Meridian Energy monthly operating report for February 2022

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 February 2022

15 March 2022
Attached is Meridian Energy Limited's monthly operating report for the month of February
2022.

Highlights this month include:
▪ In the month to 10 March 2022, national hydro storage decreased from 117% to 102%
of historical average
▪ South Island storage decreased to 97% of average and North Island storage decreased to
137% of average by 10 March 2022
▪ Meridian’s February 2022 monthly total inflows were 120% of historical average
▪ In February 2022, Meridian’s Waitaki catchment inflows were 149% of average, while
Waiau catchment inflows were 63% of average
▪ Meridian’s Waitaki catchment water storage at the end of February 2022 was 113% of
historical average
▪ Water storage in Meridian’s Waiau catchment was well below average at the end of
February 2022
▪ Waitaki snow storage in late February 2022 was 63% of historical average
▪ National electricity demand in February 2022 was 2.3% lower than the same month last
year
▪ February was a warm and very wet month. Temperatures were at or above average,
while most of the country experienced above average rainfall
▪ New Zealand Aluminium Smelter’s average load during February 2022 was 572MW
▪ Meridian’s New Zealand retail sales volumes in February 2022 were 6.9% lower than
February 2021
▪ Compared to February 2021, segment sales increased in residential +16.2%, small
medium business +21.7% and corporate +0.8%. Agricultural volumes were -47.2% lower
and large business volumes were -8.6% lower than February 2021

ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

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

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Rheilli Uluilelata
External Communications Advisor
022 589 1052

Monthly Operating Report
February 2022

February highlights
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |2
In the month to 10 March
2022, national hydro storage
decreased from 117%to
102%of historical average
South Island storage
decreased to 97%of average
and North Island storage
decreased to 137%of average
by 10 March 2022
Meridian’s February 2022
monthly total inflows were
120%of historical average
In February 2022, Meridian’s
Waitaki catchment inflows
were 149%of average, while
Waiau catchment inflows
were 63%of average
February was a warm and very
wet month. Temperatures were
at or above average, while most
of the country experienced
above average rainfall
New Zealand Aluminium
Smelter’s average load during
February 2022 was 572MW
Meridian’s New Zealand retail
sales volumes in February 2022
were 6.9%lower than February
2021
Compared to February 2021,
segment sales increased in
residential +16.2%, small
medium business+21.7% and
corporate +0.8%. Agricultural
volumes were -47.2% lower
and large business volumes
were -8.6% lower than
February 2021
Meridian’s Waitaki catchment
water storage at the end of
February 2022 was 113%of
historical average
Water storage in Meridian’s
Waiaucatchment was well
belowaverage at the end of
February 2022
Waitaki snow storage in late
February 2022 was 63%of
historical average
National electricity demand in
February 2022 was 2.3%
lower than the same month
last year

Market data
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |3
▪National electricity demand in February
2022 was 2.3% lower than the same month
last year
▪February was a warm and very wet month.
Temperatures were at or above average,
while most of the country experienced
above average rainfall
▪Demand in the last 12 months was 1.0%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during February 2022 was 572MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.5% at the
end of January 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.2% at the end of
January 2022
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 (2011-2021)201720182019202020212022
5%
7%
9%
11%
13%
15%
Jan 17Jul 17Jan 18Jul 18Jan 19Jul 19Jan 20Jul 20Jan 21Jul 21Jan 22
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |4
▪February 2022 saw increases in ASX prices,
except short-dated South Island prices
▪National storage decreased from 117% of
average on 14 February 2022 to 102% of
average on 10 March 2022
▪South Island storage decreased to 97% of
historical average by 10 March 2022. North
Island storage decreased to 137% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 March 2022)
88yr Average199220042008
2012201820212022
70
90
110
130
150
170
190
210
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 202129 October 202130 November 2021
31 December 202131 January 202228 February 2022
70
90
110
130
150
170
190
210
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 202129 October 202130 November 2021
31 December 202131 January 202228 February 2022

New Zealand retail
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |5
▪Meridian’s New Zealand customer
connection numbers rose 0.3% during
February 2022 and have risen 4.0% since
June 2021
▪Retail sales volumes in February 2022 were
6.9% lower than February 2021
▪Compared to February 2021, segment
sales increased in residential +16.2%, small
medium business+21.7% and corporate
+0.8%. Agricultural volumes were -47.2%
lower and large business volumes were
-8.6% lower than February 2021
▪To date this financial year, retail sales
volumes are 7.1% higher than the same
period last year
▪This reflects increased segment sales in:
residential +13.8%, small medium business
+20.6%, and corporate +11.2%.
Agricultural volumes are -14.6% lower and
large business volumes are -7.5% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
120120
120
120
120
120
121
121
123
123
123
123
123
123
124
124
109
111
112
113
114
114
115
115
115
115
116
116
116116116
117
117
118
119
119
120
121
121
121
121121
121
122
122
122
122
122
90
91
92
93
94
96
96
97
99
101
103
106
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
FY22 Meridian NIFY22 Meridian SIFY22 Powershop
FY21 Meridian NIFY21 Meridian SIFY21 Powershop
205
195
172
148
122
121
115
108
149
127
120
117
116
121
118
113
51
68
83
105
164
119
175
93
49
47
43
43
40
43
42
42
321
322
297
302
314
328
343
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 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |6
▪February 2022 monthly inflows were 120%
of historical average
▪In February 2022, Meridian’s Waitaki
catchment inflows were 149% of average,
while Waiau catchment inflows were 63%
of average
▪To date this financial year, inflows are
108% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,860GWh to
2,165GWh during February 2022
▪Waitaki water storage at the end of
February 2022 was 113% of historical
average and 67% higher than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was well below average at the
end of February 2022
▪Waitaki snow storage in late February 2022
was 63% of historical average
Meridian operating information
Source: Meridian
Source: Meridian
0
2,000
4,000
6,000
8,000
10,000
12,000
200820092010201120122013201420152016201720182019202020212022
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
February YTD88 year average
0
500
1,000
1,500
2,000
2,500
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201720182019202020212022

New Zealand generation
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |7
▪Meridian’s New Zealand generation in
February 2022 was 6.5% higher than the
same month last year, reflecting higher
hydro and higher wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 8.1% higher than the
same period last year, reflecting higher
hydro and lower wind generation
▪The average price Meridian received for its
generation in February 2022 was 49.7%
lower than the same month last year
▪The average price Meridian paid to supply
customers in February 2022 was 46.7%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 21.4% lower than the same period last
year and the average price paid to supply
customers is 18.9% 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
53
138
122
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

FEBRUARY
FEBRUARY
JANUARY
DECEMBER
8 MONTHS TO
8 MONTHS TO
2022
2021
2021
2021
FEBRUARY
FEBRUARY
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand contracted sales
Residential sales volume (GWh)
108


93


115


121


1,186


1,042


Small medium business sales volume (GWh)
113


93


118


121


981


814


Agricultural sales volume (GWh)
93


177


175


119


858


1,005


Large business sales volume (GWh)
42


46


42


43


350


378


Corporate and industrial sales volume (GWh)
314


311


343


328


2,540


2,284


Retail contracted sales volume (GWh)
671


721


793


731


5,916


5,523


Average retail contracted sales price
1
($NZ/MWh)
$115.5
$108.7
$111.2
$105.2
$115.2
$110.4
NZAS sales volume (GWh)
384


384


426


426


3,335


3,335


Financial contract sales volumes
2
(GWh)
244


126


280


208


2,115


1,270


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$63.7
$58.0
$63.3
$59.8
$65.3
$69.1
Retail customer supply volumes (GWh)
709


757


828


776


6,236


5,807


Cost to supply retail customers ($NZ/MWh)
$146.4
$256.7
$148.4
$57.2
$121.4
$147.2
Cost to supply wholesale customers ($NZ/MWh)
$120.5
$244.8
$156.9
$45.5
$99.0
$128.1
Cost of financial contracts ($NZ/MWh)
$117.0
$234.0
$160.4
$68.2
$109.4
$131.7
Total New Zealand customer connections
4
360,780


335,580


359,550


358,350


New Zealand
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |8
Meridian operating information
See page 10 for footnotes

FEBRUARY
FEBRUARY
JANUARY
DECEMBER
8 MONTHS TO
8 MONTHS TO
2022
2021
2021
2021
FEBRUARY
FEBRUARY
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand generation
Hydro generation volume (GWh)
918


868


1,110


1,071


8,430


7,653


Wind generation volume (GWh)
94


83


86


114


889


965


Total generation volume (GWh)
1,012


951


1,196


1,185


9,319


8,618


Average generation price
5
($NZ/MWh)
$121.8
$242.1
$138.4
$53.4
$102.0
$129.8
New Zealand hedging
Hedging volume
6
(GWh)
421


345


404


346


2,803


2,373


Hedging cost average price ($NZ/MWh)
$117.0
$115.6
$104.1
$109.3
$111.2
$101.9
Hedging spot revenue average price ($NZ/MWh)
$138.8
$235.0
$168.3
$69.2
$122.6
$138.8
Future contract close outs ($NZm)
-$1.5
-$4.5
-$5.1
-$0.1
-$8.0
-$16.1
New Zealand
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |9
Meridian operating information
See page 10 for footnotes

New Zealand
1 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |10
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.Excludes electricity metering expenses, now reclassified into gross margin
FEBRUARY
2022
MONTH
FEBRUARY
2021
MONTH
JANUARY
2022
MONTH
DECEMBER
2021
MONTH
8 MONTHS TO
FEBRUARY
2022
8 MONTHS TO
FEBRUARY
2021
New Zealand costs
Employee and Operating Costs
7
($m)1817158*130128
Stay in Business Capital Expenditure ($m)33-122423
Investment Capital Expenditure ($m)82958721
Total Capital Expenditure ($m)1258711144
*Following the Court of Appeal decision in the Metro Glass case, a $6.8m provision in relation to holiday pay has been released,reducing December
2021 operating costs. $3.3m of MEA transaction costs have also been reclassified out of November 2021 YTD operating costs in December 2021
On 31 January 2022, Meridian completed the sale of its Australian business, numbers in this report now exclude any Australiannumbers

Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2021
2021
2021
2021
2021
2021
2022
2022
2022
2022
2022
2022
FY22
change
FY22
change
FY22
change
FY22
change
New Zealand contracted sales
Residential sales volume (GWh)
205
195
172
148
122
121
115
108
572
+70
391
+45
Small medium business sales volume (GWh)
149
127
120
117
116
121
118
113
396
+71
354
+55
Agricultural sales volume (GWh)
51
68
83
105
164
119
175
93
202
-3
387
-81
Large business sales volume (GWh)
49
47
43
43
40
43
42
42
140
-16
126
-7
Corporate and industrial sales volume (GWh)
321
322
297
302
314
328
343
314
940
+111
943
+88
Retail contracted sales volume (GWh)
776
759
715
716
755
731
793
671
2,250
+233
2,202
+99
Average retail contracted sales price ($NZ/MWh)
$122.6
$124.0
$123.2
$109.9
$109.8
$105.2
$111.2
$115.5
$123.2
+$4.0
$108.3
+$3.8
NZAS sales volume (GWh)
426
426
411
426
412
426
426
384
1,262
+0
1,263
+0
Financial contract sales volumes (GWh)
197
297
234
374
280
208
280
244
728
+214
862
+376
Average wholesale & financial contracts sales price ($NZ/MWh)
$73.2
$78.4
$65.1
$62.3
$56.9
$59.8
$63.3
$63.7
$72.5
-$3.3
$59.8
-$8.9
Retail customer supply volumes (GWh)
816
795
752
764
798
776
828
709
2,363
+246
2,337
+123
Cost to supply retail customers ($NZ/MWh)
$190.3
$165.3
$91.0
$74.6
$92.7
$57.2
$148.4
$146.4
$150.3
+$8.4
$75.0
-$40.8
Cost to supply wholesale customers ($NZ/MWh)
$162.7
$115.9
$62.6
$51.2
$76.5
$45.5
$156.9
$120.5
$114.3
-$10.9
$57.5
-$36.4
Cost of financial contracts ($NZ/MWh)
$159.9
$137.5
$104.8
$66.0
$78.8
$68.2
$160.4
$117.0
$133.0
+$2.9
$70.7
-$34.0
Total New Zealand customer connections
350,961
353,357
354,810
355,760
357,521
358,350
359,550
360,780
354,810
+26,208
358,350
+25,763
New Zealand generation
Hydro generation volume (GWh)
1,000
1,020
1,110
1,150
1,052
1,071
1,110
918
3,130
+372
3,273
+119
Wind generation volume (GWh)
105
129
135
111
114
114
86
94
370
-16
339
-40
Total generation volume (GWh)
1,105
1,149
1,245
1,260
1,166
1,185
1,196
1,012
3,499
+356
3,612
+79
Average generation price ($NZ/MWh)
$166.2
$136.1
$75.8
$57.1
$78.9
$53.4
$138.4
$121.8
$124.1
-$2.3
$63.0
-$38.2
New Zealand hedging
Hedging volume (GWh)
394
325
255
327
332
346
404
421
975
+122
1,004
+141
Hedging cost average price ($NZ/MWh)
$129.6
$121.5
$117.7
$93.6
$94.8
$109.3
$104.1
$117.0
$123.8
+$18.5
$99.4
+$5.2
Hedging spot revenue average price ($NZ/MWh)
$164.1
$140.7
$115.6
$74.4
$88.3
$69.2
$168.3
$138.8
$143.6
+$13.4
$77.2
-$32.5
Future contract close outs ($NZm)
-0.7
0.1
0.2
-0.9
0.2
-0.1
-5.1
-1.5
-0.5
+5.9
-0.8
+2.8
Meridian Group
Employee and Operating Costs ($NZ m)
16
17
18
18
20
8
15
18
51
+3
46
-3
Stay in Business Capital Expenditure ($NZ m)
3
3
4
3
6
2
-1
4
10
+1
11
+2
Investment Capital Expenditure ($NZ m)
9
4
23
11
17
6
9
8
36
+25
34
+28
Total Capital Expenditure ($NZ m)
12
7
27
15
24
7
8
11
46
+26
46
+30
FY22 operating information
111 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |
Meridian operating information
On 31 January 2022, Meridian completed the sale of its Australian business

FY21 operating information
121 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |
Meridian operating information
On 31 January 2022, Meridian completed the sale of its Australian business
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2020
2020
2020
2020
2020
2020
2021
2021
2021
2021
2021
2021
FY21
change
FY21
change
FY21
change
FY21
change
New Zealand contracted sales
Residential sales volume (GWh)
186
171
146
127
111
107
101
93
108
121
160
174
503
+31
345
+16
302
+2
455


+9
Small medium business sales volume (GWh)
113
107
105
104
96
99
96
93
111
109
126
134
325
+34
299
+44
300
+39
369


+130
Agricultural sales volume (GWh)
47
72
87
157
142
170
154
177
145
116
66
43
205
+22
469
+60
476
-18
226


+46
Large business sales volume (GWh)
55
52
48
46
44
44
44
46
40
37
44
45
155
+26
134
+14
130
+12
126


+7
Corporate and industrial sales volume (GWh)
282
275
272
283
284
287
288
311
334
311
339
319
829
+93
855
+117
933
+127
968


+215
Retail contracted sales volume (GWh)
683
677
657
717
678
707
683
721
738
694
736
715
2,017
+206
2,102
+252
2,141
+163
2,144


+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)
426
426
411
426
412
426
426
384
426
412
426
412
1,262
-110
1,263
-110
1,236
-123
1,250


-77
Financial contract sales volumes (GWh)
188
125
201
126
221
140
144
126
197
167
143
129
514
+40
487
+59
467
-339
439


-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)
704
717
696
755
717
743
719
757
768
718
782
753
2,117
+229
2,215
+274
2,244
+163
2,253


+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 connections
326,148
327,125
328,602
329,710
331,240
332,587
333,367
335,580
338,051
340,178
343,015
346,830
328,602
+19,230
332,587
+18,988
338,051
+18,273
346,830


+22,577
New Zealand generation
Hydro generation volume (GWh)
975
904
879
1,066
1,054
1,034
874
868
974
867
900
903
2,758
-474
3,153
-22
2,716
-542
2,670


-423
Wind generation volume (GWh)
115
113
158
126
125
128
117
83
87
116
116
111
385
+8
379
-22
287
-52
344


-4
Total generation volume (GWh)
1,089
1,017
1,037
1,192
1,179
1,162
991
951
1,061
983
1,016
1,015
3,144
-466
3,533
-44
3,003
-593
3,014


-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)
318
266
268
241
314
308
312
345
431
348
372
360
852
+436
863
+389
1,088
+23
1,079


+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
-2.9
0.6
-2.9
-1.3
-1.5
-4.5
-3.6
-1.6
-2.1
9.7
-6.4
-4.2
-3.7
-1.1
-9.7
-9.1
$6.0
$14.6
Meridian Group
Employee and Operating Costs ($NZ m)
16
15
17
16
17
17
14
17
17
18
19
27
48
-17
50
-12
47
-15
64
-6
Stay in Business Capital Expenditure ($NZ m)
2
3
4
4
3
3
3
2
3
4
3
4
9
-2
9
-3
8
-2
11
-1
Investment Capital Expenditure ($NZ m)
6
2
2
2
2
3
1
2
34
3
4
3
11
+6
6
+2
37
+32
10
+5
Total Capital Expenditure ($NZ m)
9
6
6
5
4
6
4
5
37
7
7
7
20
+4
15
-1
46
+31
21
+4

Glossary
131 5 M A R C H 2 0 2 2 | 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 F E B R U A R Y 2 0 2 2 |
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
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
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
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity