Meridian Energy monthly operating report for November 2021

Release






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

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for November 2021

14 December 2021
Attached is Meridian Energy Limited's monthly operating report for the month of November 2021.

Highlights this month include:
▪ In the month to 9 December 2021, national hydro storage increased from 119% to 128% of
historical average
▪ South Island storage increased to 128% of average and North Island storage decreased to 125%
of average by 9 December 2021
▪ Meridian’s November 2021 monthly total inflows were 91% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of November 2021 was 134% of
historical average
▪ Water storage in Meridian’s Waiau catchment was slightly below average at the end of
November 2021
▪ Waitaki snow storage at the end of November 2021 was 106% of historical average
▪ National electricity demand in November 2021 was unchanged from the same month last year
▪ November 2021 was the warmest November on record with temperatures well above average
for most of the country. Rainfall was mixed
▪ New Zealand Aluminium Smelter’s average load during November 2021 was 571MW
▪ Meridian’s New Zealand retail sales volumes in November 2021 were 11.5% higher than
November 2020
▪ Compared to November 2020, segment sales increased in residential +9.4%, small medium
business +21.0%, agricultural +14.9% and corporate +10.2%. Large business volumes were -7.5%
lower than November 2020

ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Polly Atkins
External Communications Manager
021 174 1715

Monthly Operating Report
November 2021

November highlights
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |2
In the month to 9 December
2021, national hydro storage
increased from 119%to 128%
of historical average
South Island storage
increased to 128%of average
and North Island storage
decreased to 125%of average
by 9 December 2021
Meridian’s November 2021
monthly total inflows were
91%of historical average
Meridian’s Waitaki catchment
water storage at the end of
November 2021 was 134%of
historical average
New Zealand Aluminium
Smelter’s average load during
November 2021 was 571MW
Meridian’s New Zealand retail
sales volumes in November
2021 were 11.5%higher than
November 2020
Compared to November 2020,
segment sales increased in
residential +9.4%, small
medium business+21.0%,
agricultural +14.9% and
corporate +10.2%. Large
business volumes were -7.5%
lower than November 2020
Water storage in Meridian’s
Waiaucatchment was slightly
belowaverage at the end of
November 2021
Waitaki snow storage at the
end of November 2021 was
106%of historical average
National electricity demand in
November 2021 was
unchangedfrom the same
month last year
November 2021 was the
warmest November on record
with temperatures well above
average for most of the
country. Rainfall was mixed

Market data
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |3
▪National electricity demand in November
2021 was unchanged from the same month
last year
▪November 2021 was the warmest
November on record with temperatures
well above average for most of the country.
Rainfall was mixed
▪Demand in the last 12 months was 0.4%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during November 2021 was 571MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.8% at the
end of October 2021
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.4% at the end of
October 2021
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2010-2020)201620172018201920202021
5%
7%
9%
11%
13%
15%
Oct 16Apr 17Oct 17Apr 18Oct 18Apr 19Oct 19Apr 20Oct 20Apr 21Oct 21
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |4
▪November 2021 saw small increases in ASX
prices. 2025 futures continue trading at
lower levels than 2024
▪National storage increased from 119% of
average on 11 November 2021 to 128% of
average on 9 December 2021
▪South Island storage increased to 128% of
historical average by 9 December 2021.
North Island storage decreased to 125% of
average
Source: ASX
Source: ASX
Source: NZX
60
80
100
120
140
160
180
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202130 July 202131 August 2021
1 October 202129 October 202130 November 2021
60
80
100
120
140
160
180
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202130 July 202131 August 2021
1 October 202129 October 202130 November 2021
0
1,000
2,000
3,000
4,000
5,000
6,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (9 December 2021)
87yr Average199220042008
2012201820202021

New Zealand retail
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |5
▪Meridian’s New Zealand customer
connection numbers rose 0.5% during
November 2021 and have risen 3.1% since
June 2021
▪Retail sales volumes in November 2021
were 11.5% higher than November 2020
▪Compared to November 2020, segment
sales increased in residential +9.4%, small
medium business+21.0%, agricultural
+14.9% and corporate +10.2%. Large
business volumes were -7.5% lower than
November 2020
▪To date this financial year, retail sales
volumes are 9.1% higher than the same
period last year
▪This reflects increased segment sales in
residential +13.7%, small medium business
+19.8%, and corporate +11.3%. Large
business volumes are -8.7% lower and
agricultural volumes are -6.6% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
120120
120
120
120
123
123
123123
123
109
111
112
113
114
115
115
116
116
116
116
116
117
117
118
119
119
120
121
121
121
121121
121
122
122
122
122
122
90
91
92
93
94
96
96
97
99
101
103
106
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
FY22 Meridian NIFY22 Meridian SIFY22 Powershop
FY21 Meridian NIFY21 Meridian SIFY21 Powershop
205
195
172
148
122
149
127
120
117
116
51
68
83
105
164
49
47
43
43
40
321
322
297
302
314
186
171
146
127
111
107
101
93
108
121
160
174
113
107
105
104
96
99
96
93
111
109
126
134
47
72
87
157
142
170
154
177
145
116
66
43
55
52
48
46
44
44
44
46
40
37
44
45
282
275
272
283
284
287
288
311
334
311
339
319
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY22 ResidentialFY22 SMBFY22 AgriFY22 Large Bus
FY22 CorporateFY21 ResidentialFY21 SMBFY21 Agri
FY21 Large BusFY21 Corporate

New Zealand storage
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |6
▪November 2021 monthly inflows were 91%
of historical average
▪To date this financial year, inflows are
124% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,593GWh to
1,704GWh during November 2021
▪Waitaki water storage at the end of
November 2021 was 134% of historical
average and 31% higher than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was slightly below average at
the end of November 2021
▪Waitaki snow storage at the end of
November 2021 was 106% of historical
average
Meridian operating information
Source: Meridian
Source: Meridian
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
200820092010201120122013201420152016201720182019202020212022
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
November YTD88 year average
0
500
1,000
1,500
2,000
2,500
3,000
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201620172018201920202021

New Zealand generation
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |7
▪Meridian’s New Zealand generation in
November 2021 was 1.1% lower than the
same month last year, reflecting lower
hydro and lower wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 7.5% higher than the
same period last year, reflecting higher
hydro and lower wind generation
▪The average price Meridian received for its
generation in November 2021 was 8.8%
lower than the same month last year
▪The average price Meridian paid to supply
customers in November 2021 was 7.0%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 11.3% lower than the same period last
year and the average price paid to supply
customers is 8.6% lower
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S NEW ZEALAND GENERATION
FY22 HydroFY22 WindFY21 HydroFY21 Wind
166
136
76
57
79
145
110
124
108
87
109
135
242
254
273
283
248
0
50
100
150
200
250
300
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY22FY21

Australian retail
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |8
▪Powershop Australia electricity customer
connection numbers declined 0.8% during
November 2021 and have increased 1.8%
since June 2021
▪Electricity sales volumes in November
2021 were 6.8% higher than the same
month last year
▪To date this financial year, electricity sales
volumes are 7.0% higher than the same
period last year
▪Powershop Australia gas customer
connection numbers rose 1.8% during
November 2021 and have risen 8.0% since
June 2021
▪Gas sales volumes in November 2021 were
101.8% higher than the same month last
year
▪To date this financial year, gas sales
volumes are 7.5% higher than the same
period last year
Meridian operating information
Source: Meridian
Source: Meridian
93
84
71
68
59
85
83
66
61
55
56
57
53
58
59
72
81
0
10
20
30
40
50
60
70
80
90
100
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
AUSTRALIAN RETAIL ELECTRICITY SALES VOLUMES
FY22FY21
302
261
197
149
105
312
280
157
142
52
48
31
31
42
116
213
287
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJun
TJ
AUSTRALIAN RETAIL GAS SALES VOLUMES
FY22FY21

Australian generation
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |9
▪Meridian’s Australian generation in
November 2021 was 8.9% higher than the
same month last year, reflecting lower wind
generation and higher hydro generation
▪To date this financial year, Meridian’s
Australian generation is 35.5% higher than
the same period last year, reflecting higher
wind and higher hydro generation
▪Storage at Meridian’s Hume hydro power
station sat at 98% of capacity on 13
December 2021
▪Average NEM
1
electricity demand in
November 2021 was down 3% on the same
month last year with cooler temperatures
▪Spot prices increased in November 2021
and are 24% higher than November 2020.
Forward prices increased 6% compared to
the previous month
Meridian operating information
Source: Meridian
1
See glossary on page 17 for a definition of Australia’s National Electricity Market
2
February average generation prices include the settlement of forward sold Large Generation Certificates:
•Forward LGC sales are marked to market monthly through fair value movements
•Sales settle in February each year
•At which point fair value gains or losses on settled sales transfer to generation revenue
•With the FY21 settlement, generation revenue included market to market losses of A$3M
Source: Meridian
68
54
47
37
38
16
23
38
44
50
34
60
57
44
41
43
39
31
27
30
48
49
0
4
14
12
41
40
41
24
24
28
5
3
0
10
20
30
40
50
60
70
80
90
100
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S AUSTRALIAN GENERATION
FY22 WindFY22 HydroFY21 WindFY21 Hydro
93
64
52
45
60
90
90
70
68
75
55
53
-54
59
63
75
100
-75
-55
-35
-15
5
25
45
65
85
105
125
JulAugSepOctNovDecJanFebMarAprMayJun
$A/MWh
AVERAGE WIND GENERATION PRICE
2
FY22FY21

NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2021
2020
2021
2021
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2021
2020
New Zealand contracted sales
Residential sales volume (GWh)
122


111


148


172


842


741


Small medium business sales volume (GWh)
116


96


117


120


629


525


Agricultural sales volume (GWh)
164


142


105


83


471


504


Large business sales volume (GWh)
40


44


43


43


223


245


Corporate and industrial sales volume (GWh)
314


284


302


297


1,556


1,397


Retail contracted sales volume (GWh)
755


678


716


715


3,721


3,412


Average retail contracted sales price ($NZ/MWh)
$109.8
$103.1
$109.9
$123.2
$117.9
$113.3
NZAS sales volume (GWh)
412


412


426


411


2,100


2,100


Financial contract sales volumes (GWh)
280


221


374


234


1,382


861


Average wholesale & financial contracts sales price ($NZ/MWh)
$56.9
$69.9
$62.3
$65.1
$67.1
$73.3
Retail customer supply volumes (GWh)
798


717


764


752


3,924


3,589


Cost to supply retail customers ($NZ/MWh)
$92.7
$101.0
$74.6
$91.0
$123.8
$130.6
Cost to supply wholesale customers ($NZ/MWh)
$76.5
$76.3
$51.2
$62.6
$94.1
$109.7
Cost of financial contracts ($NZ/MWh)
$78.8
$92.3
$66.0
$104.8
$103.9
$117.5
Total New Zealand customer connections
357,521


331,240


355,760


354,810


New Zealand
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |10
Meridian operating information

NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2021
2020
2021
2021
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2021
2020
New Zealand generation
Hydro generation volume (GWh)
1,052


1,054


1,150


1,110


5,331


4,878


Wind generation volume (GWh)
114


125


111


135


594


636


Total generation volume (GWh)
1,166


1,179


1,260


1,245


5,926


5,514


Average generation price ($NZ/MWh)
$78.9
$86.5
$57.1
$75.8
$101.0
$113.9
New Zealand hedging
Hedging volume (GWh)
332


314


327


255


1,633


1,408


Hedging cost average price ($NZ/MWh)
$94.8
$93.6
$93.6
$117.7
$111.9
$101.1
Hedging spot revenue average price ($NZ/MWh)
$88.3
$94.0
$74.4
$115.6
$118.5
$119.4
Future contract close outs ($NZm)
$0.2
-$2.9
-$0.9
$0.2
-$1.2
-$8.8
New Zealand
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |11
Meridian operating information

Australia
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |12
Meridian operating information
NOVEMBER
2021
MONTH
NOVEMBER
2020
MONTH
OCTOBER
2021
MONTH
SEPTEMBER
2021
MONTH
5 MONTHS TO
NOVEMBER
2021
5 MONTHS TO
NOVEMBER
2020
Australian contracted sales
Retail contracted electricity sales volume (GWh)59556871374349
Average electricity contractedsales price
1
($A/MWh)$126.7$144.9$102.1$91.4$112.5$142.3
Retail contracted gas sales volume (TJ)105521491971,014943
Average gas contractedsales price
1
($A/GJ)$15.9$22.2$19.4$13.5$16.9$13.8
Financial contract sales volumes
2
(GWh)53415538191172
Financial contractedsales average price ($A/MWh)$53.3$66.8$53.3$54.3$52.2$66.6
Cost to supplyelectricity customers ($A/MWh)$80.8$77.5$64.3$70.5$94$76.1
Cost to supplygas customers ($A/GJ)$17.5$12.7$11.8$11.7$12.9$11.9
Cost of financial contracts ($A/MWh)$56.7$54.4$46.4$40.6$55.2$51.1
Powershop electricity customer connections
7
144,629140,346145,738143,976
Powershop gas customer connections
8
47,59940,38046,58845,702

Australia
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |13
Meridian operating information
NOVEMBER
2021
MONTH
NOVEMBER
2020
MONTH
OCTOBER
2021
MONTH
SEPTEMBER
2021
MONTH
5 MONTHS TO
NOVEMBER
2021
5 MONTHS TO
NOVEMBER
2020
Australian generation
Wind generation volumes (GWh)38413747245236
Average wind generationprice
5
($A/MWh)$60.1$75.0$45.0$51.7$66.1$78.5
Hydro generation volumes (GWh)5041443817173
Average hydro generationprice
5
($A/MWh)$75.0$72.6$65.2$63.5$78.5$60.8
PPA generation received (GWh)31272332163156
Average PPA generationprice [net of costs] ($A/MWh)-$1.6-$1.1$1.9-$1.9$8.1-$4.8
Australian hedging
Hedging volume
6
(GWh)23202435155147
Hedging costs ($A/MWh)$135.4$176.2$129.4$97.3$104.4$96.2
Hedging spot revenue average price ($A/MWh)$132.2$71.6$95.6$69.9$105.5$53.3
Future contract close outs ($Am)$0.0$0.0$0.0$0.0-$0.1-$0.3

Meridian group
1 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |14
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from
contracted customers less distribution costs
2.Derivatives sold excluding the sell-side of virtual asset swaps
3.Average price of both NZAS sales volume and derivative sales volumes
4.Meridian Retail and Powershop New Zealand installation control points (ICPs),
excluding vacants
5.Volume weighted average price received for Meridian’s physical generation
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset
swaps
7.Financially responsible market participants, excluding vacants
8.Meter installation registration numbers
9.Excludes electricity metering expenses, now reclassified into gross margin
NOVEMBER
2021
MONTH
NOVEMBER
2020
MONTH
OCTOBER
2021
MONTH
SEPTEMBER
2021
MONTH
5 MONTHS TO
NOVEMBER
2021
5 MONTHS TO
NOVEMBER
2020
Meridian Group
Employee and Operating Costs
9
($m)24222322111105
Stay in Business Capital Expenditure ($m)73141717
Investment Capital Expenditure ($m)17215257118
Total Capital Expenditure ($m)24516298835

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202120212021202120212021202220222022202220222022FY22changeFY22changeFY22changeFY22change
New Zealand contracted sales
Residential sales volume (GWh)205195172148122572+70
Small medium business sales volume (GWh)149127120117116396+71
Agricultural sales volume (GWh)516883105164202-3
Large business sales volume (GWh)4947434340140-16
Corporate and industrial sales volume (GWh)321322297302314940+111
Retail contracted sales volume (GWh)7767597157167552,250+233
Average retail contracted sales price ($NZ/MWh)$122.6$124.0$123.2$109.9$109.8$123.2+$4.0
NZAS sales volume (GWh)4264264114264121,262+0
Financial contract sales volumes (GWh)197297234374280728+214
Average wholesale & financial contracts sales price ($NZ/MWh)$73.2$78.4$65.1$62.3$56.9$72.5-$3.3
Retail customer supply volumes (GWh)8167957527647982,363+246
Cost to supply retail customers ($NZ/MWh)$190.3$165.3$91.0$74.6$92.7$150.3+$8.4
Cost to supply wholesale customers ($NZ/MWh)$162.7$115.9$62.6$51.2$76.5$114.3-$10.9
Cost of financial contracts ($NZ/MWh)$159.9$137.5$104.8$66.0$78.8$133.0+$2.9
Total New Zealand customer connections350,961353,357354,810355,760357,521354,810+26,208
New Zealand generation
Hydro generation volume (GWh)1,0001,0201,1101,1501,0523,130+372
Wind generation volume (GWh)105129135111114370-16
Total generation volume (GWh)1,1051,1491,2451,2601,1663,499+356
Average generation price ($NZ/MWh)$166.2$136.1$75.8$57.1$78.9$124.1-$2.3
New Zealand hedging
Hedging volume (GWh)394325255327332975+122
Hedging cost average price ($NZ/MWh)$129.6$121.5$117.7$93.6$94.8$123.8+$18.5
Hedging spot revenue average price ($NZ/MWh)$164.1$140.7$115.6$74.4$88.3$143.6+$13.4
Future contract close outs ($NZm)-0.70.10.2-0.90.2-0.5+5.9
Australia contracted sales
Retail contracted electricity sales volume (GWh)9384716859248+14
Average electricity contracted sales price
1
($A/MWh)$150.9$86.4$91.4$102.1$126.7$112.0-$30.3
Retail contracted gas sales volume (TJ)302261197149105759+11
Average gas contracted sales price
1
($A/GJ)$19.1$15.9$13.5$19.4$15.9$16.6+$5.1
Financial contract sales volumes
2
(GWh)222238555383-5
Financial contracted sales average price ($A/MWh)$47.9$47.9$54.3$53.3$53.3$50.8-$15.7
Cost to supply electricity customers ($A/MWh)$152.6$82.0$70.5$64.3$80.8$105.2+$28.6
Cost to supply gas customers ($A/GJ)$13.5$12.0$11.7$11.8$17.5$12.5+$1.0
Cost of financial contracts ($A/MWh)$102.7$50.8$40.6$46.4$56.7$60.1+$11.0
Powershop electricity customer connections
7
141,149141,723143,976145,738144,629143,976+5,687
Powershop gas customer connections
8
44,27244,80545,70246,58847,59945,702+6,451
Australia generation
Wind generation volume (GWh)6854473738170+18
Average wind generation price ($A/MWh)$92.6$64.0$51.7$45.0$60.1$72.1-$10.5
Hydro generation volume (GWh)162338445077+58
Average hydro generation price ($A/MWh)$152.5$83.6$63.5$65.2$75.0$88.4+$46.5
PPA generation received (GWh)4136322331109+11
Average PPA generation price [net of costs] ($A/MWh)$30.9$3.4-$1.9$1.9-$1.6$12.2+$18.9
Australia hedging
Hedging volume (GWh)3340352423108-7
Hedging costs ($A/MWh)$87.2$92.1$97.3$129.4$135.4-$92.3-$162.9
Hedging spot revenue average price ($A/MWh)$159.4$83.6$69.9$95.6$132.2$102.1+$62.5
Future contract close outs ($A M)$0.0$0.0$0.0$0.0$0.0$0.0+$0.2
Meridian Group
Employee and Operating Costs ($NZ m)202222232464+2
Stay in Business Capital Expenditure ($NZ m)3341710-0
Investment Capital Expenditure ($NZ m)9524151738+25
Total Capital Expenditure ($NZ m)12829162448+25
FY22 operating information
151 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |
Meridian operating information

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202020202020202020202020202120212021202120212021FY21changeFY21changeFY21changeFY21change
New Zealand contracted sales
Residential sales volume (GWh)18617114612711110710193108121160174503+31345+16302+2455 +9
Small medium business sales volume (GWh)11310710510496999693111109126134325+34299+44300+39369 +130
Agricultural sales volume (GWh)4772871571421701541771451166643205+22469+60476-18226 +46
Large business sales volume (GWh)555248464444444640374445155+26134+14130+12126 +7
Corporate and industrial sales volume (GWh)282275272283284287288311334311339319829+93855+117933+127968 +215
Retail contracted sales volume (GWh)6836776577176787076837217386947367152,017+2062,102+2522,141+1632,144 +408
Average retail contracted sales price ($NZ/MWh)$120.4$119.3$118.1$106.0$103.1$104.2$104.1$108.7$107.5$114.7$123.2$118.9$119.3+$6.3$104.5+$3.6$106.8-$0.1$119.0+$8.0
NZAS sales volume (GWh)4264264114264124264263844264124264121,262-1101,263-1101,236-1231,250 -77
Financial contract sales volumes (GWh)188125201126221140144126197167143129514+40487+59467-339439 -380
Average wholesale & financial contracts sales price ($NZ/MWh)$82.0$70.4$74.2$69.4$69.9$66.8$59.6$58.0$69.8$76.8$75.2$74.1$75.7+$6.0$68.7+$3.9$62.9-$4.4$75.4+$9.8
Retail customer supply volumes (GWh)7047176967557177437197577687187827532,117+2292,215+2742,244+1632,253 +432
Cost to supply retail customers ($NZ/MWh)$165.1$120.6$140.3$126.9$101.0$118.8$143.9$256.7$265.1$285.5$301.9$272.2$141.9+$16.8$115.8+$16.6$223.4+$146.1$286.7+$178.7
Cost to supply wholesale customers ($NZ/MWh)$143.8$109.6$122.2$95.8$76.3$109.2$132.6$244.8$260.3$277.8$274.2$242.5$125.2+$10.5$94.0+$9.5$211.5+$158.5$264.9+$162.2
Cost of financial contracts ($NZ/MWh)$143.7$113.1$127.8$110.8$92.3$119.1$139.1$234.0$204.8$266.4$291.8$228.2$130.0+$16.3$104.7+$10.2$192.5+$137.7$263.5+$166.4
Total New Zealand customer connections326,148327,125328,602329,710331,240332,587333,367335,580338,051340,178343,015346,830328,602+19,230332,587+18,988338,051+18,273346,830 +22,577
New Zealand generation
Hydro generation volume (GWh)9759048791,0661,0541,0348748689748679009032,758-4743,153-222,716-5422,670 -423
Wind generation volume (GWh)1151131581261251281178387116116111385+8379-22287-52344 -4
Total generation volume (GWh)1,0891,0171,0371,1921,1791,1629919511,0619831,0161,0153,144-4663,533-443,003-5933,014 -427
Average generation price ($NZ/MWh)$144.5$110.1$123.7$107.7$86.5$109.3$134.5$242.1$253.8$272.5$283.4$247.5$126.5+$11.5$101.2+$13.8$210.7+$153.0$267.8+$171.5
New Zealand hedging
Hedging volume (GWh)318266268241314308312345431348372360852+436863+3891,088+231,079 +305
Hedging cost average price ($NZ/MWh)$109.3$104.6$101.2$96.2$93.6$93.2$98.5$115.6$127.0$110.3$116.7$119.0$105.3+$41.8$94.2+$28.9$115.2+$13.5$115.4+$35.9
Hedging spot revenue average price ($NZ/MWh)$133.4$123.8$132.6$114.4$94.0$121.9$136.8$235.0$219.0$260.2$285.0$237.6$130.2+$10.9$109.7+$15.6$358.8+$282.9$261.2+$161.3
Future contract close outs ($NZm)-1.6-1.9-2.90.6-2.9-1.3-1.5-4.5-3.6-1.6-2.19.7-6.4-4.2-3.7-1.1-9.7-9.1$6.0$14.6
Australia contracted sales
Retail contracted electricity sales volume (GWh)858366615556575358597281234+49171+26168+13212+13
Average electricity contracted sales price
1
($A/MWh)$142.7$137.7$146.3$140.0$144.9$132.2$131.8$129.7$124.1$127.2$132.7$130.3$142.3-$1.0$139.0-$28.5$128.5-$12.2$130.2-$9.4
Retail contracted gas sales volume (TJ)3122801571425248313142116213287749+210242+8104-7616+8
Average gas contracted sales price
1
($A/GJ)$14.7$11.5$12.0$15.5$22.2$23.3$29.8$28.0$24.2$13.0$14.8$14.4$11.5-$0.8$18.5+$1.9$27.0+$4.2$14.3+$0.6
Financial contract sales volumes
2
(GWh)26332942414042384217171788-69124-73121-1450+5
Financial contracted sales average price ($A/MWh)$67.6$65.7$66.5$66.8$66.8$66.4$86.4$86.4$86.4$49.8$49.8$49.8$66.5-$20.1$66.7-$13.1$86.4-$35.6$49.8-$36.2
Cost to supply electricity customers ($A/MWh)$79.5$85.5$61.3$73.1$77.5$20.8$53.2$48.0$56.8$76.7$147.6$187.1$76.6-$40.2$57.5-$39.6$52.8-$87.2$143.0+$74.6
Cost to supply gas customers ($A/GJ)$10.1$11.3$14.6$13.4$12.7$19.9$22.8$17.7$17.8$10.7$11.3$10.5$11.5+$0.5$14.5+$4.2$19.3-$2.0$10.8-$1.0
Cost of financial contracts ($A/MWh)$56.7$53.5$37.0$52.2$54.4$50.0$33.2$30.2$39.1$52.8$92.3$118.4$49.1-$48.1$52.2-$23.2$34.3-$45.2$87.9+$36.8
Powershop electricity customer connections
7
136,696137,530138,289139,162140,346140,965141,203141,643141,998142,086142,470142,029138,289+23,190140,965+16,297141,998+7,599142,029+5,827
Powershop gas customer connections
8
38,54438,97839,25139,54040,38040,81441,24741,88442,72843,09243,70743,90539,251+12,72240,814+10,34942,728+7,33643,905+6,027
Australia generation
Wind generation volume (GWh)346057444143393127304849151-10127-297-11126-4
Average wind generation price ($A/MWh)$90.3$90.4$69.6$67.8$75.0$54.8$52.7-$54.4$58.9$63.2$75.3$100.3$82.6-$39.4$65.7-$47.1$20.4-$224.6$82.1+$18.0
Hydro generation volume (GWh)0414124140412424285319-1194+4689+5836+31
Average hydro generation price ($A/MWh)-$51.7$39.0$59.0$72.6$86.3$37.6$33.3$43.7$68.2$65.1$124.2$41.9-$56.3$75.3-$2.4$38.0-$57.3$72.7+$32.3
PPA generation received (GWh)27373430272928242525303198-586-478-986-5
Average PPA generation price [net of costs] ($A/MWh)-$1.6-$3.4-$14.4-$2.2-$1.1-$10.7-$15.8-$18.2-$13.4$0.6$19.2$39.8-$6.7-$37.0-$4.7-$28.2-$15.8-$32.7$21.2+$33.6
Australia hedging
Hedging volume (GWh)35423713201691513233830115+449-9937-8892-26
Hedging costs ($A/MWh)$48.4$78.3$82.6$204.9$176.2$99.7$482.6$266.8$266.6$180.3$62.4$71.5$70.6-$26.7$157.9+$56.7$319.2+$194.4$95.0+$28.1
Hedging spot revenue average price ($A/MWh)$18.6$55.8$40.6$149.6$71.6$69.7$109.7$82.2$50.4$186.2$156.6$230.9$39.6-$66.0$91.3+$11.7$77.9-$2.2$188.5+$143.6
Future contract close outs ($A M)-$0.2$0.0$0.0$0.0$0.0$0.0-$0.3-$0.7$0.0$0.0-$0.1$0.0-$0.3-$0.4-$0.1-$0.7-$0.9-$1.2-$0.1-$1.7
Meridian Group
Employee and Operating Costs ($NZ m)20212121222118212222243162-264+261-077+7
Stay in Business Capital Expenditure ($NZ m)34443333444610-110-210-014+2
Investment Capital Expenditure ($NZ m)733223233445413+87+339+3413+8
Total Capital Expenditure ($NZ m)10776565638891023+717+149+3427+10
FY21 operating information
161 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |
Meridian operating information

Glossary
171 4 D E C E M B E R 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R N O V E M B E R 2 0 2 1 |
Hedging volumesbuy-side electricity derivativesexcludingthe buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers(including NZAS) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
Contracts for Difference (CFDs)an agreement betweenparties to pay the difference between the wholesale electricity price and an agreed fixed price for
a specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections (NZ)number of installation control points, excluding vacants
FRMPfinancially responsible market participant
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 85 years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was
initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NEMAustralia’s national energy market, comprising Queensland, New South Wales (including the Australian Capital Territory),
Victoria, South Australia, and Tasmania
NZASNew Zealand Aluminium SmeltersLimited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding thesell-side of virtual asset swaps
TJTerajoules
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity