swaptionin June and
early July 2019
Meridian Energy Limited Monthly Operating Report for June 20192
11 July 2019

MARKET DATA
▪National electricity demand in June 2019
was 1.9% lower than the same month last
year
▪June 2019 was an unusually dry month
across much of the country. Temperatures
were near average for most of the North
Island and more variable in the South
Island
▪Demand in the last 12 months was 0.3%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter's load
during June 2019 was below the contract
level of 622MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 7.5% at the
end of May 2019
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.2% at the end
of May 2019
Source: Electricity Authority
Source: Electricity Authority
3
11 July 2019
5%
7%
9%
11%
13%
15%
May 14Nov 14May 15Nov 15May 16Nov 16May 17Nov 17May 18Nov 18May 19
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchIndustry Trader Switch
Meridian Energy Limited Monthly Operating Report for June 2019
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2009-2018)201420152016201720182019

MARKET DATA
▪June 2019 saw near-term ASX prices rise
slightly as national storage declined
▪National storage decreased from 122% of
average on 13 June 2019 to 108% of
average on 8 July 2019
▪South Island storage decreased to 114% of
historical average on 8 July 2019. North
Island storage decreased to 73% of average
Source: ASX
Source: ASX
Source: NZX
4
11 July 2019
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (8 July 2019)
85yr Average199220042008
2012201720182019
50
70
90
110
130
150
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
29 June 201828 February 201929 March 2019
30 April 201931 May 201928 June 2019
50
70
90
110
130
150
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
29 June 201828 February 201929 March 2019
30 April 201931 May 201928 June 2019
Meridian Energy Limited Monthly Operating Report for June 2019

OPERATING INFORMATION
▪Meridian’s New Zealand customer
connection numbers rose 0.3% during
June 2019 and have risen 4.0% since June
2018
▪Retail sales volumes in June 2019 were
9.1% higher than June 2018
▪Compared to June 2018, residential/SMB
sales volumes increased by 1.0% and
corporate sales volumes increased by
24.1%
▪To date this financial year, retail sales
volumes are 4.3% higher than same
period last year
▪This reflects a 2.1% increase in
residential/SMB sales volumes and a 8.3%
increase in corporate sales volumes
Source: Meridian
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Source: Meridian
5
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019
336
347
326
345
301
280
359
345
334
289
310
329
185
182
171
178
180
168
196
189
223
219
228
219
330
340
312
295
351
399
338
274
275
272
312
326
188
189
179
180
188
190
165
164
184
170
184
176
0
100
200
300
400
500
600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S RETAIL SALES VOLUMES*
FY19 Residential/SMBFY19 CorporateFY18 Residential/SMBFY18 Corporate
119
119
119
119119
119119
119
119
119
119119
107
107108
108
108
109
109
109
109
109
109
109
66
66
67
68
69
69
70
71
72
73
74
74
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJun
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
PowershopMeridian North IslandMeridian South IslandTotal FY18

OPERATING INFORMATION
▪June 2019 monthly inflows were 100% of
historical average
▪To date this financial year, inflows are
104% of historical average
▪Meridian’s Waitaki catchment storage
moved from 2,134GWh to 1,931GWh
during June 2019
▪Waitaki storage at the end of June 2019
was 121% of historical average and 8%
higher than the same time last year
▪Storage in Meridian’s Waiaucatchment
was slightly below average at the end of
June 2019
6
11 July 2019
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
200520062007200820092010201120122013201420152016201720182019
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
June YTD85 year average
Source: Meridian
Source: Meridian
0
500
1,000
1,500
2,000
2,500
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201320152016201720182019
Meridian Energy Limited Monthly Operating Report for June 2019

OPERATING INFORMATION
▪Meridian’s New Zealand generation in
June 2019 was 0.4% higher than the same
month last year, reflecting higher hydro
generation and wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 8.3% higher than the
same period last year, reflecting higher
hydro generation and lower wind
generation
▪The average price Meridian received for its
generation in June 2019 was 4.6% higher
than the same month last year
▪The average price Meridian paid to supply
contracted sales in May 2019 was 7.1%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 48.5% higher than the same period last
year and the average price paid to supply
contracted sales is 51.1% higher
Source: Meridian
*price received for Meridian’s physical generation
Source: Meridian
7
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S NEW ZEALAND GENERATION
FY19 HydroFY19 WindFY18 HydroFY18 Wind
72
77
87
285
149
99
125
153
171
100
96
95
157
83
55
53
96
128
127
65
55
54
56
91
0
50
100
150
200
250
300
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY19FY18

OPERATING INFORMATION
▪Meridian’s Australian generation in June
2019 was 18.8% higher than the same
month last year
▪To date this financial year, Australian
generation is 31.7% higher than the same
period last year
▪Australian retail electricity sales volumes
in June 2019 were 9.0% higher than the
same month last year
▪To date this financial year, Australian retail
electricity sales volumes are 0.7% lower
than the same period last year
Source: Meridian
Source: Meridian
8
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019
74
64
43
40
37
36
33
30
33
36
49
49
10
11
25
30
26
23
29
21
16
11
1
3
69
60
67
42
32
35
40
37
44
33
51
43
2
22
2
2
0
10
20
30
40
50
60
70
80
90
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S AUSTRALIAN GENERATION
FY19 WindFY19 HydroFY18 WindFY18 Hydro
58
57
48
41
37
39
44
38
45
41
49
58
59
58
50
43
39
40
43
39
39
38
47
53
0
10
20
30
40
50
60
70
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
AUSTRALIAN RETAIL SALES VOLUMES
FY19FY18

OPERATING INFORMATION
JUNE
2019
MONTH
JUNE
2018
MONTH
MAY
2019
MONTH
APRIL
2019
MONTH
12 MONTHS
TO JUNE
2019
12 MONTHS
TO JUNE
2018
New Zealand contracted sales
1
Retail contracted sales volume (GWh)5485025385086,2405,981
Average retail contractedsales price ($/MWh)$113.9$115.9$112.7$105.4$104.8$105.1
NZAS sales volume (GWh)4484124634485,3105,011
Sell side derivative volumes
2
(GWh)1292801681682,2402,278
Wholesale contractedsales average price
3
($/MWh)$69.6$60.5$72.3$73.0$69.459.7
TotalNew Zealand customer connections
4
302,277290,756301,508301,230
New Zealand generation
Hydro generation volumes (GWh)1,1321,1311,1251,06012,32611,265
Wind generation volumes (GWh)10096123991,2441,263
Total generation volumes (GWh)1,2321,2271,2481,15913,57012,528
Average generationprice
5
($/MWh)$95.2$91.1$96.5$99.8$123.3$83.0
Acquired generation volume
6
(GWh)1381601491441,9642,222
Cost of acquired generation ($/MWh)$63.9$63.4$66.3$65.0$67.7$67.7
Acquired generation revenue average price ($/MWh)$97.5$93.2$101.9$103.1$135.9$87.6
Future contract close outs ($M)-$0.1-$0.0-$0.4-$1.1-$8.0-$3.6
Contracted sales supply volumes (GWh)1,1691,2251,2091,15414,15813,586
Cost to supplycontracted sales ($/MWh)$102.1$95.3$103.2$105.9$132.7$87.8
See following page for Australia and
Group operating information and all
footnotes
9
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019

OPERATING INFORMATION
JUNE
2019
MONTH
JUNE
2018
MONTH
MAY
2019
MONTH
APRIL
2019
MONTH
12 MONTHS
TO JUNE
2019
12 MONTHS
TO JUNE
2018
Australia
Wind generation volumes (GWh)49434936525553
Hydro generation volumes (GWh)3211120328
Retail contracted electricity sales volume (GWh)58534941553549
Retail contracted gas sales volume (TJ)640102253641
Powershopelectricity customer connections
7
109,80497,241108,332106,240
Powershopgas customer connections
8
22,61228121,42619,990
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, excluding vacants
8.Meter installation registration numbers
10
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019
JUNE
2019
MONTH
JUNE
2018
MONTH
MAY
2019
MONTH
APRIL
2019
MONTH
12 MONTHS
TO JUNE
2019
12 MONTHS
TO JUNE
2018
Meridian Group
Employee and Operating Costs ($m)29252622280258
Stay in Business Capital Expenditure ($m)910544847
Investment Capital Expenditure ($m)102116188
Total Capital Expenditure ($m)10107564235

JulAugSepOctNovDecJanFebMarAprMayJun
201820182018201820182018201920192019201920192019
New Zealand Contracted Sales
Retail contracted sales volume (GWh)521529497524481448555534557508538548
Average retail contracted sales price ($/MWh)$113.1$110.7$106.7$98.3$98.5$95.5$98.2$102.0$101.3$105.4$112.7$113.9
NZAS sales volume (GWh)426426411439444463463418463448463448
Sell side derivative volumes (GWh)386196140149146217157196187168168129
Wholesale contracted sales average price ($/MWh)$63.9$58.5$58.0$65.9$72.7$68.9$69.4$80.6$80.3$73.0$72.3$69.6
Total New Zealand customer connections292,091292,906293,386294,695296,064296,532297,621299,351299,905301,230301,508302,277
New Zealand Generation
Hydro generation volume (GWh)1,0701,1239598979059721,0221,0151,0461,0601,1251,132
Wind generation volume (GWh)1269011510799831161048199123100
Total generation volume (GWh)1,1961,2131,0741,0041,0041,0551,1381,1191,1281,1591,2481,232
Average generation price ($/MWh)$72.1$77.2$86.8$284.6$149.5$98.8$125.3$153.1$171.5$99.8$96.5$95.2
Acquired generation volume (GWh)170167147200190177155142186144149138
Cost of acquired generation ($/MWh)$65.7$63.1$62.5$77.7$74.7$61.7$69.3$66.6$71.2$65.0$66.3$63.9
Acquired generation revenue average price ($/MWh)$74.5$80.8$87.9$290.6$180.8$104.6$127.7$157.7$168.4$103.1$101.9$97.5
Future contract close outs ($m)-0.1-0.3-0.6-0.5-0.5-0.5-0.4-0.7-2.8-1.1-0.4-0.1
Contracted sales supply volume (GWh)1,3531,1811,0791,1421,0981,1481,2011,1861,2371,1541,2091,169
Cost to supply contracted sales ($/MWh)$77.0$84.9$92.5$294.4$160.4$108.7$133.3$162.9$175.9$105.9$103.2$102.1
Australia
Wind generation volume (GWh)746443403736333033364949
Hydro generation volume (GWh)1011253026232921161113
Retail contracted electricity sales volume (GWh)585748413739443845414958
Retail contracted gas sales volume (TJ)4204041201799132510264
Powershop electricity customer connections96,74396,80196,65797,51498,61899,368101,020102,730104,450106,240108,332109,804
Powershop gas customer connections1,1794,7767,5589,57711,33312,50814,30916,75118,22519,99021,42622,612
Meridian Group
Employee and Operating Costs ($m)222324222222222223222629
Stay in Business Capital Expenditure ($m)534543333459
Investment Capital Expenditure ($m)111111121121
Total Capital Expenditure ($m)6456544545710
FY19 OPERATING INFORMATION
11
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019

JulAugSepOctNovDecJanFebMarAprMayJun
201720172017201720172017201820182018201820182018
New Zealand Contracted Sales
Retail contracted sales volume (GWh)519529491475539589503438459442496502
Average retail contracted sales price ($/MWh)$114.6$115.9$109.4$99.0$96.0$93.3$96.8$101.6$100.2$107.0$112.5$115.9
NZAS sales volume (GWh)426426411426412426426384426412426412
Sell side derivative volumes (GWh)95100111142194125182239294272244280
Wholesale contracted sales average price ($/MWh)$60.9$59.0$58.1$54.9$57.6$58.5$63.0$61.3$58.7$60.1$62.5$60.5
Total New Zealand customer connections278,595279,967280,209280,211281,314282,396283,724285,611287,167288,538289,431290,756
New Zealand Generation
Hydro generation volume (GWh)7398318679851,0008678888781,0499941,0371,131
Wind generation volume (GWh)108118116106821188010210511811396
Total generation volume (GWh)8479499831,0911,0829859689801,1541,1121,1501,227
Average generation price ($/MWh)$156.5$83.4$55.0$53.1$95.5$128.4$127.2$64.8$55.2$54.3$56.1$91.1
Acquired generation volume (GWh)282206158164178200234156152163169160
Cost of acquired generation ($/MWh)$77.4$70.1$62.5$60.6$64.9$69.9$75.4$65.0$63.6$63.9$63.2$63.4
Acquired generation revenue average price ($/MWh)$138.8$84.1$55.6$54.4$99.7$114.2$114.2$65.5$59.8$57.7$56.5$93.2
Future contract close outs ($m)-0.7-0.6-0.7-0.30.1-0.4-0.3-0.40.00.0-0.20.0
Contracted sales supply volume (GWh)1,0671,0771,0531,0541,1741,1631,1401,0861,2051,1501,1911,225
Cost to supply contracted sales ($/MWh)$155.0$88.2$59.2$54.4$100.1$126.8$130.2$69.1$59.8$57.5$58.4$95.3
Australia
Wind generation volume (GWh)696067423235403744335143
Hydro generation volume (GWh)22222
Retail contracted electricity sales volume (GWh)595850433940433939384753
Retail contracted gas sales volume (TJ)
Powershop electricity customer connections97,54797,46597,45697,76097,82897,36197,82697,49997,52297,95097,70497,241
Powershop gas customer connections29281
Meridian Group
Employee and Operating Costs ($m)202121222221192023232225
Stay in Business Capital Expenditure ($m)2352334344610
Investment Capital Expenditure ($m)11110111179210
Total Capital Expenditure ($m)236333431836710
FY18 OPERATING INFORMATION
12
11 July 2019
Meridian Energy Limited Monthly Operating Report for June 2019

Acquired generationvolumesbuy-side electricity derivativesexcludingthe buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers, including NZAS
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of acquired generationvolume weighted average price Meridian pays for derivatives acquired to supplement generation
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales
Contracts for Difference (CFDs)an agreement betweenparties 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
FRMPfinancially responsible market participant, excluding vacants
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 84
years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier in New Zealand, recorded in the month the
switch was initiated
MIRNmeter identification reference number
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZASNew Zealand Aluminium SmeltersLimited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Sellside derivativessell-side electricity derivatives excluding thesell-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
13
11 July 2019
G L O S S A R Y
Meridian Energy Limited Monthly Operating Report for June 2019