Meridian Energy monthly operating report for June 2021

PG 1

Meridian Energy monthly operating report for June 2021
16 July 2021
Attached is Meridian Energy Limited's monthly operating report for the month of June 2021.

Highlights this month include:
▪ In the month to 13 July 2021, national hydro storage increased from 70% to 92% of historical
average
▪ South Island storage increased to 100% of average and North Island storage increased to 50% of
average by 13 July 2021
▪ Meridian’s June 2021 monthly total inflows were 159% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of June 2021 was 82% of historical average
▪ Water storage in Meridian’s Waiau catchment was above average at the end of June 2021
▪ National electricity demand in June 2021 was 0.5% higher than the same month last year
▪ June 2021 was the warmest June on record with the nationwide average temperature 2.0°C above
average. Rainfall was mixed, including above average rainfall in western Southland
▪ Meridian made calls under the Genesis swaption in June and early July 2021
▪ Outages have been confirmed out to December 2021 on the Roxburgh-Livingstone line as part of the
Clutha Upper Waitaki Lines Project
▪ New Zealand Aluminium Smelter’s average load during June 2021 was 554MW
▪ Meridian’s New Zealand retail sales volumes in June 2021 were 12.8% higher than June 2020
▪ Compared to June 2020, segment sales increased in residential +2.2%, small medium business
+37.5%, and corporate +15.4%. Agricultural volumes were the same as June 2020 and large business
volumes were -3.4% lower
Highlights for the fourth quarter include:
▪ Meridian’s Q4 total inflows were 116% of historical average and 40% higher than Q4 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q4 was 10% higher than Q4 last year
▪ Compared to Q4 last year, Meridian’s New Zealand generation was 12.4% lower at a 180.7% higher
average price
▪ By the end of Q4, NZ futures prices had fallen compared to the end of Q3

PG 2
▪ New Zealand Aluminium Smelter’s average load during Q4 was 557MW compared with 559MW in
Q4 last year
▪ National electricity demand in Q4 was 5.6% higher than Q4 last year
▪ At the end of Q4, Meridian’s New Zealand customer numbers were 7.0% higher than the same time
last year
▪ Compared to Q4 last year, Meridian’s NZ retail sales volumes were 23.5% higher at a 7.2% higher
average price
▪ All segments showed increased sales in Q4
▪ Compared to Q4 last year, Meridian’s Australian wind generation was 2.8% lower at a 28.1% higher
average price
▪ Hume water storage finished Q4 with 70% more storage than Q4 last year
▪ At the end of Q4, Meridian’s Australian electricity customer numbers were 4.3% higher the same
time last year
▪ Compared to Q4 last year, Meridian’s Australian retail sales volumes were 6.5% higher at an 6.7%
lower average price
▪ Compared to Q4 last year, Meridian Group Operating costs were 8.1% higher and Stay in Business
Capital Expenditure was 16.7% higher

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
June 2021

June highlights
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |2
In the month to 13 July 2021,
national hydro storage
increased from 70%to 92%of
historical average
South Island storage
increased to 100%of average
and North Island storage
increased to 50%of average
by 13 July 2021
Meridian’s June 2021 monthly
total inflows were 159%of
historical average
Meridian’s Waitaki catchment
water storage at the end of
June 2021 was 82%of
historical average
Water storage in Meridian’s
Waiaucatchment was above
average at the end of June
2021
New Zealand Aluminium
Smelter’s average load during
June 2021 was 554MW
Meridian’s New Zealand retail
sales volumes in June 2021
were 12.8%higher than June
2020
Compared to June 2020,
segment sales increased in
residential +2.2%, small
medium business+37.5%, and
corporate +15.4%. Agricultural
volumes were the same as June
2020 and large business
volumes were -3.4% lower
National electricity demand in
June 2021 was 0.5%higher
than the same month last
year
June 2021 was the warmest
June on record with the
nationwide average
temperature 2.0°C above
average. Rainfall was mixed,
including above average
rainfall in western Southland
Meridian made calls under
the Genesis swaption in June
and early July 2021
Outages have been confirmed
out to December 2021 onthe
Roxburgh-Livingstone line as
part ofthe Clutha Upper
Waitaki Lines Project

Q4 highlights
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |3
Meridian’s Q4 total inflows
were 116%of historical
average and 40%higher than
Q4 last year
Meridian’s Waitaki catchment
water storage at the end of
Q4 was 10%higher than Q4
last year
Compared to Q4 last year,
Meridian’s New Zealand
generation was 12.4%lower
at a 180.7%higher average
price
By the end of Q4, NZ futures
prices had fallen compared to
the end of Q3
New Zealand Aluminium
Smelter’s average load during
Q4 was 557MWcompared
with 559MWin Q4 last year
Hume water storage finished
Q4 with 70%more storage
than Q4 last year
At the end of Q4, Meridian’s
Australian electricity customer
numbers were 4.3%higher the
same time last year
Compared to Q4 last year,
Meridian’s Australian retail
sales volumes were 6.5%
higher at a 6.7%lower average
price
Compared to Q4 last year,
Meridian Group Operating
costs were 8.1%higher and
Stay in Business Capital
Expenditure was 16.7%higher
National electricity demand in
Q4 was 5.6%higher than Q4
last year
At the end of Q4, Meridian’s
New Zealand customer
numbers were 7.0%higher
than the same time last year
Compared to Q4 last year,
Meridian’s NZ retail sales
volumes were 23.5%higher at
a 7.2%higher average price
All segments showed
increased sales in Q4
Compared to Q4 last year,
Meridian’s Australian wind
generation was 2.8%lower at
a 28.1%higher average price
See page 16 for Meridian’s quarterly operating information

Market data
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |4
▪National electricity demand in June 2021
was 0.5% higher than the same month last
year
▪June 2021 was the warmest June on
record with the nationwide average
temperature 2.0°C above average. Rainfall
was mixed, including above average
rainfall in western Southland
▪Demand in the last 12 months was 0.7%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during June 2021 was 554MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.6% at the
end of May 2021
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 14.2% at the end
of May 2021
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
May 16Nov 16May 17Nov 17May 18Nov 18May 19Nov 19May 20Nov 20May 21
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2010-2020)201620172018201920202021

Market data
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |5
▪June 2021 saw decreases in 2021 and 2022
ASX prices
▪National storage increased from 70% of
average on 10 June 2021 to 92% of
average on 13 July 2021
▪South Island storage increased to 100% of
historical average by 13 July 2021. North
Island storage increased to 50% 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 (13 July 2021)
87yr Average199220042008
2012201820202021
60
110
160
210
260
310
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 20201 March 202131 March 2021
30 April 202131 May 202130 June 2021
60
110
160
210
260
310
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 20201 March 202131 March 2021
30 April 202131 May 202130 June 2021

New Zealand retail
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |6
▪Meridian’s New Zealand customer
connection numbers rose 1.1% during
June 2021 and have risen 7.0% since June
2020
▪Retail sales volumes in June 2021 were
12.8% higher than June 2020
▪Compared to June 2020, segment sales
increased in residential +2.2%, small
medium business+37.5%, and corporate
+15.4%. Agricultural volumes were the
same as June 2020 and large business
volumes were -3.4% lower
▪To date this financial year, retail sales
volumes are 13.9% higher than the same
period last year
▪This reflects increased sales in all
segments: residential +3.8%, small
medium business +23.7%, agricultural
+8.7%, large business +12.3% and
corporate +18.2%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
115
115
116
116
116
116
116
117
117
118
119
119
120
121
121
121
121121
121
122
122
122
122
122
90
91
92
93
94
96
96
97
99
101
103
106
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
100
200
300
400
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
107
101
93
108
121
160
174
113
107
105
104
96
99
96
93
111
109
126
134
47
72
87
157
142
170
154
177
145
116
66
43
55
52
48
46
44
44
44
46
40
37
44
45
282
275
272
283
284
287
288
311
334
311
339
319
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 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |7
▪June 2021 monthly inflows were 159% of
historical average
▪To date this financial year, inflows are 97%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,128GWh to
1,299GWh during June 2021
▪Waitaki water storage at the end of June
2021 was 82% of historical average and
10% higher than the same time last year
▪Water storage in Meridian’s Waiau
catchment was above average at the end
of June 2021
Meridian operating information
Source: Meridian
Source: Meridian
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
200720082009201020112012201320142015201620172018201920202021
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
June YTD87 year average
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 1979-201620172018201920202021

New Zealand generation
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |8
▪Meridian’s New Zealand generation in June
2021 was 6.4% lower than the same
month last year, reflecting lower hydro and
higher wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 10.8% lower than
the same period last year, reflecting lower
hydro and lower wind generation
▪The average price Meridian received for its
generation in June 2021 was 95.0% higher
than the same month last year
▪The average price Meridian paid to supply
customers in June 2021 was 89.9% higher
than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 94.2% higher than the same period last
year and the average price paid to supply
customers is 94.2% 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
109
135
242
254
273
283
248
101
123
122
121
94
51
77
43
52
42
116
127
0
50
100
150
200
250
300
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY21FY20

Australian retail
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |9
▪Powershop Australia electricity customer
connection numbers reduced 0.3% during
June 2021 and have risen 4.3% since June
2020
▪Electricity sales volumes in June 2021 were
9.1% higher than the same month last year
▪To date this financial year, electricity sales
volumes are 15.0% higher than the same
period last year
▪Powershop Australia gas customer
connection numbers rose 0.5% during
June 2021 and have risen 15.9% since June
2020
▪Gas sales volumes in June 2021 were 6.5%
higher than the same month last year
▪To date this financial year, gas sales
volumes are 14.7% higher than the same
period last year
Meridian operating information
Source: Meridian
Source: Meridian
85
83
66
61
55
56
57
53
58
59
72
81
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
48
31
31
42
116
213
287
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 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |10
▪Meridian’s Australian generation in June
2021 was 38.6% higher than the same
month last year, reflecting higher wind
generation and higher hydro generation
▪To date this financial year, Meridian’s
Australian generation is 15.1% higher than
the same period last year, reflecting lower
wind and higher hydro generation
▪Storage at Meridian’s Hume hydro power
station increased to 64% of capacity by 14
July 2021
▪NEM
1
electricity demand in June 2021 was
2.0% higher than the same month last year
▪Spot prices lifted again in June 2021 to be
36% up on the previous month. Active
forward prices were also up 14% on the
previous month
Meridian operating information
Source: Meridian
1
See glossary on page 18 for a definition of Australia’s National Electricity Market
2
February average generation prices include the settlement of forward sold Large Generation
Certificates:
•Forward LGC sales are marked to market monthly through fair value movements
•Sales settle in February each year
•At which point fair value gains or losses on settled sales transfer to generation revenue
•With the FY21 settlement, generation revenue now includes market to market losses of A$3M
•This compares with settlement gains of A$12M in FY20
Source: Meridian
34
60
57
44
41
43
39
31
27
30
48
49
0
4
14
12
41
40
41
24
24
28
5
3
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
55
53
-54
59
63
75
100
116
125
127
126
110
102
226
78
54
61
79
-100
-50
0
50
100
150
200
250
JulAugSepOctNovDecJanFebMarAprMayJun
$A/MWh
AVERAGE WIND GENERATION PRICE
2
FY21FY20

JUNE
JUNE
MAY
APRIL
12 MONTHS
12 MONTHS
2021
2020
2021
2021
TO JUNE
TO JUNE
MONTH
MONTH
MONTH
MONTH
2021
2020
New Zealand contracted sales
Residential sales volume (GWh)
174


170


160


121


1,605


1,547


Small medium business sales volume (GWh)
134


98


126


109


1,294


1,046


Agricultural sales volume (GWh)
43


43


66


116


1,376


1,265


Large business sales volume (GWh)
45


46


44


37


544


484


Corporate and industrial sales volume (GWh)
319


276


339


311


3,586


3,034


Retail contracted sales volume (GWh)
715


634


736


694


8,405


7,376


Average retail contracted sales price ($NZ/MWh)
$118.9
$116.5
$123.2
$114.7
$112.3
$107.8
NZAS sales volume (GWh)
412


485


426


412


5,011


5,431


Financial contract sales volumes (GWh)
129


280


143


167


1,906


2,527


Average wholesale & financial contracts sales price ($NZ/MWh)
$74.1
$66.5
$75.2
$76.8
$70.7
$66.8
Retail customer supply volumes (GWh)
753


661


782


718


8,828


7,731


Cost to supply retail customers ($NZ/MWh)
$272.2
$132.2
$301.9
$285.5
$193.0
$101.7
Cost to supply wholesale customers ($NZ/MWh)
$242.5
$144.3
$274.2
$277.8
$173.5
$88.7
Cost of financial contracts ($NZ/MWh)
$228.2
$130.6
$291.8
$266.4
$169.6
$86.3
Total New Zealand customer connections
346,830


324,253


343,015


340,178


New Zealand
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |11
Meridian operating information

JUNE
JUNE
MAY
APRIL
12 MONTHS
12 MONTHS
2021
2020
2021
2021
TO JUNE
TO JUNE
MONTH
MONTH
MONTH
MONTH
2021
2020
New Zealand generation
Hydro generation volume (GWh)
903


958


900


867


11,297


12,758


Wind generation volume (GWh)
111


126


116


116


1,395


1,465


Total generation volume (GWh)
1,015


1,084


1,016


983


12,692


14,224


Average generation price ($NZ/MWh)
$247.5
$126.9
$283.4
$272.5
$172.9
$89.0
New Zealand hedging
Hedging volume (GWh)
360


317


372


348


3,883


2,730


Hedging cost average price ($NZ/MWh)
$119.0
$87.6
$116.7
$110.3
$108.4
$83.3
Hedging spot revenue average price ($NZ/MWh)
$237.6
$134.9
$285.0
$260.2
$181.7
$92.5
Future contract close outs ($NZm)
$9.7
-$2.3
-$2.1
-$1.6
-$13.7
-$13.9
New Zealand
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |12
Meridian operating information

Australia
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |13
Meridian operating information
JUNE
2021
MONTH
JUNE
2020
MONTH
MAY
2021
MONTH
APRIL
2021
MONTH
12 MONTHS
TO JUNE
2021
12 MONTHS
TO JUNE
2020
Australian contracted sales
Retail contracted electricity sales volume (GWh)81757259785683
Average electricity contractedsales price
1
($A/MWh)$130.3$147.6$132.7$127.2$135.3$146.8
Retail contracted gas sales volume (TJ)2872702131161,7111,491
Average gas contractedsales price
1
($A/GJ)$14.4$12.5$14.8$13.0$15.1$14.8
Financial contract sales volumes
2
(GWh)17191717383534
Financial contractedsales average price ($A/MWh)$49.8$68.9$49.8$49.8$70.7$93.0
Cost to supplyelectricity customers ($A/MWh)$187.1$78.1$147.6$76.7$85.3$103.7
Cost to supplygas customers ($A/GJ)$10.5$11.6$11.3$10.7$12.2$12.0
Cost of financial contracts ($A/MWh)$118.4$48.7$92.3$52.8$50.5$80.8
Powershop electricity customer connections
7
142,029136,202142,470142,086
Powershop gas customer connections
8
43,90537,87843,70743,092

Australia
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |14
Meridian operating information
JUNE
2021
MONTH
JUNE
2020
MONTH
MAY
2021
MONTH
APRIL
2021
MONTH
12 MONTHS
TO JUNE
2021
12 MONTHS
TO JUNE
2020
Australian generation
Wind generation volumes (GWh)49374830502528
Average wind generationprice
5
($A/MWh)$100.3$79.2$75.3$63.2$66.2$130.8
Hydro generation volumes (GWh)30528238113
Average hydro generationprice
5
($A/MWh)$124.2$58.5$65.1$68.2$58.4$86.2
PPA generation received (GWh)3128302534486
Average PPA generationprice [net of costs] ($A/MWh)$39.8-$9.1$19.2$0.6$1.3$14.9
Australian hedging
Hedging volume
6
(GWh)30423823292500
Hedging costs ($A/MWh)$71.5$72.7$62.4$180.3$124.1$98.5
Hedging spot revenue average price ($A/MWh)$230.9$49.6$156.6$186.2$99.9$76.2
Future contract close outs ($Am)$0.0$0.0-$0.1$0.0-$1.3$2.9

Meridian group
1 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |15
Meridian operating information
JUNE
2021
MONTH
JUNE
2020
MONTH
MAY
2021
MONTH
APRIL
2021
MONTH
12 MONTHS
TO JUNE
2021
12 MONTHS
TO JUNE
2020
Meridian Group
Employee and Operating Costs
9
($m)30322422264259
Stay in Business Capital Expenditure ($m)116444545
Investment Capital Expenditure ($m)43547219
Total Capital Expenditure ($m)1599811764
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

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202020202020202020202020202120212021202120212021FY21changeFY21changeFY21changeFY21change
New Zealand contracted sales
Residential sales volume (GWh)18617114612711110710193108121160174503+31345+16302+2455 +9
Small medium business sales volume (GWh)11310710510496999693111109126134325+34299+44300+39369 +130
Agricultural sales volume (GWh)4772871571421701541771451166643205+22469+60476-18226 +46
Large business sales volume (GWh)555248464444444640374445155+26134+14130+12126 +7
Corporate and industrial sales volume (GWh)282275272283284287288311334311339319829+93855+117933+127968 +215
Retail contracted sales volume (GWh)6836776577176787076837217386947367152,017+2062,102+2522,141+1632,144 +408
Average retail contracted sales price ($NZ/MWh)$120.4$119.3$118.1$106.0$103.1$104.2$104.1$108.7$107.5$114.7$123.2$118.9$119.3+$6.3$104.5+$3.6$106.8-$0.1$119.0+$8.0
NZAS sales volume (GWh)4264264114264124264263844264124264121,262-1101,263-1101,236-1231,250 -77
Financial contract sales volumes (GWh)188125201126221140144126197167143129514+40487+59467-339439 -380
Average wholesale & financial contracts sales price ($NZ/MWh)$82.0$70.4$74.2$69.4$69.9$66.8$59.6$58.0$69.8$76.8$75.2$74.1$75.7+$6.0$68.7+$3.9$62.9-$4.4$75.4+$9.8
Retail customer supply volumes (GWh)7047176967557177437197577687187827532,117+2292,215+2742,244+1632,253 +432
Cost to supply retail customers ($NZ/MWh)$165.1$120.6$140.3$126.9$101.0$118.8$143.9$256.7$265.1$285.5$301.9$272.2$141.9+$16.8$115.8+$16.6$223.4+$146.1$286.7+$178.7
Cost to supply wholesale customers ($NZ/MWh)$143.8$109.6$122.2$95.8$76.3$109.2$132.6$244.8$260.3$277.8$274.2$242.5$125.2+$10.5$94.0+$9.5$211.5+$158.5$264.9+$162.2
Cost of financial contracts ($NZ/MWh)$143.7$113.1$127.8$110.8$92.3$119.1$139.1$234.0$204.8$266.4$291.8$228.2$130.0+$16.3$104.7+$10.2$192.5+$137.7$263.5+$166.4
Total New Zealand customer connections326,148327,125328,602329,710331,240332,587333,367335,580338,051340,178343,015346,830328,602+19,230332,587+18,988338,051+18,273346,830 +22,577
New Zealand generation
Hydro generation volume (GWh)9759048791,0661,0541,0348748689748679009032,758-4743,153-222,716-5422,670 -423
Wind generation volume (GWh)1151131581261251281178387116116111385+8379-22287-52344 -4
Total generation volume (GWh)1,0891,0171,0371,1921,1791,1629919511,0619831,0161,0153,144-4663,533-443,003-5933,014 -427
Average generation price ($NZ/MWh)$144.5$110.1$123.7$107.7$86.5$109.3$134.5$242.1$253.8$272.5$283.4$247.5$126.5+$11.5$101.2+$13.8$210.7+$153.0$267.8+$171.5
New Zealand hedging
Hedging volume (GWh)318266268241314308312345431348372360852+436863+3891,088+231,079 +305
Hedging cost average price ($NZ/MWh)$109.3$104.6$101.2$96.2$93.6$93.2$98.5$115.6$127.0$110.3$116.7$119.0$105.3+$41.8$94.2+$28.9$115.2+$13.5$115.4+$35.9
Hedging spot revenue average price ($NZ/MWh)$133.4$123.8$132.6$114.4$94.0$121.9$136.8$235.0$219.0$260.2$285.0$237.6$130.2+$10.9$109.7+$15.6$358.8+$282.9$261.2+$161.3
Future contract close outs ($NZm)-1.6-1.9-2.90.6-2.9-1.3-1.5-4.5-3.6-1.6-2.19.7-6.4-4.2-3.7-1.1-9.7-9.1$6.0$14.6
Australia contracted sales
Retail contracted electricity sales volume (GWh)858366615556575358597281234+49171+26168+13212+13
Average electricity contracted sales price
1
($A/MWh)$142.7$137.7$146.3$140.0$144.9$132.2$131.8$129.7$124.1$127.2$132.7$130.3$142.2-$1.0$139.0-$28.5$128.5-$12.2$130.2-$9.4
Retail contracted gas sales volume (TJ)3122801571425248313142116213287749+210242+8104-7616+8
Average gas contracted sales price
1
($A/GJ)$14.7$11.5$12.0$15.5$22.2$23.3$29.8$28.0$24.2$13.0$14.8$14.4$12.9-$0.8$18.5+$1.9$27.0+$4.2$14.3+$0.6
Financial contract sales volumes
2
(GWh)26332942414042384217171788-69124-73121-1450+5
Financial contracted sales average price ($A/MWh)$67.6$65.7$66.5$66.8$66.8$66.4$86.4$86.4$86.4$49.8$49.8$49.8$66.5-$20.1$66.7-$13.1$86.4-$35.6$49.8-$36.2
Cost to supply electricity customers ($A/MWh)$79.5$85.5$61.3$73.1$77.5$20.8$53.2$48.0$56.8$76.7$147.6$187.1$76.6-$40.2$57.5-$39.6$52.8-$87.2$143.0+$74.6
Cost to supply gas customers ($A/GJ)$10.1$11.3$14.6$13.4$12.7$19.9$22.8$17.7$17.8$10.7$11.3$10.5$11.5+$0.5$14.5+$4.2$19.3-$2.0$10.8-$1.0
Cost of financial contracts ($A/MWh)$56.7$53.5$37.0$52.2$54.4$50.0$33.2$30.2$39.1$52.8$92.3$118.4$49.1-$48.1$52.2-$23.2$34.3-$45.2$87.9+$36.8
Powershop electricity customer connections
7
136,696137,530138,289139,162140,346140,965141,203141,643141,998142,086142,470142,029138,289+23,190140,965+16,297141,998+7,599142,029+5,827
Powershop gas customer connections
8
38,54438,97839,25139,54040,38040,81441,24741,88442,72843,09243,70743,90539,251+12,72240,814+10,34942,728+7,33643,905+6,027
Australia generation
Wind generation volume (GWh)346057444143393127304849151-10127-297-11126-4
Average wind generation price ($A/MWh)$90.3$90.4$69.6$67.8$75.0$54.8$52.7-$54.4$58.9$63.2$75.3$100.3$82.6-$39.4$65.7-$47.1$20.4-$224.6$82.1+$18.0
Hydro generation volume (GWh)0414124140412424285319-1194+4689+5836+31
Average hydro generation price ($A/MWh)-$51.7$39.0$59.0$72.6$86.3$37.6$33.3$43.7$68.2$65.1$124.2$41.9-$56.3$75.3-$2.4$38.0-$57.3$72.7+$32.3
PPA generation received (GWh)27333430272928242525303194-586-478-986-5
Average PPA generation price [net of costs] ($A/MWh)-$1.6-$3.8-$14.4-$2.2-$1.1-$10.7-$15.8-$18.2-$13.4$0.6$19.2$39.8-$7.0-$37.0-$4.7-$28.2-$15.8-$32.7$21.2+$33.6
Australia hedging
Hedging volume (GWh)35423713201691513233830115+449-9937-8892-26
Hedging costs ($A/MWh)$48.4$78.3$82.6$204.9$176.2$99.7$482.6$266.8$266.6$180.3$62.4$71.5$70.6-$26.7$157.9+$56.7$319.2+$194.4$95.0+$28.1
Hedging spot revenue average price ($A/MWh)$18.6$55.8$40.6$149.6$71.6$69.7$109.7$82.2$50.4$186.2$156.6$230.9$39.5-$66.0$91.3+$11.7$77.9-$2.2$188.5+$143.6
Future contract close outs ($A M)-$0.2$0.0$0.0$0.0$0.0$0.0-$0.3-$0.7$0.0$0.0-$0.1$0.0-$0.3-$0.4-$0.1-$0.7-$0.9-$1.2-$0.1-$1.7
Meridian Group
Employee and Operating Costs ($NZ m)21212121222118212222243063-264+261-176+6
Stay in Business Capital Expenditure ($NZ m)34443333444611+010-210-014+2
Investment Capital Expenditure ($NZ m)733223233445413+87+339+3413+8
Total Capital Expenditure ($NZ m)10776565638891024+817+149+3427+10
FY21 operating information
161 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |
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
171 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |
Meridian operating information

Glossary
181 6 J U L Y 2 0 2 1 | 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 J U N E 2 0 2 1 |
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