Meridian Energy monthly operating report for November 2020

PG 1

Meridian Energy monthly operating report for November 2020
11 December 2020
Attached is Meridian Energy Limited's monthly operating report for the month of November 2020.
Highlights this month include:
▪ In the month to 7 December 2020, national hydro storage decreased from 111% to 95% of historical
average
▪ South Island storage sat at 89% of average and North Island storage at 120% of average on 7
December 2020
▪ Meridian’s November 2020 monthly total inflows were 80% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of November 2020 was 102% of historical
average
▪ Water storage in Meridian’s Waiau catchment was below average at the end of November 2020
▪ Waitaki snow storage at the end of November 2020 was 81% of historical average
▪ National electricity demand in November 2020 was 0.2% lower than the same month last year
▪ November 2020 was wet and warm for much of New Zealand with above average temperatures
nearly everywhere. Aside from Southland, Fiordland and the West Coast, most of the country saw
above average rainfall
▪ Outages continued on Clyde - Cromwell - Twizel circuits as part of the Clutha Upper Waitaki Lines
Project
▪ New Zealand Aluminium Smelter’s average load during November 2020 was 566MW
▪ Meridian’s New Zealand retail sales volumes in November 2020 were 11.0% higher than November
2019
▪ Compared to November 2019, Meridian saw increased sales in all segments: residential (+9.8%),
small medium business (+12.6%) agricultural (+3.3%), large business (+12.1%) and corporate
(+15.1%)
▪ E.ON have announced they intend to close their Powershop UK business, a client of Flux Federation,
during the 2021 calendar year

PG 2
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
Senior Communications Specialist

021 174 1715

Monthly Operating Report
November 2020

November highlights
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |2
In the month to 7 December
2020, national hydro storage
decreased from 111%to 95%
of historical average
South Island storage sat at
89%of average and North
Island storage at 120%of
average on 7 December 2020
Meridian’s November 2020
monthly total inflows were
80%of historical average
Meridian’s Waitaki catchment
water storage at the end of
November 2020 was 102%of
historical average
Water storage in Meridian’s
Waiau catchment was below
average at the end of
November2020
New Zealand Aluminium
Smelter’s average load during
November 2020 was 566MW
Meridian’s New Zealand retail
sales volumes in November
2020 were 11.0%higher than
November 2019
Compared to November 2019,
Meridian saw increased sales in
all segments: residential
(+9.8%), small medium business
(+12.6%) agricultural (+3.3%),
large business (+12.1%) and
corporate (+15.1%)
E.ON have announced they
intend to close their Powershop
UK business, a client of Flux
Federation, during the 2021
calendar year
Waitaki snow storage at the
end of November 2020 was
81%of historical average
National electricity demand in
November 2020 was 0.2%
lower than the same month
last year
November 2020 was wet and
warm for much of New
Zealand with above average
temperatures nearly
everywhere. Aside from
Southland, Fiordland and the
West Coast, most of the
country saw above average
rainfall
Outages continued onClyde -
Cromwell -Twizel circuits as
part of the Clutha Upper
Waitaki Lines Project

Market data
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |3
▪National electricity demand in November
2020 was 0.2% lower than the same
month last year
▪November 2020 was wet and warm for
much of New Zealand with above average
temperatures nearly everywhere. Aside
from Southland, Fiordland and the West
Coast, most of the country saw above
average rainfall
▪Demand in the last 12 months was 0.8%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during November2020 was 566MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.2% at the
end of October 2020
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.7% at the end
of October 2020
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2009-2019)201520162017201820192020
5%
7%
9%
11%
13%
15%
Oct 15Apr 16Oct 16Apr 17Oct 17Apr 18Oct 18Apr 19Oct 19Apr 20Oct 20
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |4
▪November2020 saw increases in ASX
prices
▪National storage decreased from 111% of
average on 11 November 2020 to 95% of
average on 7 December 2020
▪South Island storage decreased to 89% of
historical average on 7 December 2020.
North Island storage increased to 120% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
6,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (7 December 2020)
86yr Average199220042008
2012201820192020
30
40
50
60
70
80
90
100
110
120
130
140
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202031 July 202031 August 2020
30 September 202030 October 202030 November 2020
30
40
50
60
70
80
90
100
110
120
130
140
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202031 July 202031 August 2020
30 September 202030 October 202030 November 2020

New Zealand retail
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |5
▪Meridian’s New Zealand customer
connection numbers rose 0.5% during
November 2020 and have risen 2.2% since
June 2020
▪Retail sales volumes in November 2020
were 11.0% higher than November 2019
▪Compared to November 2019, Meridian
saw increased sales in all segments:
residential (+9.8%), small medium business
(+12.6%) agricultural (+3.3%), large
business (+12.1%) and corporate (+15.1%)
▪To date this financial year, retail sales
volumes are 13.3% higher than the same
period last year
▪This reflects increased sales in all
segments: residential (+5.5%), small
medium business (+12.9%) agricultural
(+22.8%), large business (+17.9%) and
corporate (+14.0%)
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
115
115
116
116
116
120
121
121
121
121
90
91
92
93
94
110
112
112
112
113
112
113
113
114
114
114
115
119
119
119
120
120
120
119
120
120
120
120
120
76
77
78
79
80
82
83
85
86
87
88
89
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
FY21 Meridian NIFY21 Meridian SIFY21 Powershop
FY20 Meridian NIFY20 Meridian SIFY20 Powershop
186
171
146
127
111
113
107
105
104
96
47
72
87
157
142
55
52
48
46
44
282
275
272
283
284
165
166
140
129
101
92
97
92
111
124
151
170
97
99
95
89
85
87
86
87
88
57
84
98
42
65
76
89
138
163
200
163
131
71
65
43
46
45
38
40
39
39
38
39
41
33
40
46
248
254
233
243
247
264
272
264
269
222
255
276
0
100
200
300
400
500
600
700
800
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY21 ResidentialFY21 SMBFY21 AgriFY21 Large Bus
FY21 CorporateFY20 ResidentialFY20 SMBFY20 Agri
FY20 Large BusFY20 Corporate

New Zealand storage
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |6
▪November 2020 monthly inflows were 80%
of historical average
▪To date this financial year, inflows are
116% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,054GWh to
1,303GWh during November 2020
▪Waitaki water storage at the end of
November 2020 was 102% of historical
average and 18% lower than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was below average at the end
of November 2020
▪Waitaki snow storage at the end of
November 2020 was 81% of historical
average
Meridian operating information
Source: Meridian
Source: Meridian
0
500
1,000
1,500
2,000
2,500
3,000
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201520162017201820192020
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
200720082009201020112012201320142015201620172018201920202021
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
November YTD87 year average

New Zealand generation
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |7
▪Meridian’s New Zealand generation in
November 2020 was 0.2% lower than the
same month last year, reflecting higher
hydro and lower wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 6.8% lower than the
same period last year, reflecting lower
hydro and lower wind generation
▪The average price Meridian received for its
generation in November 2020 was 7.6%
lower than the same month last year
▪The average price Meridian paid to supply
customers in November 2020 was 9.9%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 1.7% higher than the same period last
year and the average price paid to supply
customers is 4.3% higher
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S NEW ZEALAND GENERATION
FY21 HydroFY21 WindFY20 HydroFY20 Wind
145
110
124
108
87
101
123
122
121
94
51
77
43
52
42
116
136
0
20
40
60
80
100
120
140
160
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY21FY20

Australian retail
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |8
▪Powershop Australia electricity customer
connection numbers rose 0.9% during
November 2020 and have risen 3.0% since
June 2020
▪Electricity sales volumes in November
2020 were 18.5% higher than the same
month last year
▪To date this financial year, electricity sales
volumes are 25.3% higher than the same
period last year
▪Powershop Australia gas customer
connection numbers rose 2.1% during
November 2020 and have risen 6.6% since
June 2020
▪Gas sales volumes in November 2020 were
18.0% lower than the same month last
year
▪To date this financial year, gas sales
volumes are 30.7% higher than the same
period last year
Meridian operating information
Source: Meridian
Source: Meridian
85
83
66
61
55
63
66
55
49
46
50
51
50
53
57
68
75
0
10
20
30
40
50
60
70
80
90
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
AUSTRALIAN RETAIL ELECTRICITY SALES VOLUMES
FY21FY20
312
280
157
142
52
176
192
171
119
64
51
22
37
52
108
231
270
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJun
TJ
AUSTRALIAN RETAIL GAS SALES VOLUMES
FY21FY20

Australian generation
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |9
▪Meridian’s Australian generation in
November 2020 was 38.3% higher than
the same month last year, reflecting lower
wind generation and higherhydro
generation
▪To date this financial year, Meridian’s
Australian generation is 0.9% lower than
the same period last year, reflecting lower
wind and higher hydro generation
▪Storage at Meridian’s Hume hydro power
station decreased to 72% of capacity by
early December 2020
▪NEM
1
electricity demand in November
2020 was 2% lower than the same month
last year
▪Average spot electricity prices in
November 2020 rose from the previous
month with increases in spot gas prices,
however prices were 24% lower than the
same month last year
Meridian operating information
Source: Meridian
1
See glossary on page 17 for a definition of Australia’s National Electricity Market
2
February 2020 average wind generation price includes the settlement of CY19 forward sold Large
Generation Certificates
Source: Meridian
34
60
57
44
41
0
4
14
12
41
61
56
44
44
44
41
38
32
39
43
49
37
3
7
19
17
15
16
14
9
8
4
1
0
0
10
20
30
40
50
60
70
80
90
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S AUSTRALIAN GENERATION
FY21 WindFY21 HydroFY20 WindFY20 Hydro
90
90
70
68
75
116
125
127
126
110
102
226
78
54
61
79
0
50
100
150
200
250
JulAugSepOctNovDecJanFebMarAprMayJun
$A/MWh
AVERAGE WIND GENERATION PRICE
2
FY21FY20

NOVEMBER
2020
MONTH
NOVEMBER
2019
MONTH
OCTOBER
2020
MONTH
SEPTEMBER
2020
MONTH
5 MONTHS TO
NOVEMBER
2020
5 MONTHS TO
NOVEMBER
2019
New Zealand sales
Residential sales volume (GWh)
112101127146741702
Small medium business sales volume (GWh)
9685104105525465
Agricultural sales volume (GWh)
14213815786504410
Large business sales volume (GWh)
44394648245208
Corporate and industrial sales volume (GWh)
2842472832721,3971,226
Retail contracted sales volume (GWh)6786107176573,4123,011
Average retail contractedsales price
1
($NZ/MWh)$103.1$99.8$106.0$118.1$113.3$108.3
NZAS sales volume (GWh)4124484264112,1002,283
Financial contract sales volumes
2
(GWh)221135126201861738
Avg. wholesale & financial contracts sales price
3
($NZ/MWh)$69.9$65.3$69.4$74.2$73.3$68.3
Retail customer supply volumes (GWh)7176507556963,5893,160
Cost to supplyretail customers ($NZ/MWh)$101.0$112.7$126.9$140.3$130.6$123.6
Cost to supply wholesale customers ($NZ/MWh)$76.3$89.6$95.8$122.2$109.7$110.6
Cost of financial contracts ($NZ/MWh)$92.3$92.8$110.8$127.8$117.5$109.7
TotalNew Zealand customer connections
4
331,240313,150329,710328,602
New Zealand
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |10
Meridian operating information

New Zealand
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |11
Meridian operating information
NOVEMBER
2020
MONTH
NOVEMBER
2019
MONTH
OCTOBER
2020
MONTH
SEPTEMBER
2020
MONTH
5 MONTHS TO
NOVEMBER
2020
5 MONTHS TO
NOVEMBER
2019
New Zealand generation
Hydro generation volumes (GWh)1,0541,0491,0668794,8785,261
Wind generation volumes (GWh)124133126158636654
Total generation volumes (GWh)1,1791,1821,1921,0375,5145,915
Average generationprice
5
($NZ/MWh)$86.6$93.7$107.7$123.7$113.9$111.9
New Zealand hedging
Hedging volume
6
(GWh)3141482412681,408709
Hedging cost average price ($NZ/MWh)$96.3$67.3$96.2$101.2$101.1$64.5
Hedging spot revenue average price ($NZ/MWh)$94.0$104.1$114.4$132.6$119.4$116.8
Future contract close outs ($NZ m)-$2.9-$0.2$0.6-$2.9-$8.8-$3.9

Australia
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |12
Meridian operating information
NOVEMBER
2020
MONTH
NOVEMBER
2019
MONTH
OCTOBER
2020
MONTH
SEPTEMBER
2020
MONTH
5 MONTHS TO
NOVEMBER
2020
5 MONTHS TO
NOVEMBER
2019
Australian contracted sales
Retail contracted electricity sales volume (GWh)55466166349279
Average electricity contractedsales price
1
($A/MWh)$144.9$174.0$140.0$146.3$142.2$152.6
Retail contracted gas sales volume (TJ)5264142157943722
Average gas contractedsales price
1
($A/GJ)$22.2$18.9$15.5$12.0$13.8$14.2
Financial contract sales volumes
2
(GWh)41634229172286
Financial contractedsales average price ($A/MWh)$66.8$80.1$66.8$66.5$66.6$83.7
Cost to supplyelectricity customers ($A/MWh)$77.5$89.2$73.1$61.3$76.1$112.7
Cost to supplygas customers ($A/GJ)$12.7$14.0$13.4$14.6$11.9$10.9
Cost of financial contracts ($A/MWh)$54.4$68.3$52.2$37.0$51.1$91.4
Powershop electricity customer connections
7
140,346121,575139,162138,289
Powershop gas customer connections
8
40,38029,18239,54039,251

Australia
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |13
Meridian operating information
NOVEMBER
2020
MONTH
NOVEMBER
2019
MONTH
OCTOBER
2020
MONTH
SEPTEMBER
2020
MONTH
5 MONTHS TO
NOVEMBER
2020
5 MONTHS TO
NOVEMBER
2019
Australian generation
Wind generation volumes (GWh)41444457236249
Average wind generationprice
5
($A/MWh)$75.0$110.3$67.8$69.6$78.5$120.6
Hydro generation volumes (GWh)411512147361
Average hydro generationprice
5
($A/MWh)$72.6$66.9$59.0$39.0$60.8$91.1
PPA generation received (GWh)2730303415291
Average PPA generationprice [net of costs] ($A/MWh)-$1.1$16.5-$2.2-$14.4-$5.0$30.5
Australian hedging
Hedging volume
6
(GWh)20481337147208
Hedging costs ($A/MWh)$176.2$109.8$204.9$82.6$96.2$101.3
Hedging spot revenue average price ($A/MWh)$71.6$72.3$149.6$40.6$53.4$98.4
Future contract close outs ($A M)-$0.0$0.7$0.0$0.0-$0.3$0.8

Meridian group
1 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |14
Meridian operating information
NOVEMBER
2020
MONTH
NOVEMBER
2019
MONTH
OCTOBER
2020
MONTH
SEPTEMBER
2020
MONTH
5 MONTHS TO
NOVEMBER
2020
5 MONTHS TO
NOVEMBER
2019
Meridian Group
Employee and Operating Costs
9
($m)22222121105108
Stay in Business Capital Expenditure ($m)35441719
Investment Capital Expenditure ($m)2123187
Total Capital Expenditure ($m)56673526
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 derivative sales 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 contract volumes excluding the buy-side of virtual asset
swaps
7.Financially responsible market participants, excluding vacants
8.Meter installation registration numbers
9.Excludes electricity metering expenses, now reclassified into gross margin

JulAugSepOctNovDecJanFebMarAprMayJun
202020202020202020202020202120212021202120212021
New Zealand contracted sales
Residential sales volume (GWh)186171146127112
Small medium business sales volume (GWh)11310710510496
Agricultural sales volume (GWh)477286157142
Large business sales volume (GWh)5552484644
Corporate and industrial sales volume (GWh)282275272283284
Retail contracted sales volume (GWh)683677657717678
Average retail contracted sales price ($NZ/MWh)$120.4$119.3$118.1$106.0$103.1
NZAS sales volume (GWh)426426411426412
Financial contract sales volumes (GWh)188125201126221
Average wholesale & financial contracts sales price ($NZ/MWh)$82.0$70.4$74.2$69.4$69.9
Retail customer supply volumes (GWh)704717696755717
Cost to supply retail customers ($NZ/MWh)$165.1$120.6$140.3$126.9$101.0
Cost to supply wholesale customers ($NZ/MWh)$143.8$109.6$122.2$95.8$76.3
Cost of financial contracts ($NZ/MWh)$143.7$113.1$127.8$110.8$92.3
Total New Zealand customer connections326,148327,125328,602329,710331,240
New Zealand generation
Hydro generation volume (GWh)9759048791,0661,054
Wind generation volume (GWh)114113158126124
Total generation volume (GWh)1,0891,0171,0371,1921,179
Average generation price ($NZ/MWh)$144.5$110.1$123.7$107.7$86.6
New Zealand hedging
Hedging volume (GWh)318266268241314
Hedging cost average price ($NZ/MWh)$109.3$104.6$101.2$96.2$96.3
Hedging spot revenue average price ($NZ/MWh)$133.4$123.8$132.6$114.4$94.0
Future contract close outs ($NZm)-1.6-1.9-2.90.6-2.9
Australia contracted sales
Retail contracted electricity sales volume (GWh)8583666155
Average electricity contracted sales price
1
($A/MWh)$142.7$137.7$146.3$140.0$144.9
Retail contracted gas sales volume (TJ)31228015714252
Average gas contracted sales price
1
($A/GJ)$14.7$11.5$12.0$15.5$22.2
Financial contract sales volumes
2
(GWh)2633294241
Financial contracted sales average price ($A/MWh)$67.6$65.7$66.5$66.8$66.8
Cost to supply electricity customers ($A/MWh)$79.5$85.5$61.3$73.1$77.5
Cost to supply gas customers ($A/GJ)$10.1$11.3$14.6$13.4$12.7
Cost of financial contracts ($A/MWh)$56.7$53.5$37.0$52.2$54.4
Powershop electricity customer connections
7
136,696137,530138,289139,162140,346
Powershop gas customer connections
8
38,54438,97839,25139,54040,380
Australia generation
Wind generation volume (GWh)3460574441
Average wind generation price ($A/MWh)$90.3$90.4$69.6$67.8$75.0
Hydro generation volume (GWh)04141241
Average hydro generation price ($A/MWh)-$51.7$39.0$59.0$72.6
PPA generation received (GWh)2733343027
Average PPA generation price [net of costs] ($A/MWh)-$1.6-$3.8-$14.4-$2.2-$1.1
Australia hedging
Hedging volume (GWh)3542371320
Hedging costs ($A/MWh)$48.4$78.3$82.6$204.9$176.2
Hedging spot revenue average price ($A/MWh)$18.6$55.8$40.6$149.6$71.6
Future contract close outs ($A M)-$0.2$0.0$0.0$0.0$0.0
Meridian Group
Employee and Operating Costs ($NZ m)2121212122
Stay in Business Capital Expenditure ($NZ m)34443
Investment Capital Expenditure ($NZ m)73322
Total Capital Expenditure ($NZ m)107765
FY21 operating information
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Meridian operating information

JulAugSepOctNovDecJanFebMarAprMayJun
201920192019201920192019202020202020202020202020
New Zealand contracted sales
Residential sales volume (GWh)165166140129101989792111124151170
Small medium business sales volume (GWh)979995898581868788578598
Agricultural sales volume (GWh)42657689138181200163131716543
Large business sales volume (GWh)464538403940383941334046
Corporate and industrial sales volume (GWh)249255233243247248272264269222255277
Retail contracted sales volume (GWh)599630583590610650694646639507596634
Average retail contracted sales price ($NZ/MWh)$113.5$115.4$109.5$102.7$99.8$100.0$103.3$109.5$108.3$109.2$106.8$116.5
NZAS sales volume (GWh)463463447463448463463433463416426485
Financial contract sales volumes (GWh)150176148129135164170283354222318280
Average wholesale & financial contracts sales price ($NZ/MWh)$69.9$70.9$68.4$67.0$65.3$62.3$66.5$68.7$66.7$64.8$65.4$66.5
Retail customer supply volumes (GWh)645662581623650669733682666537624661
Cost to supply retail customers ($NZ/MWh)$110.4$135.6$129.3$130.2$112.7$57.1$95.1$67.9$67.4$50.1$132.3$132.2
Cost to supply wholesale customers ($NZ/MWh)$97.9$120.5$126.1$118.7$89.6$45.4$76.8$36.6$44.7$43.4$113.4$144.3
Cost of financial contracts ($NZ/MWh)$101.9$118.2$120.5$112.6$92.8$81.6$86.7$47.0$45.7$52.1$98.9$130.6
Total New Zealand customer connections304,993307,798309,372311,694313,150313,599315,225317,784319,778321,051322,448324,253
New Zealand generation
Hydro generation volume (GWh)1,1111,1061,0159801,0491,1471,0951,0771,0859591,176958
Wind generation volume (GWh)116135126143133125122108109116106126
Total generation volume (GWh)1,2271,2411,1411,1231,1821,2721,2171,1851,1941,0751,2821,084
Average generation price ($NZ/MWh)$100.7$122.7$121.9$121.4$93.7$51.4$77.1$43.4$52.1$41.9$116.0$126.8
New Zealand hedging
Hedging volume (GWh)145139132145148182296342428239218317
Hedging cost average price ($NZ/MWh)$65.0$63.2$62.2$64.4$67.3$64.4$96.1$100.7$106.4$77.4$70.1$87.6
Hedging spot revenue average price ($NZ/MWh)$104.4$130.5$124.0$122.6$104.1$63.1$100.0$75.1$59.8$51.5$101.9$134.9
Future contract close outs ($NZm)-0.3-0.6-1.4-1.5-0.2-0.9-0.2-0.2-0.1-2.0-4.3-2.3
Australia contracted sales
Retail contracted electricity sales volume (GWh)636655494650515053576875
Average electricity contracted sales price
1
($A/MWh)$149.8$147.0$131.2$168.0$174.0$161.1$130.0$150.4$142.0$121.1$146.5$147.6
Retail contracted gas sales volume (TJ)1761921711196451223752108231270
Average gas contracted sales price
1
($A/GJ)$13.9$14.0$13.4$13.8$18.9$20.0$33.4$22.2$18.7$12.5$15.4$12.5
Financial contract sales volumes
2
(GWh)54436065636846434671922
Financial contracted sales average price ($A/MWh)$83.3$86.1$90.1$80.1$80.1$79.2$122.0$122.0$122.0$176.6$69.5$59.8
Cost to supply electricity customers ($A/MWh)$105.5$126.4$118.0$119.9$89.2$82.2$257.6$111.9$53.6$56.8$67.5$78.1
Cost to supply gas customers ($A/GJ)$11.8$11.4$9.8$8.6$14.0$9.9$41.1$20.4$13.6$13.4$11.2$11.6
Cost of financial contracts ($A/MWh)$86.9$101.0$103.6$100.1$68.3$58.2$138.8$52.2$45.8$87.4$39.8$42.3
Powershop electricity customer connections
7
111,373112,995115,099118,721121,575124,668127,847131,647134,399135,205135,628136,202
Powershop gas customer connections
8
24,09625,24026,52927,85829,18230,46532,38733,42835,39236,07736,95537,878
Australia generation
Wind generation volume (GWh)615644444441383239434937
Average wind generation price ($A/MWh)$115.7$124.7$127.3$125.5$110.3$101.9$225.9$474.6$77.8$54.2$61.4$79.2
Hydro generation volume (GWh)37191715161498410
Average hydro generation price ($A/MWh)$81.0$104.0$99.2$99.4$66.9$64.4$153.1$56.4$43.8$39.1$39.9$58.5
PPA generation received (GWh)353430313029292830303228
Average PPA generation price [net of costs] ($A/MWh)$22.9$30.3$38.4$45.2$16.5$7.8$59.5$1.4-$8.9-$14.5-$13.1-$9.1
Australia hedging
Hedging volume (GWh)363936504850394342364037
Hedging costs ($A/MWh)$87.3$98.6$105.6$102.1$109.8$93.9-$23.1$197.7$185.1$79.3-$49.6$80.6
Hedging spot revenue average price ($A/MWh)$99.6$105.5$111.4$107.7$72.3$58.6$130.3$58.6$43.5$41.7$42.9$55.0
Future contract close outs ($A M)$0.0$0.2-$0.1$0.0$0.7-$0.1$0.0$0.5-$0.1$0.8$0.7$0.0
Meridian Group
Employee and Operating Costs ($NZ m)212122222219192121201931
Stay in Business Capital Expenditure ($NZ m)434444334336
Investment Capital Expenditure ($NZ m)122121122113
Total Capital Expenditure ($NZ m)556565456449
FY20 operating information
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Meridian operating information

Glossary
171 1 D E C E M B E R 2 0 2 0 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 0 |
Hedging volumesbuy-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) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
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
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 85 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
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NEMAustralia’s national energy market, comprising Queensland, New South Wales (including the Australian Capital Territory),
Victoria, South Australia, and Tasmania
NZASNew Zealand Aluminium SmeltersLimited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding thesell-side of virtual asset swaps
TJTerajoules
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity