Meridian Energy Limited 2021 Full Year Financial Results

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 delivers sound results, underlying drivers of
business value remain strong

25 August 2021
Meridian has reported underlying net profit after tax
1
for the Group of $232m, down $84m or 27% on the
prior year. EBITDAF
2
for the year was $729m, down $124m or 15% on the prior year. With the benefit of
$248 million of positive non-cash movements in the value of hedge instruments, Meridian Energy has
reported $428 million of net profit after tax for the year ended 30 June 2021.
The previous two years saw record results powered by strong generation and growing retail sales
volumes. This year the company maintained that strong retail sales growth with New Zealand volumes up
14% on the prior year. Challenging drought conditions prevailed through much of the second six months
of the year and as a result New Zealand hydro generation was down 12% on the previous year. Notably
the inflows into Meridian’s hydro catchments from November 2020 to April 2021 were the third lowest
on record during that period.
Chief Executive Neal Barclay says, “We certainly experienced some challenges in FY21. Drought
conditions during the second half of the financial year dampened our cash earnings by reducing
generation and increasing hedge costs but that is just part and parcel of being a hydro generation
company in New Zealand. Also, the price we negotiated with the owners of Tiwai Point Aluminum
Smelter to extend operations to 2024 reduced during the second half of the year. Whilst both events
were significant and impacted financial performance, the underlying drivers of future business value
remained strong, in particular growth in customer sales and our commitment to build the Harapaki wind
farm.”
The ordinary dividend remains stable with the Board declaring a final ordinary dividend of 11.20 cents per
share, unchanged from the previous year. This brings the total ordinary dividends declared in FY21 to
16.90 cents per share, also unchanged from last financial year. This year, Meridian announced the
introduction of a Dividend Reinvestment Plan, that will apply from this year’s final ordinary dividend. The
Board has resolved to apply a 2.0% discount to this dividend under the DRP.

1
Net profit before tax adjusted for the effects of changes in fair value of hedges and other non-cash items. Underlying net profit after tax
is a non-GAAP financial measure. Because they are not defined by GAAP or IFRS, Meridian’s calculation of such measures may differ from
similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an
alternative to, other financial measures determined in accordance with GAAP. Although Meridian believes they provide useful information
in measuring the financial performance and condition of Meridian’s business, readers are cautioned not to place undue reliance on these
non-GAAP financial measures. A reconciliation of underlying net profit after tax is included on page 3.
2
EBITDAF is a non-GAAP financial measure but is commonly used within the electricity industry as a measure of performance as it shows
the level of earnings before impact of gearing levels and non-cash charges such as depreciation and amortization. Market analysts use the
measure as an input into company valuation and valuation metrics used to assess relative value and performance of companies across the
sector.

m e r i d i a n e n e r g y . c o . n z
PG 2


Customers
Meridian has continued to focus on customers first. “It was pleasing to see that our commitment to
excellent customer service is being recognised. In New Zealand, Powershop won the Canstar and
Consumer New Zealand awards for customer satisfaction and trust, and over in Australia Powershop was
recognised once again by Canstar Blue, Finder and Roy Morgan for customer satisfaction,” Barclay says.

Alert Level 4
Meridian’s staff are again proving resilient and flexible to the greater COVID-19 restrictions New Zealand
is now experiencing. “We are thankful to our staff for their hugely positive response to the lockdown,
particularly those helping customers who may be facing greater hardship from the current restrictions.
Early indications suggest system demand has again reduced with Alert Level 4, although not to the same
extent that was seen in 2020,” adds Barclay.

NZAS exit
Meridian announced in January 2021, that it had reached an agreement with its largest customer, Rio
Tinto, who operate the Tiwai Point Aluminium Smelter in Southland, to support the smelter to remain
operational for a further four years. Some terms are more favourable to the smelter owner in exchange
for creating time for the Southland economy and the electricity sector to transition to life without the
smelter in an orderly fashion. Meridian is gaining good traction on South Island load alternatives such as
the Southern Green Hydrogen project, for when the smelter exits at the end of 2024.
“We are working on a number of opportunities that have the potential to not only enhance the value of
our business, but also create lasting long-term value for New Zealand,” adds Barclay.

Climate action
“As a 100% renewable electricity generator who is committed to protecting our environment, we’re
supportive of the Climate Change Commission’s final advice to Government. If adopted, these measures
can help enable Aotearoa to change course with sufficient pace and scale to set us on a path to achieve
our climate commitments. More than $7 billion of new renewable generation must be built to enable
New Zealand to achieve its climate goals and at Meridian we are committed to delivering our share of
that build programme. The $395 million Harapaki wind farm that our Board approved in February this
year is a tangible step on this path.
“Aotearoa’s imperative to decarbonise the economy along with the expiry of our contract to supply the
aluminium smelter at Tiwai Point in late 2024 have reset the playing field for Meridian and the electricity
sector as a whole. We believe by staying true to our sustainability values and by continuing to strengthen
our brands, our people and our renewable asset base, Meridian can deliver on our customer and
renewables generation growth strategies and continue to provide value for all our stakeholders,” says
Barclay.

m e r i d i a n e n e r g y . c o . n z
PG 3




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

Income statement
Financial year ended 30 June
2021
2020
$M
New Zealand energy margin
994
1,122
Australia energy margin
97
122
Other revenue
29
27
Energy transmission expense
(87)
(123)
Electricity metering expense
(39)
(36)
Employee and other operating expenses
(265)
(259)
EBITDAF
729
853
Depreciation and amortisation
(303)
(312)
Impairment of assets
6
(58)
Gain/(loss) on sale of assets
(1)
-
Net change in fair value of electricity and other hedges
169
(113)
Net finance costs
(84)
(84)
Net change in fair value of treasury instruments
79
(48)
Net profit before tax
595
238
Income tax expense
(167)
(63)
Net profit after tax
428
175
UNPAT
Financial year ended 30 June
2021
2020
$M
Net profit after tax
428
175
Underlying adjustments
Hedging instruments
Net change in fair value of electricity and other hedges
(169)
113
Net change in fair value of treasury instruments
(79)
48
Premiums paid on electricity options net of interest
(20)
(20)
Assets
(Gain)/loss on sale of assets
1
-
Impairment of assets
(6)
58
Total adjustments before tax
(273)
199
Taxation
Tax effect of above adjustments
77
(58)
Underlying net profit after tax
232
316

---

Generating change:
Changing generation
Meridian
Energy
Limited.
Integrated
Report 2021.

Changeneedsenergy.

66Meeting changing needs of our customers
67Healthy customer growth
69Flux growth underpins our success
69Work on Harapaki wind farm begins
69Pipeline of generation options
71Distributed energy
71Shining examples of solar
72Equipping our people for changes ahead
75Future of work
76More work needed to increase safety
78Supporting the work of others
78Stronger sense of belonging
81Keeping our technology systems safe
82
Rewarding energy
84
Our approach to remunerating our people
95
Further disclosures
112
Generating returns
114Financial statements
161Financial auditor’s report
165Global Reporting Initiative (GRI) Standards
assurance report
167GRI Content Index
173Directory
Menu
02
Introduction
11Change needs energy
12A material difference
15Our process
16Reducing our material topics
21We are one of New Zealand’s largest organisations
22What drives us
28
Directors’ statement
32Our commitment to effective governance
36
Chair and CEO’s report
38Pushing forward with change
48Market leadership
49Taking care of our own backyard
51Working with our suppliers
53Contribution to public policy
53Energy wellbeing
56Putting customers first
56Green financing
58
Building sustainable relationships
59NZAS extended exit agreement
60Challenging hydrology
62Relationships with local communities and iwi
63Impact on water
64Impact on biodiversity
MERIDIAN INTEGRATED REPORT 2021
1

This needs
to change
Extreme weather events are one of the effects of climate change that directly affect Meridian.
Our commitment to decarbonisation is about limiting the changes New Zealand faces.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION

This needs
to change
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
3

4
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION

This will
change
Our contract with New Zealand’s Aluminium Smelter (NZAS) runs until
the end of 2024. We are looking at new ways to maximise the use of
Aotearoa’s renewable energy advantage to make the most of this power.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
5

This is
changing
Our partnerships focus on how we can help people and our planet.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
6

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
7

This isn’t changing
fast enough
Australia’s dependence on fossil fuels is holding back the adoption of renewables. This year we grew our customer base,
but low wholesale prices and the uncertain policy environment are potentially stifling incentives to innovate.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
8

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
9

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
10

Change
needs
energy
Big challenges and opportunities are here right
now – and more are on their way. We are excited
and committed to shaping the journey to a net
zero world. As Aotearoa’s largest renewable
electricity generator and a sustainability pioneer in
Australia, Meridian has the scale and the resources
to help secure a clean energy future, where all
New Zealanders thrive. Generating affordable,
clean, renewable power is key to a more equitable
and sustainable future and our goal is to make the
renewable energy we generate as accessible as
possible to households, businesses and industries.
The immediate challenges of a dry year, decisions
around Tīwai Point, a downward-sliding trading
situation in Australia and regulator rulings have
been complemented by the commencement of
our Harapaki wind farm, a positive trading year in
New Zealand, growth in our Australian customer
base and a financial result that reflects the hard
work and commitment of our team.
Meridian is set on shaping a clean energy future
that our customers, communities and country can
be proud of. It’s about working together for the
long term, caring about the big things and the small
things; it’s in the actions we take today and how we
plan for and invest in our future.
Clean energy for a fairer and healthier world.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
11

We rely on the effective management of a wide range of resources, including our physical
assets, our technology platforms, our financial capital, our people and their knowledge,
our many relationships and the natural resources we use to generate electricity and value.
We are committed to providing transparent, evidence-based information
in a way that is simple to digest and is consistent with best practice.
A material
difference
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
12

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
13

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
14

Our process
This year we conducted a materiality assessment with key stakeholders through
an independent consultant. This included reviewing the Global Reporting Initiative
topics and material topics regularly reported on by electricity generators and
retailers in New Zealand and Australia.
We asked our stakeholders to identify Meridian’s most material topics and what we
should be reporting on and addressing. We applied the outputs from this process
to help develop a stakeholder strategy and inform the material topics for this annual
report. As in previous years, we also examined Board papers, assessed our risk
register and reviewed issues that had received media coverage.
In FY18 we identified the United Nations Sustainable Development Goals (SDGs)
that we believe are most relevant to our business. Our commitment to making a
renewable difference for the future led us to focus on two SDGs – SDG7 Affordable
and Clean Energy and SDG13 Climate Action – as these apply to areas where we
believe we can make the biggest difference.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
15
INTRODUCTION

This year we reduced our
material topics to 12 from
16 based on the materiality
assessment completed with
our stakeholders. In this
report, we focus on:
Reducing our material topics
1. Pipeline of generation options
2. Electricity pricing
3. Sustainability leadership
4. Action on climate change
5. Support for vulnerable customers
6. Distributed energy resources
7. Good governance, ethical
behaviour and reporting
8. Impact on water
9. Contribution to public policy
10. Financial impacts of climate change
11. Cybersecurity
12. Impact on biodiversity
Our key stakeholders are those
who can have a significant
impact on our business, or
on whom we can have a
significant potential impact
through our activities.
• Investors
• The Crown
• Ngāi Tahu and other iwi
• Shareholders
• Customers
• New Zealand public
(and their elected officials)
• Regulators
• The electricity sector
• Asset communities
• Local government
• Employees
• Suppliers
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
16

INTRODUCTION
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
17

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
18

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
In FY20 we were assessed for and included in the Asia Pacific
Dow Jones Sustainability Index (DJSI), which adopts a robust and
structured Environmental, Social, and Governance framework
to assess performance. We also were assessed in FY20 under the
Carbon Disclosure Project (CDP), a global environmental disclosure
system, and were proud to receive an increased rating of A-
for climate change in FY20. We submitted again in FY21 for
inclusion in the Asia Pacific DJSI and to be assessed under the
CDP framework.
We’ve entered our third year of completing a voluntary Climate
Change Disclosure report, in accordance with the recommendations
of the Taskforce on Climate-Related Financial Disclosures (TCFD).
Our annual Climate Risk Disclosure report has again been
prepared in accordance with the recommendations of the TCFD.
This report describes the financial impacts of climate-related risks
and opportunities – including how these are governed, how risks
are managed, any impacts or influences of these on our strategy and
what associated metrics and targets we set for ourselves. Our FY21
Climate Change Disclosure is available at www.meridianenergy.co.nz/
who-we-are/sustainability/climate-disclosures.
We also prepare our annual report to meet integrated reporting
standards to ensure we communicate concisely how our strategy,
governance and performance, in the context of our external
environment, seek to cause balanced, sustainable value creation.
Authenticity in reporting
19

This is our business
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
20

This is our business
We are one of New Zealand’s
largest organisations
$5b
NET ASSETS
Up
FY21 REVENUE
$4b
Up
$13b
TOTAL MARKET CAPITALISATION
Up
FY21 EBITDAF*
$729m
Down
100%
RENEWABLE ENERGY GENERATOR
– FROM WIND, WATER AND SUN
NZ
MAJORITY OWNED BY
THE NZ GOVERNMENT
10%
LEGISLATED MAXIMUM
NON-CROWN OWNERSHIP
LISTED ON
BOTH THENZX + ASX
* EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation, amortisation, changes in fair value of hedges, impairment and gains or losses on sales of assets.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
21

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Our purpose:
Cleaner energy
for a fairer and
healthier world.
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What drives us
Our purpose of clean energy for a fairer
and healthier world is at the centre of
everything we do. To deliver on our
purpose we have focused on areas
in which we can make a meaningful
difference, and that also align with
our values and goals of climate action,
putting our customers first, and being
a great place to work and our role as
a responsible generator. We strive to
achieve these goals by ‘being gutsy’,
‘being in the waka’ and ‘being a good
human’ to ensure that we are able
to deliver positive outcomes for
New Zealand and our shareholders.
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
22

7
AU
1 office
88 employees
(17 at our power stations)
Customer connections (incl gas)
1 Excludes Tīwai Point aluminium smelter
FLUX
Remote-first
workforce spread
across 3 countries.
131 employees
NZ
Retailing as:
Meridian Energy
Powershop
5 offices
869 employees
(94 at our power stations)
CUSTOMERS
Customer connections
346K185K
~15% national retail volume
1
GENERATION
52
Retailing as:
Powershop, and providing energy services to Kogan Energy
Licensing the Flux platform
~30% national electricity generation
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
23

Key changes this year
Environment
• Climate Change Commission report
released, sets policy direction for
decarbonisation of the economy
• Launched Process Heat Electrification
Programme to electrify process heat
• Launched AC EV charging network
• 60,000 stems planted to date
under Forever Forests programme
Performance
• Group retail electricity sales volumes
for FY21 were 14% higher than last year
• 7% growth in New Zealand customer numbers
• Powershop passed 100,000 customers
• 4% growth in Australian electricity
customer numbers
• 500,000 customers migrated to Flux
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
24

Looking ahead
• Arrangements with NZAS finalised
• Harapaki wind farm consented,
construction commenced
• New demand opportunities identified
Community & people
• Issued first Modern Slavery Statement
• Reaffirmed our commitment
to support KidsCan
• 92% positive staff safety, health
and wellbeing sentiment
• Launched a Future of Work initiative
to help future-proof our workforce
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
25

Sizing up our risks
MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
26

MERIDIAN INTEGRATED REPORT 2021
INTRODUCTION
The Board sets Meridian’s overall
appetite for risk and its approach
to risk management. A summary of
Meridian’s key risks can be found in the
FY21 Corporate Governance Statement,
available at www.meridianenergy.
co.nz/assets/Investors/Governance/
Meridian-Energy-Corporate-
Governance-Statement.pdf.
The risks identified are:
• demand risks
• market supply
• adverse hydrological conditions
• catastrophic event
• critical equipment or
technology failure
• health and safety
• regulatory risk of access to water
• legislative and regulatory risk
• competitor behaviour
• information technology security
• substantial changes in the costs of
different generation technologies
• transmission pricing methodology
• COVID-19.
The three risks identified
as priorities are:
• demand risks – there is a risk that
new electricity demand will not
emerge to offset the reduction
in electricity use caused by the
expiry of our contract with NZAS
and potential closure of Tiwai
Point aluminium smelter in
December 2024. The key mitigation
here is Meridian’s project to find
new sources of demand, which
includes projects such as process
heat electrification, data centres
and green hydrogen production.
Meridian’s 2021 Climate Related
Disclosure (our TCFD report)
also captures the opportunity
for new electricity demand, the
electrification of industrial heat
and transport.
• market supply – there is a risk
of a disorderly transition to 100%
renewable electricity generation.
One key risk is the premature
retirement of thermal generation
prior to new renewable electricity
being in place – specifically the
risk of the early retirement of
gas generation given its role as
a transition fuel. Another key risk
is that market interventions
will affect the potential returns
from new renewable electricity
projects, which would likely
have a detrimental impact on
investment in new generation.
In addition, Meridian’s 2021 TCFD
report identifies the potential for
an increase in electricity spot price
volatility as a result of the increased
proportion of renewable generation.
• In response, Meridian has adapted
its underlying assumptions to
the market position, updating its
strategy. This flows through to the
preparation for and accelerated
delivery of new generation
and flexible demand response
investments, such as options like
hydrogen and the role it could play,
in a dry year scenario, operating
practices and how the company
engages with stakeholders and
the messages it shares.
• legislative and regulatory risk –
changes in public policy that
lead to changes in legislation or
regulation, including electricity
regulation (i.e. change to market
regulation and potentially market
structures resulting from ongoing
scrutiny and evolving attitudes to
regulation of wholesale market
trading or from initiatives such
as the NZ Battery project which
may result in the Crown having
a direct stake in pumped hydro
generation), changes in policies
to support renewable energy, and
new or amended environmental
regulations. Meridian engages
with Government and industry
regulators and is involved in
relevant regulatory processes.
Meridian actively supports work
on climate change, including the
Government’s sustainable 2030
future of New Zealand. As such,
we were the first New Zealand
listed company to meet TCFD
reporting requirements.
We have mitigation plans in place
for all these risks.
27

MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
28

Directors’
statement
MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
29

About this report
This integrated report reviews our financial,
economic, social and environmental performance
for the year ended 30 June (FY21). It has been
prepared using the Value Reporting Foundation’s
integrated reporting framework.
MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
30

MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
The report covers the performance of all members of the Meridian Group,
including our Meridian Energy and Powershop brands in New Zealand and
Australia, Dam Safety Intelligence in New Zealand and Flux Federation (Flux),
our electricity retailing software business that operates in New Zealand,
Australia and the United Kingdom.
For the most part, the focus is on Group performance, although many of the
topics discussed centre primarily on the parent company because the other
businesses are smaller (less than 10% of Group revenue).
The report reflects the responsibility we feel throughout the Group for Meridian
to make best use of the natural forces at its disposal and to take care of its
customers, our people, our local communities, iwi and the environment.
We believe this approach strengthens Meridian’s ability to continue to
deliver both attractive shareholder returns and value to all our stakeholders.
About the Meridian Group
The Meridian Group is listed on the New Zealand Stock Exchange (NZX) and
the Australian Stock Exchange (ASX). It is one of New Zealand’s largest companies
on the NZX, with a total market capitalisation in excess of $13 billion, operating
revenue in FY21 of $4 billion, EBITDAF of $729 million and net assets of $5 billion.
Our workforce of around 1,088 people is directly employed by or contracted to us.
Third parties provide us with ICT, facilities’ management and meter-reading services.
We are majority owned by the New Zealand Government. Legislation specifically
precludes our having any other significant shareholders (i.e. more than a 10% holding).
31

How we prepared
this report
The Board has established processes to
ensure the quality and integrity of this
integrated report and has entrusted
Management with preparing and
presenting it accordingly.
To ensure all data is as accurate as
possible, the financial information
has been prepared in accordance
with appropriate financial reporting
standards (see page 119) and audited
by Mike Hoshek for Deloitte Limited
on behalf of the Auditor-General
(see the Independent Auditor’s
Report on page 161).
The non-financial information has
been prepared in accordance with
the GRI Standards: Core option
requirements of the Global Reporting
Initiative’s (GRI Standards) Sutainability
Reporting Standards. This sustainability
content has received a limited assurance
engagement from Deloitte Limited
(see the Independent Accountant’s
Assurance Report on page 165).
The Meridian Group Greenhouse
Gas Inventory Report FY21 is
summarised on pages 50 and 51
of this report. It has received a
reasonable assurance engagement
from Deloitte Limited.
Our commitment to
effective governance
Our Board closely monitors how
the company is managing long-term
drivers of value, such as retaining
access to water, building employee
engagement, investing in new assets,
enhancing environmental performance,
satisfying customers and building our
reputation and brand.
Strategy days and regular meetings
allow Board members to share their
thoughts and challenge Management
on the direction in which they wish
to take the business.
The Board also sets Meridian’s overall
appetite for risk and approach to risk
management. Our FY21 Corporate
Governance Statement summarises
our key risks. You can find a copy of this
Statement at www.meridianenergy.
co.nz/assets/Investors/Governance/
Meridian-Energy-Corporate-
Governance-Statement.pdf. We have
also included information on our risks
and how we manage them in this report.
Meridian complies with the NZX
Corporate Governance Code
recommendations in all material
respects (with the exception of
recommendation 3.6 – see
page 110 for more details).
Our Board structure
Meridian recruits Board members with
a range of skills and experience. There
are currently four female members
and four male members, bringing
gender balance to our Board as well as
contributing to the Board’s expertise.
While the company’s constitution
does not specifically require it,
Meridian’s Board has a collective
view that Ngāi Tahu, which has mana
whenua (authority over the land) over
the majority of the South Island where
most of Meridian’s assets are located,
is such an important stakeholder that
a position on the Board for someone
with connectivity to Ngāi Tahu should
always be considered. This role is
currently undertaken by Anake Goodall,
the former Chief Executive Officer of
Te Rūnanga o Ngāi Tahu (Ngāi Tahu’s
governing body).
Biographies of our directors and
the Executive Team are available at
www.meridianenergy.co.nz/who-
we-are. All directors are independent
directors.
The role of committees
Committees support the Board by
providing detail on specific issues and
having subject matter experts provide
insights and advice. The Committees,
and the Board as a whole, cover the
spectrum of resources on which we
depend for our business success, feed
in to the company’s overall strategy
and direction and keep the Board well
informed of day-to-day operations.
The Board and Committees also
oversee progress on our SDGs. The
Safety and Sustainability Committee
has responsibility for our progress on
SDG7 Affordable and Clean Energy
and SDG13 Climate Action.
The Board as a whole oversees our
progress as a responsible generator,
particularly as it pertains to the
Waitaki reconsenting process. Our
People and Remuneration Committee
oversees Meridian’s maintenance
and development of being a great
place to work. Our Audit and Risk
Committee assists the Board in fulfilling
its responsibilities in matters related
to risk management and financial
accounting and reporting.
MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
32

View director biographies at:
www.meridianenergy.co.nz/who-we-are/about-meridian/board-of-directors.
Our Board
Diversity of perspective is important.
Meridian recruits Board members with
a range of skills and experience.
MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
33
Nagaja Sanatkumar Independent Director
Anake Goodall Independent Director
Julia Hoare Independent Director
Peter Wilson Deputy Chair
Mark Cairns Independent Director
Jan Dawson Independent Director
Michelle Henderson Independent Director
Mark Verbiest Chair

The role of
people and culture
Our people are critical to the successful
delivery of our strategic goals, policies
and processes.
The Board has approved a wide range
of policies that Management are
required to adhere to and incorporate
in the company’s operations, including
a Code of Conduct, the content of
which all employees agree to honour.
The Code provides guidance to staff
on the behaviours that are expected
and how to handle the issues and
challenges they may face. Our
approach to remunerating our
people is on page 84.
If you would like
further information
As a business with a significant retail
shareholder base, we want to be as
accessible and open as possible. If you
are a shareholder, please feel free to
ask questions, request information or
comment on this report via Meridian’s
website or by directly contacting
the Investor Relations Manager at
investors@meridianenergy.co.nz.
We hope you will be able to attend
the 2021 annual shareholder meeting
in person. The Board has a policy of
rotating the location of the meeting
between Auckland, Wellington and
Christchurch, and our 2021 meeting will
be held in Auckland. We will provide
you with more information closer to the
time in the Notice of Meeting. If you
can not attend, there will be a link to a
live webcast on the Meridian website.
ResourcesBoard oversight
Financial and manufactured capital
(our cash and assets)
Audit and Risk Committee
TechnologyFull Board
Human capital
— Our people and expertisePeople and Remuneration Committee
— Health and safetySafety and Sustainability Committee
Relationships and reputation

— Our people and expertisePeople and Remuneration Committee
— All other groupsSafety and Sustainability Committee and full Board
Natural resourcesSafety and Sustainability Committee
Significant risks around resources,
including risks due to climate change
Audit and Risk Committee
MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
34

Our Executive Team
Neal Barclay Chief Executive
Tania Palmer Chief People Officer
Mike Roan Chief Financial Officer
Lisa Hannifin Chief Customer Officer
Guy Waipara General Manager, Generation and Natural Resources
Jason Woolley General Counsel and Company Secretary
Claire Shaw General Manager, Corporate Affairs and Sustainabillity
Jason Stein Chief Executive, Meridian Energy Australia Pty Limited,
Powershop Australia Pty Limited
Nic Kennedy Chief Executive, Flux Federation Limited
Chris Ewers General Manager, Wholesale
MERIDIAN INTEGRATED REPORT 2021
DIREC TORS ’ STATEMENT
35

vt
Leadership
means speaking up when it counts
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
36
CHAIR AND CEO’S REPORT

vt
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
37
CHAIR AND CEO’S REPORT

Pushing forward with change
This has been perhaps the most challenging year
for Meridian since the company was listed. The
announcement very early in the year of the planned
closure of NZAS at Tīwai Point in Southland, the
prolonged drought through the second half of the
year and of course from COVID-19, all required close and
careful management. Despite the challenges we were
very pleased that our underlying business performance
remained strong. And the opportunities for the future
that are starting to take shape appear promising.
MERIDIAN INTEGRATED REPORT 2021
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38

MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
Ultimately, we believe our company is exceptionally well placed for the future,
as is the electricity sector as a whole. The expiry of the NZAS contract in
December 2024 and the Government’s commitment to combating climate
change have accelerated the opportunity to transition to a more sustainable
energy sector at a much faster rate than previously imagined possible. We
have an immense opportunity in front of us, and a tailwind of climate activism
and global investor support for companies like Meridian that are committed
to sustainability and climate action.
An exit becomes an opportunity
NZAS accounts for 13% of our country’s electricity demand and is a large
employer in Southland. So the quick exit of the smelter by August 2021,
originally proposed by the owners, would have been very disruptive for the
Southland community and the electricity sector. Consequently, we negotiated
a discounted price with the smelter’s owners in exchange for an extension to
our fixed-price contract to December 2024. The revised pricing reflects a ‘cents
in the dollar’ deal that was designed to buy time and does not represent pricing
that is sustainable for the long term. The contract extension was critical to soften
the blow on the Southland community and allow it time to transition away from
a major employer in the area. The additional time will also allow the electricity
sector to adapt to the loss in demand by enhancing the transmission network
in the lower South Island and working with alternative industries that value
renewable energy to establish new demand in the lower South Island.
In essence, the expiry of the supply contract with NZAS in late 2024 has created
a ‘once in a generation’ opportunity to help grow Aotearoa and decarbonise our
economy. Meridian’s strategy to take advantage of the 5,000 GWh per annum
of energy that will become available when NZAS closes is multi-faceted and can
be summarised as follows:
• We have supported and appreciate Transpower’s agreement to speed up
the upgrade of the lower South Island grid to ensure any surplus energy in
the region can be exported to the rest of New Zealand. That work should
be complete by May 2022.
• We are exploring the feasibility of a grid-scale battery, located in the North
Island. The battery will provide reserve energy and therefore increase the
effective capacity of the Cook Strait cable and allow a greater flow of power
from the South Island to the North Island.
• We continue to grow our retail customer base to, in part, offset the loss
of our largest customer, NZAS.
• We have developed and launched a Process Heat Electrification Programme
to support industrial customers in converting their fossil-fuel-based processes
to electricity.
• We are exploring new demand opportunities that will grow economic value
and jobs for the country, including green data centres and the production
of green hydrogen for both export and domestic use.
We believe all these opportunities have the potential to not only enhance
the value of our business, but also create long-lasting value for New Zealand.
39

Focusing on our customers
Our focus on delivering great value
for our customers continued to pay off
in FY21, and at a headline level we saw
strong growth in our customer numbers
on both sides of the Tasman.
In New Zealand, our dual-brand strategy
and focus on customer satisfaction
continued to resonate, reaching a wide
group of New Zealanders by offering
products for different market segments
and making it easier to work with us.
Powershop led the industry in engaging
with customers, as was evidenced in
its winning the Canstar and Consumer
New Zealand awards for customer
satisfaction and trust.
In Australia we continued to set the
benchmark for a great customer
proposition. Powershop Australia was
once again recognised by Canstar
Blue, Finder and Roy Morgan for
customer satisfaction and market-
leading products and service.
We made very good progress on our
digitalisation journey and around 95% of
customers’ accounts were successfully
migrated to our Flux customer care
and billing platform. We believe Flux
provides a world-class, integrated
platform and it will enhance our ability
to delight our customers with best-
in-class products and services.
We remain very conscious of the need
to support those customers facing
hardship. During the lockdown in
2020 we increased our contribution
to KidsCan by $1 million as we were
concerned about its sources of funding
drying up. In FY21 we matched that
and are now working with KidsCan
to leverage our contribution through
its fundraising activities. We are very
proud of our relationship with KidsCan
as it does an amazing job in supporting
under-privileged children in our society.
We continued our support of the
EnergyMate programme (run by the
Electricity Retailers’ Association of
New Zealand) and were a big advocate
of the introduction by the Electricity
Authority of consumer care guidelines
to ensure the industry adopted a
consistent approach to supporting our
most vulnerable customers. We play
our part with customers who have
impaired credit situations and we
provide products such as Level Pay
and Shopper to help customers
manage their energy bills.
The very high wholesale prices
experienced during the year created
challenges for some customers,
particularly those who chose to take
exposure to spot market prices.
The high prices were driven by a
combination of low hydro inflows
and some, yet to be resolved, supply
constraints in the gas market that first
emerged during 2018. We believe our
Wholesale Team managed our hydro
storage exceptionally well as they
progressively layered in hedge positions
to allow us to conserve water while still
meeting customer needs. Most pundits
expect the gas deliverability issues to
take another year or two to resolve, so
relatively high wholesale prices could
be a feature of the market for some
time to come. Fortunately, the vertically
integrated business model Meridian
has adopted means we have been
able to shield most of our customers,
particularly retail customers, from
those high wholesale prices.
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
40

The regulatory environment
Early in the year the Electricity
Authority (EA) decided that an
Undesirable Trading Situation (UTS)
occurred during the large flood events
in the South Island in December
2019. While we did not necessarily
agree with the Authority’s finding,
we acknowledge its authority as an
independent regulator to make that
decision and we also acknowledge
that it did consult extensively with
the industry on the issue. We were
pleased that the Authority cleared
Meridian of the alleged breach of
High Standard of Trading Conduct
rules that were in place at the time.
The remedial action decided by
the EA was to reset wholesale prices
during December 2019. While the
implementation of that reset is yet to
take place, it will be completed by the
end of the 2021 calendar year and the
financial impact Meridian is likely to
be immaterial and within the amount
we provided for in last year’s financial
statements.
This year the EA also implemented
changes to the trading conduct rules
for generators offering into the
whole-sale spot market. The EA has
signalled increased monitoring of
offers and a desire to test the new
rules. More positively, the EA has
made good progress on the suite of
recommendations from the Electricity
Price Review that was concluded
in 2019. Progress has included
the development of a commercial
market-making framework for the
exchange-traded electricity futures
product in New Zealand.
For the next financial year, we
expect a continued focus on security
of electricity supply following the
forced outages on the evening of
9 August 2021. Reviews have been
initiated by the Minister of Energy
and Resources and the EA.
Difficult operating
conditions in Australia
While our retail sales volume
increased, wholesale prices in the
Australian market fell to unsustainably
low levels and this impacted the
performance of our generation assets.
Overall, the Meridian Energy Australia
Group result was down on the prior
year even though we had more hydro
generation available as the drought
conditions, that had been a feature
for the last few years, began to ease.
Recently, Australian wholesale prices
have lifted from the low levels during
the 2021 financial year.
The strategic rationale for investing
in renewable energy in Australia
is still sound, and given that only
around 30% of Australia’s electricity is
generated by renewable sources, the
potential for growth in renewables is
large as Australia looks to decarbonise
its economy. But the energy market
in Australia is highly politicised,
and government and regulatory
interventions at both State and
Federal levels are creating significant
uncertainty for our business.
Accordingly, towards year end we
announced we would be revisiting our
growth strategy and our ownership of
Meridian Energy Australia. This review
will consider a full range of options,
including accelerated growth as well
as partial or full divestment.
The ownership review is expected
to take a number of months and no
decision will be made on the future
direction of or options for Meridian
Energy Australia until the completion
of that process.
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
41

The road to decarbonisation
We are supportive of the direction
of travel in the Climate Change
Commission’s final advice to the
Government. If adopted, the measures
could help enable Aotearoa to change
course with sufficient pace and scale
to set us on a path to achieving our
climate commitments. We are also
supportive of the Government’s
recent announcements, such as the
introduction of a clean car standard
and the Clean Car Discount for electric
vehicles (EVs). Ideally we’d like to see a
fully developed and all-encompassing
Emissions Trading Scheme as the key
policy tool to support New Zealand’s
decarbonisation journey, but we also
acknowledge that additional policies
will be necessary to build momentum.
It goes without saying that the
effectiveness of policies like the EV
feebate scheme should be measured
and adjusted over time to ensure they
are achieving the outcomes envisioned.
Electrification is critical to the delivery
of a net-zero carbon economy in
New Zealand, so a massive amount
of electricity infrastructure will need
to be built in the next 30 years.
The good news is, the cost of new
renewable generation has come down
to a point where it is cheaper to build
and operate a new renewable generator
than operate an existing coal- or gas-
fired generator. And there is presently
more than $2 billion of announced
new renewable generation projects
in Aotearoa that should be producing
power well before the expected
significant growth in demand occurs.
The economics are driving us toward a
more renewable future, and we expect
the electricity grid in New Zealand to be
transporting more than 90% renewable
electricity on average by 2025.
The Harapaki wind farm is Meridian’s
contribution to the nation’s current
build programme, and we are working
hard to grow our pipeline of additional
renewable generation options. Harapaki
itself is a significant investment on a
New Zealand scale as it will produce
enough energy to power around
70,000 Kiwi homes. It is expected
to start producing that power from
as soon as 2023.
New Zealand’s existing hydro power
stations are the foundation for the
massive amount of new renewable
projects that will need to be built in
the next three decades. Flexible hydro
is the perfect complement to more
intermittent renewables like wind and
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
42

solar. But across all New Zealand there
is limited hydro storage available, so
Aotearoa currently relies on coal- and
gas-fired generation to meet consumer
demand when rainfall into the hydro
lakes is below average.
Aotearoa currently generates around
80–85% of its electricity from renewable
sources, and as we move toward a
fully renewable future and we reduce
the amount of coal- and gas-fired
generation available, we will need
to find alternative ways to meet
New Zealand’s demand for electricity
when the hydro lakes run low.
The Government is pursuing the
NZ Battery project, which is testing
the feasibility of a massive pumped
hydro scheme in Central Otago as a
potential means of storing water for
hydro generation when we experience
a dry year. While the outcome of the
feasibility work is not yet known, other
innovative ideas that could also help
solve this problem are starting
to emerge.
The work that Meridian and Contact
are jointly leading on the opportunity
to establish a large-scale green
hydrogen production facility based in
Southland is a good example of these.
Hydrogen production can be a very
flexible process. If a hydrogen producer
is willing to reduce production and its
demand on the electricity system at
times when the hydro lakes are low,
it helps balance supply and demand
across the whole system without
introducing carbon emissions from
coal or gas.
We believe this type of demand
response is likely to be commercially
viable for flexible processes like
hydrogen production, and would
deliver a very cost-efficient outcome
for the electricity system as a whole
and ultimately the end consumers
of electricity.
On the demand side, our sense is that
New Zealand business is buying in to
the need to decarbonise and is getting
on with it. Meridian is a member of
the Climate Leaders Coalition, which
represents 105 large New Zealand
businesses that account for 38% of
New Zealand’s GDP and 59% of our
greenhouse gas emissions. The Coalition
members are, in total, planning to invest
more than $9.5 billion in initiatives to
reduce their emissions in the next
five years. Each of the members is
committed to playing its part in our
transition away from fossil fuels in a
way that is equitable and achievable.
At Meridian we are very aware of the
need to show leadership and we have
made a commitment to halve our gross
operational emissions by 2030. We have
made good progress in electrifying
our vehicle fleet and now all our light
passenger vehicles are electric. We have
a range of other initiatives in play and
are confident we can reach our 2030
goal. But we also have a strong part
to play in supporting our customers
to achieve their carbon-abatement
targets. Our Process Heat Electrification
Programme is aimed at supporting
industrial customers to decarbonise and
electrify their industrial plant. We can
offer customers a long-term commercial
package that supports their business
cases for change. The reality is that
these packages are enabled by the
renewable energy freed up with the
expected closure of NZAS.
If built, the green hydrogen opportunity
referred to above would be the largest
facility of its type in the world and
powered by genuine renewable energy
with a very high capacity factor. The
potential benefits to Aotearoa are
three-fold. Firstly, it will create export
dollars for our renewable energy and
high-value jobs in Southland. Secondly
it can be scaled to meet New Zealand’s
domestic demand for hydrogen or
ammonia as that demand grows. And
thirdly, as discussed it can provide a
demand response to the electricity
market that will help balance demand
and supply over the entire system.
The electrification of the transport
sector received a leg-up this year with
the introduction of EV feebates. These
should encourage more businesses
and individuals to go electric. This year
we started building our own public
charging network to support more EVs
on the road. Our intermediate aim is to
establish a network of 200 AC chargers
in the South Island and then extend
that reach to the North Island, while
also supporting business customers
requiring fleet charging solutions.
Research done in New Zealand
and offshore shows that ultimately
ceasing import-intensive petrol and
diesel transport should result in higher
employment, earnings, productivity
and average wages. And as we electrify
more of our economy, we are likely
also to see lower wholesale electricity
and transmission costs, alongside
climate benefits as modern, lower-cost
renewable generation makes up more
of the supply mix. Decarbonisation
for Aotearoa is an opportunity we
must grasp.
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
43

Aotearoa’s natural resources
are our competitive advantage
Meridian welcomed the Government’s
plan to reform the Resource Management
Act 1991 to ensure that new renewable
projects of significance are supported
through a swifter consenting process.
This reform will be instrumental in
Aotearoa meeting its decarbonisation
goals. We support the Government’s
plan to provide better guidance on
balancing the national importance
of renewable projects with local
environmental impacts. We will play
our part in helping communities
understand why more clean energy
is good for New Zealand and ensure
communities realise the benefits
of having a renewable project in
their backyard.
We are also highly conscious of the
absolute need to take New Zealanders
with us on this journey. We are
committed to continuing our work
with communities and local bodies
to ensure our renewable projects
mitigate any environmental impacts
they cause and bring benefits to
local communities beyond just the
renewable energy they produce.
We specifically acknowledge iwi
rights under the Treaty of Waitangi
and the importance for us, as a large
user of natural resources, to partner
with iwi in finding ways to deliver
improved environmental, commercial
and cultural outcomes.
Our people have
done great work
We want to pay tribute to the hard
work and successes of all our people
this year. Our teams responded
positively and quickly to the demands
of working with COVID-19 restrictions,
and our business never missed a
beat. We would like to acknowledge
our teams based in Victoria who have
endured more than a year of COVID-19-
related restrictions – their commitment
and resilience have been amazing.
Also, many of our people are in
frontline roles either maintaining our
large generation fleet or servicing
our customers, and they have stepped
up and adapted seamlessly to new
ways of operating so that our service
levels remained strong.
Our team’s overall engagement
scores have remained high, and
we know we have a committed,
resilient team who are up for
seizing opportunities, looking after
our customers and doing right by
each other.
This year we appointed a Future of
Work lead to help us develop strategies
that will support our people to learn,
grow and adapt to new technology
and ever more agile ways of working,
as well as transition to other roles more
easily as circumstances change. Our
vision is to be an organisation that lives
and breathes learning and we have
committed to double our investment
in training and development by 2025.
We are executing our strategy through:
better learning technology; educating,
motivating and changing mindsets
about how people learn; equipping our
leaders to be learning champions; and
managing learning more holistically
(beyond eLearning and formal courses).
Disappointingly, our health and safety
statistics slipped, with an increase in
our reportable injuries, more injuries
overall and more time off work due
to injuries. While none of the injuries
suffered by our people was serious
or long lasting in nature, the Board
and Management are not accepting our
level of performance and we continue
to have an absolute focus on keeping
our people safe from harm.
Changes at Executive
and Board level
During the year we announced one
change to our Executive Team. Jason
Stein signalled his intention to step
away from the role of Chief Executive
of Meridian Energy Australia and
Powershop Australia in December
2021. Jason had done an exceptional
job of steering our Melbourne-based
team through a prolonged lockdown
and difficult trading conditions. We
thank Jason for his hard work and look
forward to working with him through
to the end of his time with us.
The Board too worked hard during
the year to oversee our strategy and
provide guidance in testing times.
Two members of our Board will be
retiring at our Annual Shareholder
Meeting (ASM) in October. Peter
Wilson, Deputy Chair, and Anake
Goodall, have both served on the
Board since 2011 and steered us
through becoming a listed company
on the NZX and several wind farm
developments. Peter and Anake
have been strong supporters of our
sustainability leadership position
and we thank them for their significant
contributions and guidance in the
past decade.
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
44

The Board will appoint Tania Simpson
as an independent director effective
from the date the Electricity Authority’s
approval is Gazetted. Tania will bring
extensive governance experience
in many industries, including Tainui
Group Holdings, Ngāi Tahu Tourism
and Auckland International Airport.
She will be standing for election at the
ASM in October along with Mark Cairns,
who will stand for re-election for a
further two-year term.
Financial results
The previous two years saw record
results powered by strong generation
and growing retail sales volumes. This
year we maintained that strong retail
sales growth with New Zealand volumes
up 14% on the prior year. Drought
conditions during the second half of
the financial year dampened our cash
earnings by reducing generation and
increasing hedge costs – that is just the
nature of our business and the variable
New Zealand weather. The price we
negotiated with the owners of Tiwai
Point Aluminum Smelter to extend
operations to 2024 reduced during the
second half of the year. Whilst both
events impacted financial performance,
the underlying drivers of future business
value remained strong, in particular
growth in customer sales and our
commitment to build the Harapaki
wind farm.
As discussed, we are actively
managing these issues and have a
range of mitigations in place to improve
Meridian’s position progressively as
we approach the end of the contract
with NZAS and potential closure date
in 2024. We are also reviewing our
strategy in Australia.
Noting that the last financial year
was a record year for earnings through
generation, Group EBITDAF decreased
by 15% to $729 million. Net profit
after tax was impacted by fair value
movements on its hedge instruments,
increasing 145% to $428 million.
Under-lying net profit after tax
decreased 27% to $232 million.
Our balance sheet is resilient. Last
year the smelter decision saw rating
agency Standard & Poor’s change
Meridian’s credit rating outlook from
stable to negative. However, on the
first day of the new 2022 financial
year, S&P Global Ratings reaffirmed
Meridian’s corporate credit rating as
BBB+/Stable/A-2.
The Board has declared a final
ordinary dividend of 11.20 cents per
share, unchanged from the previous
year. This brings the total ordinary
dividends declared in FY21 to 16.90
cents per share, also unchanged
from the previous year. This year, for
the first time, we are introducing a
dividend reinvestment programme
and the Board has determined that
shares issued under the Plan in respect
of the 2021 final ordinary dividend
will be issued at a discount of 2.0% to
the market price. The programme will
enable investors to invest effortlessly
in our future at the same time as it will
enable us to reduce our debt position
and manage our debt more prudently.
An exciting new context
Aotearoa’s imperative to decarbonise
the economy and the expiry of our
contract to supply the aluminium
smelter at Tīwai Point in late 2024 have
reset the playing field for Meridian and
the electricity sector as a whole. We
believe our brands, our people and our
renewable asset base serve as strong
sources of competitive advantage for
Meridian. Leveraging these advantages
while staying true to our sustainability
values means Meridian can execute our
customer and renewable-generation
growth strategies and continue to
deliver value for all our stakeholders.   
Finally, a sincere thank you, on behalf
of the Board and the Executive Team,
to everyone we work with or are our
customers, those who invest in us and
everyone in our teams for helping us
to continue delivering cleaner energy
for a fairer and healthier world.
427
431
635
604
0
$M
200
100
300
400
500
700
600
2018201920202021
Operating cash flow
MERIDIAN INTEGRATED REPORT 2021
CHAIR AND CEO’S REPORT
45

MERIDIAN INTEGRATED REPORT 2021
CHAMPION
46

Champion
MERIDIAN INTEGRATED REPORT 2021
CHAMPION
47
CHAMPION

Market leadership
We are actively involved in a wide range of
initiatives and engagements to transform our
business, our society and our economy in
response to the climate emergency facing us all.
MERIDIAN INTEGRATED REPORT 2021
CHAMPION
48

MERIDIAN INTEGRATED REPORT 2021
CHAMPION
Taking care of our own backyard
We have an ambitious target to halve our operational emissions by 2030 from
a 2019 baseline, which we describe as ‘Half by 30’. In the meantime, we continue
to offset our emissions via the purchase and surrender of Gold Standard Verified
Emission Reductions (VERs) to ensure our operations are carbon neutral. For
FY21, these VER credits have been retired from two wind farms projects in
India. In this decade, we will displace the use of Gold Standard VERs and through
our Forever Forests programme create our own carbon sink and offset those
emissions we have not been able to remove through our Half by 30 work.
Forever Forests will create a carbon sink here in Aotearoa and involves planting
over 1.5 million native and exotic trees over approximately 1,100 hectares.
To date our Forever Forests work resulted in 60,000 trees being planted over
approximately 45 hectares of our own land representing about 4% of our total
target. Our focus now is on scaling up our planting effort to date and securing
access to land. We will plant another 80,000 trees in 2021. We will also look to
partner with other landowners to get the rest of the stems in the ground. One
partnership involves the Christchurch Foundation and Sustainable Coastline
in creating the ‘Tūī Corridor’ initiative. This project will welcome tūī back to
Christchurch by planting a corridor of tūī tucker (their favourite native plants)
across the city.
30 ha
37 ha
130 ha
24 ha
14 ha
InvestigatingPlanningRegistering with MPI/planting
80 ha
22 ha
24 ha
49

Progress towards our Half by 30 target
has this year focused on reducing
our light vehicle fleet and electrifying
the balance, resulting in a 100% light
vehicle fleet and 195 tonnes of carbon
abatement every year from here.
We are now investigating electric
alternatives for the utility vehicles
used by our hydro and wind asset
maintenance teams, one third of which
is already electric. We aim to complete
that conversion by 2025. We are also
actively assessing options to electrify
our Mararoa ferry, which enables our
staff to get to and from the Manapōuri
Power Station each day.
Tackling the challenge of Half by 30
will require a deliberate effort across
the Group and in particular include a
sharp focus on our supply chain, which
is where over 95% of our operational
emissions lie. Achieving this will see us
continue to engage and collaborate
with our suppliers. In FY20 we
commenced a supplier engagement
plan, building on foundations set
out in our Supplier Code of Conduct
2
,
investigating how our suppliers can
take climate action in ways that work
for their businesses and get us on our
way to a net-zero-carbon Aotearoa in
2 www.meridianenergy.co.nz/assets/Investors/Governance/Policies/Supplier_Code_of_Conduct_Rev2.pdf.
3 www.meridianenergy.co.nz/assets/Sustainability/MER0117-Modern-Slavery-Statement-8_0.pdf.
4 Created in collaboration with seven leading organisations, see more at www.tools.business.govt.nz/climate.
2050. We focused on and prioritised
our supplier engagement based on
criticality (risk/spend), the ability to
influence and the materiality of the
relevant greenhouse gas footprint.
In the coming financial year we
will take this further and develop a
Group Half by 2030 roadmap, which
we will then execute and against
which we will report progress. Our
Greenhouse Gas Inventory for this
year, with a breakdown on category
movements from FY20, is available at
www.meridianenergy.co.nz/who-we-
are/sustainability/greenhouse-gas-
emissions.
Also connected to our Half by 30
supplier engagement conversation,
we are ensuring our suppliers meet
the requirements of modern slavery
legislation. In FY21 Meridian released
its first Modern Slavery Statement
3
.
For the purposes of the Australian
Modern Slavery Act 2018, both Meridian
Energy Limited and Powershop Australia
Pty are considered ‘reporting entities’.
The 2020 Modern Slavery Statement is
for the Meridian Group, both reporting
entities (under the Act) and all Group
operational subsidiaries. In FY21 two
areas that were identified as potentially
having a high risk of modern slavery
amongst our Tier 1 suppliers were
with our cleaning and security service
providers, which are all are located in
New Zealand and Australia. To assess
these potential risks accurately, Meridian
issued a self-assessment questionnaire
to each associated supplier as well as a
request for supporting documentation.
Based on these further actions, we
did not identify any modern slavery
practices in our suppliers within the
reporting period.
We have also been encouraging other
companies to reduce carbon emissions
from their businesses. One way we are
doing that is through a collaborative
partnership
4
creating a climate action
toolbox. The Toolbox targets small to
medium businesses (SMEs) with offers
of practical advice on five areas where
they can make a difference and reduce
emissions: moving people; moving
goods; office operations; site operations
and equipment; and designing
products. We look forward to enabling
a scale-up of this initiative and ensuring
that SMEs in Aotearoa have easy access
to practical advice and are empowered
to take climate action.
Total operational greenhouse
gas emissions by scope (tCO2e)
Scope 1:
1,376 (4%)
Scope 2
(market based):
14 (0.0%)
Scope 3:
31,085 (96%)
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Meridian Group greenhouse gas emissions
tCO2eFY19FY20FY21
Scope 11,0991,1771,376
Scope 21,6051714
Scope 3 operational43,76142,25031,085
Total Group operational emissions*46,46543,44432,475
Scope 3 energy purchased and onsold**
New Zealand electricity000
Australian electricity and gas 611,822813,054881,461
Scope 3 one-time construction and upgrades6832285
Total Group value chain emissions658,355856,530914,221
* Emissions from our electricity purchased and onsold are calculated using market-based methodologies.
In New Zealand we use the annual netting off methodology. In Australia we use the National Carbon Offset
Standard (NCOS) administered by the Austrailan Government.
** Group operational emissions are offset using Gold Standard Voluntary Emission Reductions and credits purchased
by Powershop Australia as part of NCOS, and taking into account credits cancelled by suppliers against their own
emissions.

In FY21 we applied inflation adjustments to our purchased goods and services emission factors to align with Scope 3
calculation guidance. To be consistent we also applied these adjustments to FY19 and FY20, resulting in restatements.
The restated figures are used here.
Progress against our Half by 2030 goal (tCO2e)
46,465
43,444
32,475
0
10,000
20,000
30,000
40,000
50,000
60,000
F
Y
1
9
F
Y
2
0
F
Y
2
1
F
Y
2
2
F
Y
2
3
F
Y
2
4
F
Y
2
5
F
Y
2
6
F
Y
2
7
F
Y
2
8
F
Y
2
9
F
Y
3
0
Actual
Target
Working with our suppliers
The bulk of our carbon footprint is in
our supply chain. This makes our work
to engage our suppliers crucial if we’re
to achieve our reduction targets. In
the generation side of our business we
have local and global suppliers provide
us with the parts and components
needed to build and maintain our
generation assets, as well as a mix of
general engineering consumable and
specialist parts’ suppliers, and service
providers including ICT and facilities’
management providers. More than
1,000 people are employed directly
or contracted to us. The majority of
our work is conducted by permanent
employees, not contractors. In our
retail businesses we have very short
supply chains because the physical
assets used to distribute electricity
and meter its use are managed
by national and local lines and
metering companies. Our retail
operation requirements are similar
to those of many corporate offices.
They include physical facilities and
ICT, sales and marketing, billing
and governance functions.
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Our Process Heat Electrification
Programme is designed to help
customers who rely on fossil fuels,
mostly old coal boilers, to decarbonise
their businesses by electrifying their
heat processes.
The opportunity is significant.
Fossil-fuel-fired industrial boilers
are the second-largest source of
energy-related greenhouse gas
emissions, while process heat
accounts for 34% of New Zealand’s
total energy consumption and
generates 8.5 million tonnes of carbon
emissions every year. Through 10-year
contracts, highly competitive electricity
pricing and a capital contribution towards
conversion costs, we can potentially
reduce carbon emissions by 100,000
tonnes per annum (the carbon
emissions equivalent of more than
50,000 cars every year) and add 250
GWh to 500 GWh to our demand in
sectors like food manufacturing, dairy,
chemical and wood processing.
Our first three projects include ANZCO,
WoolWorks and Meadow Mushrooms
as pilot customers. Together we aim
to remove more than 15,000 tonnes
of carbon emissions every year – the
equivalent of removing more than
8,000 cars from the road. Meridian’s
assistance will support Meadow
Mushrooms, for example, to reduce
its carbon emissions by 1,300 tonnes
per year by decommissioning and
replacing an existing diesel-fired
boiler with an electric alternative.
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Contribution to public policy
5 www.meridianenergy.co.nz/investors/reports-and-presentations/submissions.
We actively contribute to public
policy, legislative and regulatory
developments
5
. We do so to share
our perspective, ensure that decision-
makers are fully informed, and
ensure that decisions are made in
the best interests of our customers
and all New Zealanders.  This year
we provided submissions to a wide
range of organisations, including
the Climate Change Commission,
the Electricity Authority, the Ministry
for the Environment, the Ministry of
Business, Innovation and Employment,
the Infrastructure Commission,
the Commerce Commission and
Transpower.
In our assessment, intervention
in the Australian electricity market
and a lack of emissions pricing have
led to spiralling and unintended
consequences that will hinder
investment in renewable generation
and limit the overall ability of
Australia’s energy sector to mitigate
climate change. By contrast, the
New Zealand electricity market
continues to incentivise the
construction of renewable electricity
generation and works well because
the Government has largely stayed
out of operations. Wholesale
electricity prices in New Zealand have
been high for much of the year due
to below-average hydro inflows and
gas shortages. While these prices
are challenging for larger consumers
exposed to the wholesale market,
they reflect supply and demand and
are encouraging further investment
in renewable electricity generation.  
We are supportive of having a
policy framework in place that enables
Aotearoa to change course and sets us
up to deliver our climate commitments.
The Government’s key role in our view
is to put in place conducive regulatory
environments and guidelines. To that
end, we remain supportive of the work
of the Climate Change Commission,
which has demonstrated how Aotearoa
can viably achieve our emission-
reductions targets while continuing
to grow as a country.
The Emissions Trading Scheme with its
recent improvements will play a critical
role in the transition to a low-emissions
future. It now provides a sinking cap
on total emissions and price signals to
ensure businesses are incentivised to
make the transition to a low-emissions
future successfully. Complementary
policies may be needed in addition to
the Emissions Trading Scheme, and for
us priority actions include increasing
the number of EVs on our roads and
increasing total renewable energy use,
particularly in heating for industrial
processes. It is also important that the
transition happens in an equitable and
inclusive way.
It is vital for the country that current
and future governments deliver policy
stability, transparency and continuity on
climate change. We look forward to the
Government’s first emission-reductions
plan due to be published later in 2021
and expect to see a strong commitment
to deliver on the recommendations
of the Climate Change Commission. 
A response that closely aligns with the
Commission’s recommendations will
establish expectations of the weight
that future governments will give to
the Commission’s advice in the years
to come.
Energy wellbeing
We believe in a world where all people
have access to the energy they need for
wellbeing in their lives. We also believe
that achieving wellbeing requires an
appreciation of a range of factors such
as housing quality, financial hardship,
and electricity pricing. We have
initiatives in place to maximise energy
wellbeing while taking into account
this wide set of considerations, and
continually strive to do more.
New Zealand’s electricity retail prices
remain among the lowest in the OECD,
and data from the Ministry of Business,
Innovation and Employment shows
that the real average annual household
bill in 2020 was $140 lower than in
2014, and the real price per kilowatt
hour was at its lowest level since 2012.
This suggests that the healthy degree
of competition and choice that comes
with having more than 40 retailers
competing across the market is
working for customers.
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Energy retailers also have an ongoing
responsibility to ensure that in
situations where consumers become
vulnerable, there are safeguards in
place to protect them. Vulnerable
Consumer and Medically Dependent
Consumer guidelines have been
around since the mid-2000s and were
introduced in collaboration with the
industry and stakeholders including
Meridian. The Electricity Authority said
these guidelines had “generally served
New Zealand consumers well, and
electricity system stakeholders could
be proud of their shared commitment
to implementing them.” However, the
Authority said that after more than 10
years the guidelines needed updating
and a review. Meridian supported the
review and the resulting Consumer
Care Guidelines – in fact we think the
Authority should now go further and
make mandatory rules for all retailers
to follow. We will fully align our
practices with the new guidelines.
We have a trained Credit Team
to support customers in need, with
support that includes alternative
payment options (such as our LevelPay
product), and plans and support with
Work and Income and FinCap. In
addition, we support the funding of
the Electricity Retailers’ Association
EnergyMate programme, which
provides free in-home coaching and
community hui workshops to help
Kiwis in need manage their energy use
are proud to see that this programme
has now enabled support for more
than 150 families and an expansion is
planned this year to reach more than
1,500 families.
In Australia, retail prices have followed
wholesale prices down to, in our view,
unsustainable lows, while prolonged
lockdowns have had pronounced
effects on people’s mental health and
their ability to earn. (On the face of it,
low pricing overall may seem a good
thing for consumers. Our concern with
the wholesale situation in Australia is
that, unless prices lift, there will be no
incentives to introduce new generation
and the country will continue
struggling to decarbonise.)
In FY21, we banded together with
others to offer Australian consumers
a range of supports. These included
work by the Energy Cluster and
campaigns to publicise the COVID-19
Support Hub. We also created a new
Usage Specialist role in our Contact
Centre to encourage customers to
talk about minimising their usage,
especially gas customers in Victoria.
New Zealand disconnections*
Meridian
Powershop NZ
NZ average
0
.
1
3
%
0
.
1
0
%
0
.
0
8
%
0
.
0
%
0
.
2
5
%
0
.
2
3
%
0
.
0
5
%
0
.
0
8
%
0
.
3
9
%
0
.
31%
0.0%
0.1%
0.2%
0.3%
0.4%
FY18FY19FY20**FY21***
0.22%
0.17%
* Data from the Electricity Authority (emi.ea.govt.nz/Datasets/Retail/Disconnections).
** FY20 restated with four quarters of data.
** Showing as 0% due to decimal place rounding.
*** Does not include Q4 data as unavailable.
Our ambition is to achieve a world with no disconnections. We continue to focus
on lowering our disconnection rates, and during lockdown adopted a policy of
no disconnections. We offer customers products like LevelPay and have a trained
Credit team to support customers in need with alternative payment options and
access to support with a range of agencies.
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Meanwhile, our Power It Forward
campaign asked those Australian
business customers who could afford
it to pay a little more so that we could
distribute the proceeds to smaller
businesses affected by COVID-19.
Our Switch Your Mates campaign also
encouraged our current customers
to refer their friends to us, with each
party getting a $100 credit and $100
going to Foodbank Australia. We are
proud to have raised $50,000 for
Foodbank Australia to feed vulnerable
people. All up, through our various
initiatives for vulnerable customers
in Australia this year, we raised and
contributed more than $250,000.
We are also planning a new Community
Energy partnership in FY22.
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Putting customers first
Ultimately, our retail businesses judge
their success by our collective ability
to secure and retain the loyalty of
customers. In Aotearoa we monitor
our Meridian Energy and Powershop
brands using customer satisfaction and
compare our brands to the average
score for gentailer brands (generators
and retailers combined), challenger
brands and the category as a whole.
We have been very pleased to see
both our brands holding their own,
which highlights the effectiveness of
the customer focus and service ethos
we have been building steadily in
recent years.
Powershop New Zealand won the 2021
Consumer People’s Choice Award and
the 2021 Canstar Blue Most Satisfied
Customers Award. It is a sign of the
absolute competitiveness of this brand
that we have won this prestigious
award five times in the past six years.
Powershop also won two Finder
awards, Gentailer and Overall, for
Greenest Energy Retailer. To quote
Finder: “Powershop once again showed
why it tops the leaderboards when it
comes to green energy in Australia.
Zero emissions electricity generation,
carbon-neutral plans for all customers
and innovative efforts to support
clean technology helped Powershop
differentiate itself.” The brand also won
the Roy Morgan Customer Satisfaction
award – Electricity Provider of the
Year 2020. It was the second year in a
row that we had won this award. The
breadth of awards shows Powershop
leading the way in caring for both the
planet and customers.
Green finance programme
In August 2020 Meridian announced
a Green Finance Programme, which
covers both existing and future
issuances of debt instruments. The
Programme recognises Meridian’s
commitment to and leadership
investment in renewable energy
generation and will be used to
finance or refinance sustainable
projects and assets such as new and
existing renewable energy assets.
The Programme enables Meridian
to connect its company strategy and
vision to its financing requirements, and
provides investors with an opportunity
to invest in a range of accredited debt
instruments. The proceeds of these have
been allocated (directly or notionally)
to refinance eligible wind
and hydro projects and assets that
meet the following market standards:
• The International Capital Market
Association Green Bond Principles.
• The Climate Bonds Standard.
• The Asia Pacific Loan Market
Association Green Loan Principles.
Further information on the Green
Finance Programme, including the
Programme framework document,
opinions from DNV GL Business
Assurance Pty. Limited, Climate Bonds
Standard Certification and Green
Asset and Debt registers, is available
on Meridian’s website at www.meridian
energy.co.nz/investors/reports-and-
presentations/green-finance.
Page 140 also provides detailed
information on the Green Debt
included in the Programme for FY21.
Customer satisfaction – brand monitor NZ
June 2020June 2021
Meridian Energy7. 4 07. 49
Gentailer average7. 3 47. 4 0
Powershop8.038.04
Challenger average7. 6 67. 57
Category average7. 5 37. 57
* Data is collected through brand tracking and results reported on a 12-month moving average.
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NZAS
A large financial contract with NZAS at
Tīwai Point that accounts for the equivalent
of 38% of Meridian’s generation
Our customers
Available in four Australian states. All on the Flux platform.~15% national retail volume
AU
Meridian
Customer connections
residential
business
corporate
agri-business
Powershop AU
Electricity customer
connections
Powershop NZ
Customer connections
residential
business
Carbon-neutral gas
customer connections
NZ
241K105K142K43K
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Building sustainable
relationships
Relationships underpin our ability to operate. This
year, while the extension of NZAS’s exit arrangement
may have dominated headlines, we continued
conversations with a wide range of groups on
subjects as important as water, biodiversity and
helping communities to prosper that will enable us
to continue to generate 100% renewable energy.
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2025 Waitaki reconsenting
The water resource consents for the Waitaki chain of power stations are
due for reconsent by 2025. This is a major catchment. 18% of New Zealand’s
power is generated here and we are engaging with Ngāi Tahu and a full range
of stakeholders.
Last year, new clean-water regulations sought to prioritise healthy water ahead
of human and commercial needs and explicitly recognised the importance
of maintaining flexibility at and output from the five largest hydro schemes in
New Zealand, including our Manapōuri and Waitaki schemes. Keeping climate
change front and centre is part of the context for the National Policy Statement
for Freshwater Management 2020 and we acknowledge the vital role that hydro
schemes play in allowing Aotearoa to maintain renewable electricity generation,
ensure security of supply and enable and accelerate decarbonisation.
Meridian will be applying to reconsent on the basis of the current arrangements
for the use and storage of water for hydro-electricity generation, such that
we can retain the benefits our hydro assets provide Aotearoa. We remain
strongly committed to working in good faith with all those involved to resolve
this large, complex and public process.
NZAS extended exit agreement
Deliberations on the aluminium smelter at Tīwai Point took the better part
of six months to resolve.
On 9 July 2020, NZAS gave notice terminating the existing electricity agreement
with effect from the end of August 2021. An offer allowing for a longer exit
period up to the end of 2024 was put to NZAS. Terms for an extended closure
were agreed in January 2021. These give NZAS a lower price over the remaining
contract and the option to reduce the contract volume from 572 MW to 400 MW
with effect from 1 July 2022. NZAS consumes around 40% of Meridian’s generation
output in any year, depending on generation output and demand, so this
negotiation was significant. Its potential exit from the market and the expiry
of our contract with NZAS in four years represents a significant reduction in
demand and will likely result in a near-term reduction in Meridian’s revenue.
However, once NZAS leaves, more renewable energy will be available to
potentially displace fossil fuel use and this will make a noticeable difference
to the percentage of renewable electricity on the grid.
We have been working closely with Transpower, along with Contact Energy,
on the Clutha Upper Waitaki Lines Project as part of preparing the expiry of our
contract with NZAS in December 2024 and their potential exit. This project is now
due to be completed by May 2022. We are exploring the feasibility of a grid scale
battery, located in the North Island. The battery will provide reserve energy and
therefore increase the effective capacity over the Cook Strait Cable and allow a
greater flow of power from the South Island to the North Island.
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Hydrology this year
has been challenging
Recent good hydrological years were
followed this year by a record-setting
drought. About mid-November, the
La Niña climate pattern took hold and
continued throughout summer.
As a result we experienced above-
average temperatures and lower-
than-average rainfall across much of
Aotearoa, reducing inflows to their
lowest levels on record for 88 years
and taking our main storage lakes to
800 GWh below average. Meanwhile
in Australia, wind generation was 5%
lower than at the same time in the
previous year and at a 49% lower
average price. Australian hydro
generation improved as drought
conditions eased during the second
half of 2020.
Meridian is well prepared operationally
to ride significant droughts, with
arrangements and contingencies in
place to help us conserve our hydro
storage, continue to support our
customers and manage the financial
impacts of this challenge.
Under our contract with NZAS we can
require a Smelter Demand Response
if hydro storage is less than the Dry
Year Trigger Level. When we issue
such a notice, NZAS must manage its
electricity consumption to achieve a
reduction in electricity consumption
of 250 GWh in 130 days.
At the end of April 2021 we agreed
an electricity swap to assist NZAS to
voluntarily reduce its consumption
of electricity by up to 30.5 MWh
through to 31 May 2021 to assist with
managing the dry hydrology conditions
the country was experiencing. The
arrangement compensated NZAS for
any load it voluntarily decided to reduce
as a means of supporting us to manage
the dry period. This new arrangement
did not override our ability to call a
Smelter Demand Response if the dry-
year trigger level in our main electricity
contract was reached. An extension to
the electricity swap was agreed again
in late May, to 30 June 2021.
Meridian has a swaption arrangement
with Genesis for up to 150 MW (three
tranches of 50 MW each) until the end
of 2022. This financial arrangement
locks in a fixed price for the volume
called. The climatic downside of the
swaption is that Genesis can hedge
its own exposure under the swaption
using thermal generation including
coal, resulting in increased carbon
dioxide emissions. We will continue to
look for a replacement of the Genesis
swaption from 2023 onwards with a
range of parties.
We envisage that load management
(controlling how we deal with periods
of peak demand) will form a key part
of the arrangement going forward.
Since the Genesis swaption was
agreed, we have overcome the
engineering and operational issues
that previously prevented us accessing
the full range of Lake Pūkaki contingent
storage. This has given us additional
flexibility to use Lake Pūkaki down to
513.0 m in some circumstances, and
our operations recognise the potential
to utilise this additional water.
The dry conditions were part of the
reason for spot prices in the wholesale
market and near-future prices on the
ASX climbing during the financial year.
But they were not the only reason.
The market also factored in a loss of
gas field production because there is
less gas coming off New Zealand’s gas
fields, and there are concerns about the
implications for supply caused in part by
the gas industry responding to zero-
carbon policy settings. This sentiment
around gas supply resiliency saw the
longer-term demand curve rise.
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Plant availability
%FY16FY17FY18FY19FY20FY21
Wind Australia91.092.693.488.689.092.2
Wind New Zealand88.985.483.983.389.889.0
Hydro New Zealand93.491.390.491.688.991.1
Hydro Australia85.880.168.070.9
Outages for FY21 – maintenance 12,160 hours, planned 9,608 hours, forced 2,991 hours.

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528
113
1,465
12,758
502
236
1,395
11,297
525
203
1,244
12,326
553
28
1,263
11,265
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
FY18FY19FY20FY21
201
92.4
416416
2,353
201
99.2
2,353
201
92.4
416
2,353
201
92.4
416
2,353
0
500
1,000
1,500
2,000
2,500
3,000
3,500
FY18*FY19FY20FY21**

Generation (GWh)Capacity (MW)
Hydro NZ
Wind NZ
Wind AU
Hydro AU
* Waitaki Power Station total generation capacity updated following restoration.
** Approval has been received for operational improvements to increase Burrinjuck
capacity from 27.2 MW to 34 MW.

Relationships with
local communities and iwi
Building long-term relationships with
communities close to the assets we
operate is an important part of what
we do. Our community fund Power Up
continues to support local projects in
Te Āpiti, Mill Creek, Manapōuri, West
Wind, White Hill, Te Uku and Waitaki.
In the 14 years that we have offered this
fund, we have been able to undertake
a range of projects that are important
to locals, and have invested more than
$8.5 million back into these local
communities through 1,161 projects.
We engage with our asset communities
in various ways, including via dedicated
Community Relationship Managers
across the country. We want people,
groups and communities to feel
included and consulted, and that we
have worked with them to understand
any concerns they might have.
We also recognise the mana whenua
of Ngāi Tahu, particularly in relation to
our hydro schemes in the Ngāi Tahu
takiwā, and engage with Ngāi Tahu and
other iwi in several ways. We recognise
and respond to the kaupapa of ki uta
ki tai (from the mountains to the sea)
and work closely with local rūnaka
(Arowhenua, Awarua, Hokonui, Moeraki,
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Impact on water
Water use in both New Zealand
and Australia continues to be a
highly emotive and important issue,
particularly in relation to quality and
access. As water and waterways are
fundamental elements in our business,
we are acutely aware of their value
and role. We actively work with as
many parties as we can to collaborate
and reach agreements on the use of
water. We are committed to working
in good faith with all regulatory
authorities involved in water access,
water purity and water rights.
Hydro generation does not primarily
change the chemical composition of
water where it’s used in our power
stations. Where there are potential
consequential impacts on fresh water
quality, these are managed through
our resource consent conditions and
stakeholder agreements. The discharge
of fresh water from Manapōuri Power
Station into a marine environment at
Deep Cove is undertaken in accordance
with resource consent conditions and
annual marine environment monitoring
and reporting; potential risks of
sediment laden and turbid water
entering Lake Manapōuri is managed in
accordance with our resource
consent conditions and subject to
annual reporting to Environment
Southland. Potential for erosion in the
Lower Waiau and Lower Waitaki rivers
is subject to stakeholder agreements
with Environment Southland and
Environment Canterbury respectively,
with powers for the councils holding
Meridian resource consents to
review our operations in the event
of unexpected impacts; risks of
contaminants from the stations
entering water ways is protected
through requirements in resource
consents to operate oil interceptors
with standards for contamination
levels being set conservatively and
with annual reporting requirements
with councils.
Water quality on the Waiau and Waitaki
river systems can be compromised by
the activities of other users, potentially
boosting the chances of algal growth
and weeds. Our preference is for the
water in these catchments to be as
clean as possible. While we can release
more water into waterways to dilute
the effects of these contaminants,
such actions affect the amount of
renewable energy we can deliver to
meet New Zealand’s power needs,
and our profitability.
In Australia we operate the hydro
stations but we do not own the dam
structures. The environmental impacts
of these dam structures and the water
use are the responsibility of WaterNSW.
When the Manapōuri Power Station
was commissioned 51 years ago, the
tailrace began discharging freshwater
to Deep Cove.
All of the fiords in Fiordland have
a low salinty layer, a function of the
shape of the landscape and very high
rainfall levels. The ecology of all the
fiords is unique due to the naturally
low salinity layer and is one of the
reasons why black coral grows at
shallower depths here than is
common in other marine settings.
Ōraka Aparima, Waihao and Waihōpai)
through Te Ao Marama and the Waitaki
Governance Group, as well as trusts, to
enhance mahinga kai and native fish in
the Waitaki and Waiau catchments. At
Harapaki we are working with two iwi
in the region,the Ngāti Hineuru Trust
and the Maungaharuru Tangitu Trust, to
determine how we can be a good long-
term partner, and work together to fulfil
what is culturally appropriate to iwi and
good for the broader community.
We recognise the need to strengthen
our iwi partnerships and have been
talking with people about how they
would like those arrangements to
look. Over many years, together with
ngā rūnaka (Arowhenua, Waihao, and
Moeraki) and landowners Jan and Geoff
Keeling, we have been developing
a mahika kai project (gathering of
food and resources) focused on the
restoration of the Takiroa Stream and
wetland complex in the Waitaki Valley.
The wetlands and the associated rock
art at Takiroa were once a seasonal
settlement or nohoanga area, with rich
resources of mahika kai such as raupō
(bulrush), harakeke (flax), waterbirds,
ducks and tuna (freshwater eels).
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Impact on biodiversity
Projects like the Takiroa Stream
complement our extensive and ongoing
work to minimise our impacts on water
and biodiversity in our catchments.
They include our funding of Project
River Recovery (PRR), Aotearoa’s
longest-running conservation/business
partnership, and the Waiau Fisheries
and Wildlife Habitat Enhancement
Trust (the Waiau Trust).
For 30 years PRR, in partnership with
the Department of Conservation, has
been working to preserve and restore
braided river habitats in the Waitaki
catchment through predator and
weed eradication. This has helped
to protect the endangered black-
fronted tern/tarapirohe and kakī/
black stilt colonies and increase their
populations, as well as significantly
increase the wetland areas.
In our Waiau catchment we continue
to work closely with the Waiau Trust
to enhance stream and wetland
habitats for fisheries and wildlife.
We acknowledge that hydro generation
does have impacts on native fish such
as tuna (eels). We support and fund
‘trap and transfer’ programmes in
both our hydro catchments, ensuring
that as many elvers and migrant eels
as possible are transported across
the dam structures every year.
We are achieving co-benefits of
stronger biodiversity outcomes and
growing our own carbon sink through
our Forever Forests programme.
We have been working with local
authorities in the Waitaki District to
remove wilding pines and replace them
with a mixture of sterile pinus radiata
and natives endemic to the area.
Water consumption*
Mm
3
FY18FY19FY20FY21
New Zealand
Fresh surface water (lakes, rivers)65,56274,18385,33966,434
Water returned to the source of extraction
at similar quality53,82361,83272,99454,769
Total net freshwater consumption**11,73912,35112,34511,665
Australia
Fresh surface water (lakes, rivers)3,6962,5743,832
Water returned to the source of extraction at similar quality
3,6962,5743,832
* Municipal water consumption not reported as minimal
and not metered. While in New Zealand we have no
exposure to water-stressed areas, in Australia our
power stations are operating in areas that can suffer
from drought. Note we only hold the right to generate
electricity from water passing through the dams
associated with our Australian hydro power stations;
we do not hold the water rights themselves.
** Fresh water taken from Lake Manapōuri is released
into Doubtful Sound, and is not altered in terms of
water quality.
No serious
environment breaches
All our hydro operations are governed
by resource consents, and in the case
of Manapōuri specific legislation,
supported in many cases by agreements
with groups connected with the
waterways. We work closely with
local bodies, particularly during
planning and consenting, and we
report regularly on our environmental
performance and compliance with
resource consent conditions. We are
again pleased to report there were
no prosecutions in FY21. While we did
record eight breaches of environmental
compliance in New Zealand, none was
serious and there were no significant
adverse effects. There were no
breaches in Australia.
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AU
Generating <1% of the
National Energy Market
Equivalent to the
power needs of
around 190,000
Australian
homes yearly
Equivalent to the
power needs of
around 46,000
Australian
homes yearly
Mt Millar
Mt Mercer
Long-term power purchase
agreements with two other
wind farms
Hume
Burrinjuck
Keepit
Enough electricity for about 167,000 homes yearly
NZ
NZ’s largest
electricity generator
~30% national electricity generation
Equivalent to the power
needs of around 200,000
NZ homes yearly
White Hill
West Wind
Mill Creek
Te Āpiti
Te Uku
Harapaki – under
development
Equivalent to the
power needs of
around 1.7 million
NZ homes yearly
Waitaki and
Manapōuri
generate around
50% of NZ’s
total hydro
200K46K
190K
1.7M
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Meeting the changing
needs of our customers
We are the largest generator of renewable
energy in Aotearoa. Our hydro dams and wind
farms generate around a third of the country’s
energy. In Australia our market share is much
smaller, and we are seen as a challenger brand
providing conscientious consumers with the ability
to offset the carbon emissions associated with
their energy usage, and innovative products that
allow them to engage with their energy use.
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Healthy customer growth across our three brands
Net double-digit growth in all segments – most notably in the Commercial and
Industrial segment for Meridian and Residential and Small Business market share
for Powershop – means Meridian is now the third-largest retailer in New Zealand.
New Zealand retail sales volumes for FY21 were 14% higher than last year. Sales
increased in all segments; by 4% in residential, 24% in SME, 9% in agricultural,
13% in large business and 18% in corporate. Customer numbers were also up –
increasing by 7% from the previous year.
Our New Zealand and Australian retail businesses, with their three distinctive
customer brands, continued to deliver sustained customer growth this year.
Our Meridian brand appeals to New Zealand customers looking for a
renewable energy generator that is deeply connected to the environment and
New Zealand. The brand achieved profitable growth through good volume and
margin management. Financial performance also improved despite increased
competition and pressure on retail margins.
Powershop in New Zealand uses innovative marketing communications to offer
customers greater personal control with its ‘shop’ proposition. This year the brand
hit a significant milestone – surpassing 100,000 customer accounts for the first
time thanks to a service proposition, pricing and brand positioning that stood
out in a bustling retail energy sector.
Our Powershop brand in Australia focuses on sustainability. While the business
is a small player in the Australian market overall, it continues to grow rapidly as
more and more Australian consumers look for cleaner options.
The requirement to pass on lower wholesale and input costs coupled with
market/default offer prices has led to continued margin pressure in retail in
Australia. Nevertheless, Powershop has continued to grow its customer base
in a very competitive market, and our Net Promoter Score, which measures
customer satisfaction, remains very high against the market. Given the erosion
of margins, our strategic focus going forward will be to lower our cost to serve
without compromising quality, and offering the best range of products,
priced competitively.
By year end, Australian electricity customer numbers were 4% higher than in
the same time last year. In the same timeframe, Australian retail sales volumes
were 15% higher at an 8% lower average price. Our certified carbon-neutral
retail gas product, which is currently available in Victoria (and soon to be released
in New South Wales), had 43,905 customer connections as at 30 June 2021, up
from 37,878 the previous year.
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Customer sales volume (GWh)*Customer connections* (ICPs)
Meridian – Res, Agri, SME
Meridian – Corporate
Powershop
0
50,000
100,000
150,000
00,000
2
250,000
500,000
450,000
400,000
350,000
00,000
3
NZAU**
FY18
97,241
2
9
0
,
7
5
6
1
0
9
,
8
0
4
NZAU
FY19
3
0
2
,
2
7
7
NZAU
FY20
324,253
1
3
6
,
2
0
2
29,262
105,804
NZAU***
FY21
211,764
346,830
185,934
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
9,000
8,000
5
4
9
5,9
8
1
NZAU
FY18
5
5
3
6,2
4
0
NZAU
FY19
6
8
3
7
,
3
7
6
NZAU
FY20
3,200
785
4,130
1,075
8,405
NZAU
FY21
* Excludes the Tīwai Point aluminium smelter; <10 of the above ICPs are connected to the
transmission network; around 4,700 customer connections have distributed generation metering.
** Powershop Australia FY18 figure restated to correct value of 97,241.
*** Also 43,905 gas customer connections in Australia with a total of 1,711 TJ in volume.

Switching rates*
FY18FY19FY20**FY21
Powershop New Zealand33.63%30.35%24.97%25.81%
Meridian 17. 6 3%16.94%14.18%14.45%
New Zealand combined21.16%20.08%16.98%17.76%
New Zealand industry20.95%20.64%18.91%20.77%
* Data from the Electricity Authority (emi.ea.govt.nz) and Meridian analysis.
Switching rates are not published by the market operator in Australia.
** Data restated based on final figures from the Electricity Authority.
Customer satisfaction*
Net Promoter Score (NPS)**FY18FY19FY20FY21
Powershop Australia53535746
Australian industry average
***
(14)(18)18N/A
Powershop New Zealand55616466
Meridian283028
New Zealand industry average
***
141822N/A
* Australia surveys both residential and business customers (with exception being customers
who opted “do not contact”). Powershop New Zealand and Meridian New Zealand residential
customers only.
** Calculated from a survey asking customers using a 0–10 scale “How likely is it that you would
recommend Meridian/Powershop to a friend or colleague?” and then subtracting the percentage
of detractors from the percentage of promoters. A positive value indicates that more customers are
promoters versus detractors (and vice versa). All results are a 12-month moving average from July
to June each financial year.
*** Perceptive Group Limited: New Zealand and Australia NPS Industry Benchmarks. FY21 data
currently unavailable.
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Flux growth
underpins our success
Flux is helping Meridian to lead
the energy transition with flexible,
innovative software that changes
the way we produce, sell and use
energy. The platform assists retailers
with energy retail best practice,
operational improvements, cost
savings, risk reductions, digital
transformations and change
management, and data insights.
Flux’s suite of market-leading
software products allows energy
retailers to move faster, offer more
pricing options and integrate with
a wide range of chosen partners.
The products, which include an
industry-leading complex billing
engine, are backed by bespoke
customer service and comprehensive
privacy and security tooling. In the
past year client satisfaction with
the products has improved by 30%,
lifting the performance of teams
like Meridian and reducing the
cost to serve customers.
Most of Meridian’s customer base
has been successfully migrated to
the Flux platform under Project
Momentum, with the remainder
due for completion during 2021.
This exciting achievement will enable
Meridian to grow customer numbers
with a scalable and modern platform,
bringing to life new products and
enabling greater innovation for
the Group.
The platform is now ready for the
global market, with Flux confident
of impressive results as it looks to
acquire new clients in its three focus
markets before expanding to Asia
and the United States.
Since March 2020 Flux has transitioned
to remote-first working, empowering
its 200+ staff to work from anywhere
in New Zealand, Australia and the UK.
This has seen significant reductions
in costs and carbon emissions, thanks
to reduced commuting and increased
staff satisfaction due to flexible
working arrangements.
Work on Harapaki
wind farm begins
Construction has begun on our new,
$395 million wind farm in Hawke’s
Bay; it will be our sixth wind farm in
Aotearoa. New Zealand’s second-
largest wind farm will have 41 turbines
generating up to 176 MW of renewable
energy and will increase our wind
assets by 40% at a time when the
market is building. Construction
will take around three years and is
expected to create 260 new jobs.
Our investment in Harapaki will not
only boost our wind farm portfolio to
542 GWh per annum, but support our
plans for greater existing flexibility and
continued retail customer growth.
Harapaki will boost New Zealand’s
overall ability to take action on
climate change, help accelerate the
transformation of the economy to clean
energy sources, and encourage the
retirement of aging thermal plant. Five
big projects currently underway by
various energy companies will take the
country from 85% to 90% renewable
energy by 2023, putting New Zealand
ahead of the 90% by 2025 target.
A pipeline of
generation options
Our analysis suggests New Zealand
needs approximately 12 TWh of new
grid generation by 2030 to meet
its 100% renewable energy target.
A third of that growth (our current
market share) equates to at least
seven Meridian generation projects
by 2035. Longer-term analysis suggests
further system demand growth of at
least approximately 10 TWh between
2035 and 2050.
Our current development pipeline
amounts to 1.9 GW (4,400 GWh),
and development challenges
include the likelihood of needing
to re-consent consented sites for
better technology fit and the reality
that design, development and
construction timeframes are all subject
to site complexity. Inevitably, some
opportunities will not crystalise,
meaning more development options
will be needed.
While the Government is proposing
the Onslow-Manorburn pumped
storage scheme as a key plank towards
its 100% renewable system goal, the
Tīwai Point smelter closure could see
5 TWh of excess Southland-Otago
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generation attempting to flow
northward by as soon as the end of
2024. In response, we are currently
investigating three initiatives.
First, we are working with South Island
industrial customers to assist with the
decarbonisation and electrification of
industrial plant. We estimate that the
potential new demand opportunity here
is 250 GWh to 500 GWh each year.
Through integrated marketing strategies and
campaigns for our brands, we successfully
grew awareness, consideration and business
performance across our portfolio. We also
invested in our cornerstone partnerships
with the Department of Conservation for
the Kākāpō Recovery Programme, and
KidsCan. In total, we spent $19.5 million
on marketing activities.
The second is engaging with
potential developers on a green
data hub in Southland that connects
New Zealand to the east coast of
Australia. With the Australian data
centre market forecast to grow from
500 MW in 2021 to 2,200 MW in 2026,
we believe Southland could have a
hyperscale data centre in place in the
medium term that can service Australia
at significant discounts to its domestic
green options.
The third is the development of green
hydrogen for global industries like steel
manufacturing, fertiliser manufacture
and heavy transport (trucks, trains and
shipping), which are traditionally carbon
intensive and difficult to abate. At
year end we are preparing a feasibility
study to examine potential markets,
the technology and engineering
required and how we can incorporate
dry-year flexibility. It could provide a
large amount of New Zealand’s dry-
year reserve at a fraction of the cost of
building new power stations. Having
a large amount of demand with the
flexibility to turn it down or turn it off
during a dry year could add a huge
benefit to New Zealand in managing
the security of our energy supply.
That study is due to be completed
in August 2021.
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Shining examples of solar
We continue to look at how we
can introduce large-scale solar
in the medium term to build out
New Zealand’s energy portfolio.
In Australia we have been encouraging
the use of solar energy residentially
for some time. Through Powershop
Australia we have already successfully
introduced a range of initiatives to
help reduce demand on the electricity
grid and help customers save on their
energy bills. These include Grid
Impact, ChargeForce, our ‘Curb
Your Power’ demand response
programme in Victoria and the
‘Better Solar’ advisory service.
In New Zealand we have completed
four significant commercial solar
projects and contracted two more
under standard power purchase
agreements that will total 720 kWp.
All of these are with either Kiwi
Property or Lincoln University.

NZ SOL AR INS TALL ATIONS
Completion
date
YTD Perf
against
forecastSize
Northlands Mall, Kiwi PropertyJune 2019+8%185 kWp
Te Kete Ika, Lincoln UniversityOctober 2019+4%102 kWp
The Plaza, Kiwi PropertyJanuary 2020+1%111 kWp
RFH Building, Lincoln UniversityJuly 2020+5%94 kWp
Rec Centre, Lincoln UniversityMay 2021168 kWp
Science South, Lincoln UniversityJune 202160 kWp
Tot a l+5%720 kWp
Significant progress was made on
the Hume Battery Energy Storage
System (BESS) project this year, with
the Board creating a subcommittee to
monitor progress and ultimately drive
the project to final approval. What is
unique about the Hume BESS project
is it will be the first pairing of a hydro
and battery storage system in the
Southern Hemisphere, and the only
known combination project that
dispatches into multiple regions
(New South Wales and Victoria).
We continue to look for new wind
and solar sites to enable us to meet
the expected increase in demand
for renewable generation.
Distributed energy
We have been working to identify
and respond to distributed energy
opportunities, in particular rooftop and
small-scale solar, and storage batteries.
While the electrification of transport
is one of the biggest ways that we
can help combat climate change,
New Zealand needs a more extensive
charging infrastructure to help build
real momentum for the switch to
electric. This year we committed
$4 million to roll out a new network
of at least 200 EV chargers in the
next three years.
The AC chargers we are rolling out
are ideally suited to shopping malls,
retail and business parks and community
facilities and will complement the
existing DC fast chargers that are
available for those who need to charge
quickly and travel long distances. Twelve
chargers have been installed to date.
In Australia, we have encouraged
investment in battery installations
through our Charge Force Virtual
Power Plant programme. Through
the programme we have created a
battery offer for customers to cater
for this distributed energy resource.
We are also providing shared learnings
from the programme to the industry.
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Equipping our people
for the changes ahead
We are very proud of our people and their
contributions to our success. This year, while
operations returned pretty much to normal
in New Zealand, our Australian team endured a
severe and prolonged lockdown that saw them
working out of the office for much of the year.
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By the time the team in Melbourne returned to the office, they had developed
new ways of working that were more effective and more connected with our
Contact Centre (based in Masterton) and our customer base. Once they could
return, from late March, we took the opportunity to re-order the office space
to incorporate more remote working and lots of breakout areas. It is a tribute
to our Australian team’s resilience that they continued to work effectively and
enabled us to continue growing our Australian customer base across four states.
We think that helping teams perform well means making sure everyone feels
included, welcomed and valued for their experiences and perspectives. Getting
that mix right is important to us because it equips us to better understand and
meet the needs of our changing demographics in the countries and markets
in which we compete. In the case of our Flux team, adopting a remote-first
approach, for example, has enabled us to source highly skilled professionals
who see the offices as hubs for connection and collaboration. Fitting our work
around people’s lives is part of giving them the flexibility to work in ways that
are best for them and their circumstances.
We have continued to train our people in tikanga and proper pronunciation
of te reo to reflect our commitment to respecting Te Ao Māori and connecting
with our stakeholders. We have undertaken cultural training as a part of National
Reconciliation Week in Australia to recognise Indigenous people’s rights.
With the ongoing challenges COVID-19 continues to bring around the world, we
are particularly mindful of the wider impacts this may be having on our people.
Our Healthy Minds programme launched its second evolution during the year,
providing support, guidance and understanding to those dealing with mental
health issues. This included workshops and seminars for all staff.
Overall our employee engagement held up well across the Group, with
engagement scores in Meridian, Powershop and our Australian companies at 78%.
This year, to help round out our understanding of overall cultural commitment, we
included Employee Net Promoter Score elements that asked things like “would you
recommend Meridian to your friends?”. 100% of our people said they would (NPS
of 100, with >50 being best practice).
73

Employee engagement*
8
0.0%
8
6.0%
7
3.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY18
7
8.0%
8
0.0%
FY19
8
5.0%
8
5.0%
FY20
7
6.0%
78.0%
F
MayDec
Y21
8
1.0%
80.0%
FY21
Meridian NZ**
Powershop NZ
Meridian Australia***
Global top 25%
NZ top 25%
Total market
* Measured by ‘level of agreement’ – the percentage
of staff who ‘agree’ or ‘strongly agree’ with the five
questions that collectively determine our Engagement
Index (previously calculated as a weighted mean).
** From FY19 onwards Powershop New Zealand is
reported as part of Meridian New Zealand. Dam Safety
Intelligence is included but does not include Flux.
*** Meridian and Powershop Australia plus the Powershop
Call Centre in Masterton are all included in Australian
engagement numbers.
Meridian Group Workforce
New Zealand**Australia***
Permanent employeesFemaleMaleFemaleMaleTotal
Permanent full time*438 481**** 25 57 1,001
Permanent part time 23 4 0 1 28
Temp/Fixed-term employees
Temp/fixed-term full time 24 14 1 3 42
Temp/fixed-term part time 8 8 1 0 17
Total 493 507 27 61 1,088
* Two of these employees are based in the UK. Both are male.
** 131 of these employees work for Flux New Zealand.
*** 3.41% of these staff are covered by collective bargaining agreements.
**** The Meridian Australia Chief Executive is included in New Zealand as part of the Group Executive Team.
A significant percentage
of our experienced staff
may soon be considering
retirement. To help
ensure that their skills
are passed on, we have
actively encouraged
young professionals
to join our teams
Flux has a remote-first workforce
and takes a weekly ‘pulse check’ of all
staff to gain insights into how people
at Flux are feeling at work, and to
enable fast action for any areas of
concern. This score is currently at
4.1 (an average rating out of 5 as
at 30 June 2021). Additionally and
on a fortnightly basis, we ask two
engagement-related questions –
our average score is 8.2 (scale of
1–10) for the 12 questions asked
since November 2020.
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Generation and Wholesale staff turning age 65
FY18FY19FY20FY21
In five years9.1%10.9%12.5%13.3%
In 10 years20.3%22.5%23.9%24.3%
The common retirement age in New Zealand and Australia is 65.
Future of work
Recognising that the future of work
at Meridian will be very different from
what has been expected of a large
gentailer, this year we introduced
the role of a Future of Work lead to study
pending disruptions across our business
and to plan how we might respond.
The Future of Work is about more than
just looking at our new, flexible way
of working. It is about ensuring our
people have the opportunity to learn
new skills for future roles. Roughly
40–55% of our people will need to
be upskilled or reskilled into new or
existing roles in the next five years.
Our Future of Work strategy will look
at the work we do today and how it will
be completed in the future, including
how we create an engaging workplace
experience for our people, how we
take a lifelong learning approach
and what is needed in our workplace
environment to ensure we are set up
to collaborate, innovate and create
together. The initiative also involves
looking at things like psychological
safety (remote and face-to-face
leadership), technology, digitisation,
automation and outward thinking,
such as the external and global forces
that will lead us to a new future or
force change (sustainability as
an example).
Also, as part of future-proofing our
workforce, we rolled out a bold new
recruitment, onboarding and core
people data platform that will give us
much deeper insights into key first
experiences and how our expectations
of the people we hire compare with
their actual performance. Tracking
and adjusting how we look for people
and how they perform inside our culture
will provide us with a much more
evidence-based approach to appraising
performance both initially and for the
longer term. Next year we will add to
the resources we make available to our
people with a new Learning Hub that,
for the first time, will put everything
learning and development in one
place, meaning we can directly and
easily access and align learning
content and records.
Succession planning
Succession planning is a key aspect
of ensuring that we are a successful
business for years to come. Along
with our Future of Work strategy
we continue to build our talent
and succession strengths with the
implementation of Talent Pools for
hard-to-fill roles, along with new-
skilling existing employees with skills
that will be more in demand in the
future. We are building frameworks
and success profiles for an executive
development pool that, once it is
operational, we will look to use
through all levels of leadership.
Generation and wholesale
staff turning age 65
A significant percentage of our
experienced staff may soon be
considering retirement – especially
those in our generation team. To
successfully ensure that skills are
passed on, we are encouraging young
professionals to join our business and
providing opportunities for people to
complete their trade apprenticeships
with us. Our goal is to ensure that, as
people consider retirement, they are
supported to transition out of work
smoothly (for example, through
part-time arrangements) and that
we have clear succession plans for
their areas of expertise.
MERIDIAN INTEGRATED REPORT 2021
CHAMPION
75