Meridian Energy monthly operating report for July 2021

Release






M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
L e v e l 2 , 5 5 L a d y E l i z a b e t h L a n e , P O B o x 1 0 8 4 0 , W e l l i n g t o n 6 1 4 3

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 July 2021

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

Highlights this month include:
▪ In the month to 11 August 2021, national hydro storage increased from 92% to 103% of
historical average
▪ South Island storage increased to 111% of average and North Island storage increased to 72% of
average by 11 August 2021
▪ Meridian’s July 2021 monthly total inflows were 156% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of July 2021 was 111% of historical
average
▪ Water storage in Meridian’s Waiau catchment was above average at the end of July 2021
▪ Waitaki snow storage in early August 2021 was 112% of historical average
▪ National electricity demand in July 2021 was 0.7% higher than the same month last year
▪ July 2021 was unseasonably warm with temperatures above average for much of the country.
Rainfall was mixed, including above average rainfall in the South Island
▪ Meridian made calls under the Genesis swaption in early July 2021
▪ New Zealand Aluminium Smelter’s average load during July 2021 was 566MW
▪ Meridian’s New Zealand retail sales volumes in July 2021 were 13.6% higher than July 2020
▪ Compared to July 2020, segment sales increased in residential +10.3%, small medium business
+31.4%, agricultural +9.4% and corporate +13.9%. Large business volumes were -10.0% lower
than July 2020

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 Manager
021 174 1715

Monthly Operating Report
July 2021

July highlights
1 3 A U G U S T 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 L Y 2 0 2 1 |2
In the month to 11 August
2021, national hydro storage
increased from 92%to 103%
of historical average
South Island storage
increased to 111%of average
and North Island storage
increased to 72%of average
by 11 August 2021
Meridian’s July 2021 monthly
total inflows were 156%of
historical average
Meridian’s Waitaki catchment
water storage at the end of
July 2021 was 111%of
historical average
Water storage in Meridian’s
Waiaucatchment was above
average at the end of July
2021
New Zealand Aluminium
Smelter’s average load during
July 2021 was 566MW
Meridian’s New Zealand retail
sales volumes in July 2021 were
13.6%higher than July 2020
Compared to July 2020,
segment sales increased in
residential +10.3%, small
medium business+31.4%,
agricultural +9.4% and
corporate +13.9%. Large
business volumes were -10.0%
lower than July 2020
Waitaki snow storage in early
August 2021 was 112%of
historical average
National electricity demand in
July 2021 was 0.7%higher
than the same month last
year
July 2021 was unseasonably
warm with temperatures
above average for much of
the country. Rainfall was
mixed, including above
average rainfall in the South
Island
Meridian made calls under
the Genesis swaption in early
July 2021

Market data
1 3 A U G U S T 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 L Y 2 0 2 1 |3
▪National electricity demand in July 2021
was 0.7% higher than the same month last
year
▪July 2021 was unseasonably warm with
temperatures above average for much of
the country. Rainfall was mixed, including
above average rainfall in the South Island
▪Demand in the last 12 months was 0.5%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during July 2021 was 566MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.5% at the
end of June 2021
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 14.2% at the end
of June 2021
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 (2010-2020)201620172018201920202021
5%
7%
9%
11%
13%
15%
Jun 16Dec 16Jun 17Dec 17Jun 18Dec 18Jun 19Dec 19Jun 20Dec 20Jun 21
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 3 A U G U S T 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 L Y 2 0 2 1 |4
▪July 2021 saw ASX prices continue to
decrease
▪National storage increased from 92% of
average on 13 July 2021 to 103% of
average on 11 August 2021
▪South Island storage increased to 111% of
historical average by 11 August 2021.
North Island storage increased to 72% of
average
Source: ASX
Source: ASX
Source: NZX
60
110
160
210
260
310
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 March 202130 April 2021
31 May 202130 June 202130 July 2021
60
110
160
210
260
310
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 March 202130 April 2021
31 May 202130 June 202130 July 2021
0
1,000
2,000
3,000
4,000
5,000
6,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (11 August 2021)
87yr Average199220042008
2012201820202021

New Zealand retail
1 3 A U G U S T 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 L Y 2 0 2 1 |5
▪Meridian’s New Zealand customer
connection numbers rose 1.2% during July
2021
▪Retail sales volumes in July 2021 were
13.6% higher than July 2020
▪Compared to July 2020, segment sales
increased in residential +10.3%, small
medium business+31.4%, agricultural
+9.4% and corporate +13.9%. Large
business volumes were -10.0% lower than
July 2020
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
120
123
109
115
115
116
116
116116116
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
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
FY22 Meridian NIFY22 Meridian SIFY22 Powershop
FY21 Meridian NIFY21 Meridian SIFY21 Powershop
205
149
51
49
321
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
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY22 ResidentialFY22 SMBFY22 AgriFY22 Large Bus
FY22 CorporateFY21 ResidentialFY21 SMBFY21 Agri
FY21 Large BusFY21 Corporate

New Zealand storage
1 3 A U G U S T 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 L Y 2 0 2 1 |6
▪July 2021 monthly inflows were 156% of
historical average
▪July 2021 saw the second highest July
Waitaki catchment inflows on record
▪Meridian’s Waitaki catchment water
storage moved from 1,299GWh to
1,496GWh during July 2021
▪Waitaki water storage at the end of July
2021 was 111% of historical average and
42% higher than the same time last year
▪Water storage in Meridian’s Waiau
catchment was above average at the end
of July 2021
Meridian operating information
Source: Meridian
Source: Meridian
0
200
400
600
800
1,000
1,200
1,400
200820092010201120122013201420152016201720182019202020212022
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Jul YTD88 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 3 A U G U S T 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 L Y 2 0 2 1 |7
▪Meridian’s New Zealand generation in July
2021 was 1.5% higher than the same
month last year, reflecting higher hydro
and lower wind generation
▪The average price Meridian received for its
generation in July 2021 was 15.0% higher
than the same month last year
▪The average price Meridian paid to supply
customers in July 2021 was 14.7% higher
than the same month last year
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
FY22 HydroFY22 WindFY21 HydroFY21 Wind
166
145
110
124
108
87
109
135
242
254
273
283
248
0
50
100
150
200
250
300
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY22FY21

Australian retail
1 3 A U G U S T 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 L Y 2 0 2 1 |8
▪Powershop Australia electricity customer
connection numbers reduced 0.6% during
July 2021
▪Electricity sales volumes in July 2021 were
9.4% higher than the same month last year
▪Powershop Australia gas customer
connection numbers rose 0.8% during July
2021
▪Gas sales volumes in July 2021 were 3.2%
lower than the same month last year
Meridian operating information
Source: Meridian
Source: Meridian
93
85
83
66
61
55
56
57
53
58
59
72
81
0
10
20
30
40
50
60
70
80
90
100
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
AUSTRALIAN RETAIL ELECTRICITY SALES VOLUMES
FY22FY21
302
312
280
157
142
52
48
31
31
42
116
213
287
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJun
TJ
AUSTRALIAN RETAIL GAS SALES VOLUMES
FY22FY21

Australian generation
1 3 A U G U S T 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 L Y 2 0 2 1 |9
▪Meridian’s Australian generation in July
2021 was 145.3% higher than the same
month last year, reflecting higher wind
generation and higher hydro generation
▪Storage at Meridian’s Hume hydro power
station increased to 89% of capacity by 11
August 2021
▪NEM
1
electricity demand in July 2021 was
1.0% higher than the same month last year
▪Spot prices were stable in July 2021
compared with the previous month. Active
forward prices were also up 22% on the
previous month
Meridian operating information
Source: Meridian
1
See glossary on page 17 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
Source: Meridian
68
16
34
60
57
44
41
43
39
31
27
30
48
49
0
4
14
12
41
40
41
24
24
28
5
3
0
10
20
30
40
50
60
70
80
90
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S AUSTRALIAN GENERATION
FY22 WindFY22 HydroFY21 WindFY21 Hydro
93
90
90
70
68
75
55
53
-54
59
63
75
100
-100
-50
0
50
100
150
JulAugSepOctNovDecJanFebMarAprMayJun
$A/MWh
AVERAGE WIND GENERATION PRICE
2
FY22FY21

JULY
JULY
JUNE
MAY
2021
2020
2021
2021
MONTH
MONTH
MONTH
MONTH
New Zealand contracted sales
Residential sales volume (GWh)
205


186


174


160


Small medium business sales volume (GWh)
149


113


134


126


Agricultural sales volume (GWh)
51


47


43


66


Large business sales volume (GWh)
49


55


45


44


Corporate and industrial sales volume (GWh)
321


282


319


339


Retail contracted sales volume (GWh)
776


683


715


736


Average retail contracted sales price ($NZ/MWh)
$122.6
$120.4
$118.9
$123.2
NZAS sales volume (GWh)
426


426


412


426


Financial contract sales volumes (GWh)
197


188


129


143


Average wholesale & financial contracts sales price ($NZ/MWh)
$73.2
$82.0
$74.1
$75.2
Retail customer supply volumes (GWh)
816


704


753


782


Cost to supply retail customers ($NZ/MWh)
$190.3
$165.1
$272.2
$301.9
Cost to supply wholesale customers ($NZ/MWh)
$162.7
$143.8
$242.5
$274.2
Cost of financial contracts ($NZ/MWh)
$159.9
$143.7
$228.2
$291.8
Total New Zealand customer connections
350,961


326,148


346,830


343,015


New Zealand
1 3 A U G U S T 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 L Y 2 0 2 1 |10
Meridian operating information

New Zealand
1 3 A U G U S T 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 L Y 2 0 2 1 |11
Meridian operating information
JULY
JULY
JUNE
MAY
2021
2020
2021
2021
MONTH
MONTH
MONTH
MONTH
New Zealand generation
Hydro generation volume (GWh)
1,000


975


903


900


Wind generation volume (GWh)
105


115


111


116


Total generation volume (GWh)
1,105


1,089


1,015


1,016


Average generation price ($NZ/MWh)
$166.2
$144.5
$247.5
$283.4
New Zealand hedging
Hedging volume (GWh)
394


318


360


372


Hedging cost average price ($NZ/MWh)
$129.6
$109.3
$119.0
$116.7
Hedging spot revenue average price ($NZ/MWh)
$164.1
$133.4
$237.6
$285.0
Future contract close outs ($NZm)
-$0.7
-$1.6
$9.7
-$2.1

Australia
1 3 A U G U S T 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 L Y 2 0 2 1 |12
Meridian operating information
JULY
2021
MONTH
JULY
2020
MONTH
JUNE
2021
MONTH
MAY
2021
MONTH
Australian contracted sales
Retail contracted electricity sales volume (GWh)93858172
Average electricity contractedsales price
1
($A/MWh)$150.9$142.7$130.3$132.7
Retail contracted gas sales volume (TJ)302312287213
Average gas contractedsales price
1
($A/GJ)$19.1$14.7$14.4$14.8
Financial contract sales volumes
2
(GWh)22261717
Financial contractedsales average price ($A/MWh)$47.9$67.6$49.8$49.8
Cost to supplyelectricity customers ($A/MWh)$152.6$79.5$187.1$147.6
Cost to supplygas customers ($A/GJ)$13.5$10.1$10.5$11.3
Cost of financial contracts ($A/MWh)$102.7$56.7$118.4$92.3
Powershop electricity customer connections
7
141,149136,696142,029142,470
Powershop gas customer connections
8
44,27238,54443,90543,707

Australia
1 3 A U G U S T 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 L Y 2 0 2 1 |13
Meridian operating information
JULY
2021
MONTH
JULY
2020
MONTH
JUNE
2021
MONTH
MAY
2021
MONTH
Australian generation
Wind generation volumes (GWh)68344948
Average wind generationprice
5
($A/MWh)$92.6$90.3$100.3$75.3
Hydro generation volumes (GWh)16035
Average hydro generationprice
5
($A/MWh)$152.5-$124.2$65.1
PPA generation received (GWh)41273130
Average PPA generationprice [net of costs] ($A/MWh)$30.9-$1.6$39.8$19.2
Australian hedging
Hedging volume
6
(GWh)33353038
Hedging costs ($A/MWh)$87.2$48.4$71.5$62.4
Hedging spot revenue average price ($A/MWh)$159.4$18.6$230.9$156.6
Future contract close outs ($Am)$0.0-$0.2$0.0-$0.1

Meridian group
1 3 A U G U S T 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 L Y 2 0 2 1 |14
Meridian operating information
JULY
2021
MONTH
JULY
2020
MONTH
JUNE
2021
MONTH
MAY
2021
MONTH
Meridian Group
Employee and Operating Costs
9
($m)20213024
Stay in Business Capital Expenditure ($m)33114
Investment Capital Expenditure ($m)9745
Total Capital Expenditure ($m)1210159
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
202120212021202120212021202220222022202220222022FY22changeFY22changeFY22changeFY22change
New Zealand contracted sales
Residential sales volume (GWh)205
Small medium business sales volume (GWh)149
Agricultural sales volume (GWh)51
Large business sales volume (GWh)49
Corporate and industrial sales volume (GWh)321
Retail contracted sales volume (GWh)776
Average retail contracted sales price ($NZ/MWh)$122.6
NZAS sales volume (GWh)426
Financial contract sales volumes (GWh)197
Average wholesale & financial contracts sales price ($NZ/MWh)$73.2
Retail customer supply volumes (GWh)816
Cost to supply retail customers ($NZ/MWh)$190.3
Cost to supply wholesale customers ($NZ/MWh)$162.7
Cost of financial contracts ($NZ/MWh)$159.9
Total New Zealand customer connections350,961
New Zealand generation
Hydro generation volume (GWh)1,000
Wind generation volume (GWh)105
Total generation volume (GWh)1,105
Average generation price ($NZ/MWh)$166.2
New Zealand hedging
Hedging volume (GWh)394
Hedging cost average price ($NZ/MWh)$129.6
Hedging spot revenue average price ($NZ/MWh)$164.1
Future contract close outs ($NZm)-0.7
Australia contracted sales
Retail contracted electricity sales volume (GWh)93
Average electricity contracted sales price
1
($A/MWh)$150.9
Retail contracted gas sales volume (TJ)302
Average gas contracted sales price
1
($A/GJ)$19.1
Financial contract sales volumes
2
(GWh)22
Financial contracted sales average price ($A/MWh)$47.9
Cost to supply electricity customers ($A/MWh)$152.6
Cost to supply gas customers ($A/GJ)$13.5
Cost of financial contracts ($A/MWh)$102.7
Powershop electricity customer connections
7
141,149
Powershop gas customer connections
8
44,272
Australia generation
Wind generation volume (GWh)68
Average wind generation price ($A/MWh)$92.6
Hydro generation volume (GWh)16
Average hydro generation price ($A/MWh)$152.5
PPA generation received (GWh)41
Average PPA generation price [net of costs] ($A/MWh)$30.9
Australia hedging
Hedging volume (GWh)33
Hedging costs ($A/MWh)$87.2
Hedging spot revenue average price ($A/MWh)$159.4
Future contract close outs ($A M)$0.0
Meridian Group
Employee and Operating Costs ($NZ m)20
Stay in Business Capital Expenditure ($NZ m)3
Investment Capital Expenditure ($NZ m)9
Total Capital Expenditure ($NZ m)12
FY22 operating information
151 3 A U G U S T 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 L Y 2 0 2 1 |
Meridian operating information

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 3 A U G U S T 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 L Y 2 0 2 1 |
Meridian operating information

Glossary
171 3 A U G U S T 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 L Y 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