Meridian Energy monthly operating report for April 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 April 2022

18 May 2022
Attached is Meridian Energy Limited's monthly operating report for the month of April 2022.

Highlights this month include:
▪ In the month to 15 May 2022, national hydro storage decreased from 81% to 76% of
historical average
▪ South Island storage was unchanged at 73% of average and North Island storage
decreased to 101% of average by 15 May 2022
▪ Meridian’s April 2022 monthly total inflows were 71% of historical average
▪ The Waiau catchment has now seen seven consecutive months of below average
inflows. Over that period inflows have been 61% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of April 2022 was 79% of
historical average
▪ Water storage in Meridian’s Waiau catchment remained below average at the end of
April 2022
▪ National electricity demand in April 2022 was 2.3% lower than the same month last year
▪ April was another warm, dry month for the country. Almost all regions experienced
above average temperatures and below average rainfall
▪ Meridian made calls under the Genesis swaption in April 2022 and early May 2022
▪ March was a warm month for most of the country. Rainfall was generally below average,
the notable exception was the east of the North Island
▪ New Zealand Aluminium Smelter’s average load during April 2022 was 561MW
▪ Meridian’s New Zealand retail sales volumes in April 2022 were 3.1% higher than April
2021
▪ Compared to April 2021, segment sales increased in residential +4.8%, small medium
business +10.5%, large business +11.8% and corporate +6.8%. Agricultural volumes were
-18.6% lower than April 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
April 2022

April highlights
1 8 M A Y 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 A P R I L 2 0 2 2 |2
In the month to 15 May 2022,
national hydro storage
decreased from 81%to 76%
of historical average
South Island storage was
unchanged at 73%of average
and North Island storage
decreased to 101%of average
by 15 May 2022
Meridian’s April 2022 monthly
total inflows were 71%of
historical average
The Waiau catchment has
now seen seven consecutive
months of below average
inflows. Over that period
inflows have been 61% of
historical average
New Zealand Aluminium
Smelter’s average load during
April 2022 was 561MW
Meridian’s New Zealand retail
sales volumes in April 2022
were 3.1%higher than April
2021
Compared to April 2021,
segment sales increased in
residential +4.8%, small
medium business+10.5%, large
business +11.8% and corporate
+6.8%. Agricultural volumes
were -18.6% lower than April
2021
Meridian’s Waitaki catchment
water storage at the end of
April 2022 was 79%of
historical average
Water storage in Meridian’s
Waiaucatchment remained
below average at the end of
April 2022
National electricity demand in
April 2022 was 2.3%lower
than the same month last
year
April was another warm, dry
month for the country. Almost
all regions experienced above
average temperatures and
below average rainfall
Meridian made callsunder
the Genesis swaption in April
2022 and early May 2022

Market data
1 8 M A Y 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 A P R I L 2 0 2 2 |3
▪National electricity demand in April 2022
was 2.3% lower than the same month last
year
▪April was another warm, dry month for the
country. Almost all regions experienced
above average temperatures and below
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 April 2022 was 561MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.5% at the
end of March 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.2% at the end of
March 2022
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Mar 17Sep 17Mar 18Sep 18Mar 19Sep 19Mar 20Sep 20Mar 21Sep 21Mar 22
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2011-2021)201720182019202020212022

Market data
1 8 M A Y 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 A P R I L 2 0 2 2 |4
▪April 2022 saw increases in ASX prices,
beyond the current year
▪National storage decreased from 81% of
average on 12 April 2022 to 76% of
average on 15 May 2022
▪South Island storage was unchanged at
73% of historical average by 15 May 2022.
North Island storage decreased to 101% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (16 May 2022)
88yr Average199220042008
2012201820212022
70
90
110
130
150
170
190
210
230
250
270
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 202131 December 202131 January 2022
28 February 202231 March 202229 April 2022
70
90
110
130
150
170
190
210
230
250
270
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 202131 December 202131 January 2022
28 February 202231 March 202229 April 2022

New Zealand retail
1 8 M A Y 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 A P R I L 2 0 2 2 |5
▪Meridian’s New Zealand customer
connection numbers rose 0.2% during
April 2022 and have risen 5.0% since June
2021
▪Retail sales volumes in April 2022 were
3.1% higher than April 2021
▪Compared to April 2021, segment sales
increased in residential +4.8%, small
medium business+10.5%, large business
+11.8% and corporate +6.8%. Agricultural
volumes were -18.6% lower than April
2021
▪To date this financial year, retail sales
volumes are 6.6% higher than the same
period last year
▪This reflects increased segment sales in:
residential +12.6%, small medium business
+19.2%, and corporate +10.7%.
Agricultural volumes are -15.3% lower and
large business volumes are -4.3% 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
122
122
123
123
123
123
123
123
124
124
125
125
109
111
112
113
114
114
115
115
116
116
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
118
127
149
127
120
117
116
121
118
113
130
121
51
68
83
105
164
119
175
93
119
94
49
47
43
43
40
43
42
42
45
41
321
322
297
302
314
328
343
314
369
332
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

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 storage
1 8 M A Y 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 A P R I L 2 0 2 2 |6
▪April 2022 monthly inflows were 71% of
historical average
▪The Waiau catchment has now seen seven
consecutive months of below average
inflows, over that period inflows have
been 61% of historical average
▪To date this financial year, inflows are 98%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,705GWh to
1,408GWh during April 2022
▪Waitaki water storage at the end of April
2022 was 79% of historical average and
45% higher than the same time last year
▪Water storage in Meridian’s Waiau
catchment remained below average at the
end of April 2022
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
200820092010201120122013201420152016201720182019202020212022
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
April YTD88 year average

New Zealand generation
1 8 M A Y 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 A P R I L 2 0 2 2 |7
▪Meridian’s New Zealand generation in
April 2022 was 1.5% lower than the same
month last year, reflecting higher hydro
and lower wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 6.5% higher than the
same period last year, reflecting higher
hydro and lower wind generation
▪The average price Meridian received for its
generation in April 2022 was 26.0% lower
than the same month last year
▪The average price Meridian paid to supply
customers in April 2022 was 23.0% lower
than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 23.0% lower than the same period last
year and the average price paid to supply
customers is 20.2% 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
198
202
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

APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2022
2021
2022
2022
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand contracted sales
Residential sales volume (GWh)
127


121


118


108


1,432


1,271


Small medium business sales volume (GWh)
121


109


130


113


1,232


1,034


Agricultural sales volume (GWh)
94


116


119


93


1,072


1,266


Large business sales volume (GWh)
41


37


45


42


436


455


Corporate and industrial sales volume (GWh)
332


311


369


314


3,242


2,928


Retail contracted sales volume (GWh)
715


694


781


671


7,413


6,954


Average retail contracted sales price
1
($NZ/MWh)
$122.8
$114.7
$116.6
$115.5
$116.1
$110.5
NZAS sales volume (GWh)
402


412


426


384


4,163


4,173


Financial contract sales volumes
2
(GWh)
178


167


249


244


2,541


1,634


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$68.1
$76.8
$64.2
$63.7
$65.5
$70.0
Retail customer supply volumes (GWh)
747


718


821


709


7,805


7,292


Cost to supply retail customers ($NZ/MWh)
$210.5
$285.5
$213.2
$146.4
$139.6
$173.2
Cost to supply wholesale customers ($NZ/MWh)
$225.2
$277.8
$216.0
$120.5
$123.1
$156.4
Cost of financial contracts ($NZ/MWh)
$219.0
$266.4
$180.6
$117.0
$124.0
$154.3
Total New Zealand customer connections
4
364,182


340,178


363,430


360,780


New Zealand
1 8 M A Y 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 A P R I L 2 0 2 2 |8
Meridian operating information
See page 11 for footnotes

APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2022
2021
2022
2022
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand generation
Hydro generation volume (GWh)
876


867


986


918


10,292


9,494


Wind generation volume (GWh)
93


116


84


94


1,065


1,168


Total generation volume (GWh)
968


983


1,070


1,012


11,357


10,662


Average generation price
5
($NZ/MWh)
$201.5
$272.5
$198.1
$121.8
$119.5
$155.3
New Zealand hedging
Hedging volume
6
(GWh)
438


348


459


421


3,700


3,151


Hedging cost average price ($NZ/MWh)
$127.8
$110.3
$120.0
$117.0
$114.3
$106.2
Hedging spot revenue average price ($NZ/MWh)
$197.5
$260.2
$205.9
$138.8
$141.8
$163.2
Future contract close outs ($NZm)
-$6.4
-$1.6
$10.0
-$1.5
-$4.4
-$21.4
New Zealand
1 8 M A Y 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 A P R I L 2 0 2 2 |9
Meridian operating information
See page 10 for footnotes

New Zealand
1 8 M A Y 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 A P R I L 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
APRIL
2022
MONTH
APRIL
2021
MONTH
MARCH
2022
MONTH
FEBRUARY
2022
MONTH
10 MONTHS
TO APRIL
2022
10 MONTHS
TO APRIL
2021
New Zealand costs
Employee and Operating Costs
7
($m)19182117170163
Stay in Business Capital Expenditure ($m)34433130
Investment Capital Expenditure ($m)1936211258
Total Capital Expenditure ($m)22710514388
Following the Court of Appeal decision in the Metro Glass case, a $6.8m provision in relation to holiday pay has been released, reducing FY22 YTD operating costs.

FY22 operating information
111 8 M A Y 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 A P R I L 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
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
118
127
572
+70
391
+45
341
+39
Small medium business sales volume (GWh)
149
127
120
117
116
121
118
113
130
121
396
+71
354
+55
362
+62
Agricultural sales volume (GWh)
51
68
83
105
164
119
175
93
119
94
202
-3
387
-81
388
-88
Large business sales volume (GWh)
49
47
43
43
40
43
42
42
45
41
140
-16
126
-7
128
-1
Corporate and industrial sales volume (GWh)
321
322
297
302
314
328
343
314
369
332
940
+111
943
+88
1026
+93
Retail contracted sales volume (GWh)
776
759
715
716
755
731
793
671
781
715
2,250
+233
2,202
+99
2,246
+105
Average retail contracted sales price ($NZ/MWh)
$122.6
$124.0
$123.2
$109.9
$109.8
$105.2
$111.2
$115.5
$116.6
$122.8
$123.2
+$4.0
$108.3
+$3.8
$114.4
+$7.6
NZAS sales volume (GWh)
426
426
411
426
412
426
426
384
426
402
1,262
+0
1,263
+0
1,236
+0
Financial contract sales volumes (GWh)
197
297
234
374
280
208
280
244
249
178
728
+214
862
+376
773
+306
Average wholesale & financial contracts sales price ($NZ/MWh)
$73.2
$78.4
$65.1
$62.3
$56.9
$59.8
$63.3
$63.7
$64.2
$68.1
$72.5
-$3.3
$59.8
-$8.9
$63.7
+$0.9
Retail customer supply volumes (GWh)
816
795
752
764
798
776
828
709
821
747
2,363
+246
2,337
+123
2,358
+114
Cost to supply retail customers ($NZ/MWh)
$190.3
$165.3
$91.0
$74.6
$92.7
$57.2
$148.4
$146.4
$213.2
$210.5
$150.3
+$8.4
$75.0
-$40.8
$170.4
-$53.1
Cost to supply wholesale customers ($NZ/MWh)
$162.7
$115.9
$62.6
$51.2
$76.5
$45.5
$156.9
$120.5
$216.0
$225.2
$114.3
-$10.9
$57.5
-$36.4
$165.9
-$45.6
Cost of financial contracts ($NZ/MWh)
$159.9
$137.5
$104.8
$66.0
$78.8
$68.2
$160.4
$117.0
$180.6
$219.0
$133.0
+$2.9
$70.7
-$34.0
$153.2
-$39.3
Total New Zealand customer connections
350,961
353,357
354,810
355,760
357,521
358,350
359,550
360,780
363,430
364,182
354,810
+26,208
358,350
+25,763
363,430
+25,379
New Zealand generation
Hydro generation volume (GWh)
1,000
1,020
1,110
1,150
1,052
1,071
1,110
918
986
876
3,130
+372
3,273
+119
3,014
+298
Wind generation volume (GWh)
105
129
135
111
114
114
86
94
84
93
370
-16
339
-40
264
-23
Total generation volume (GWh)
1,105
1,149
1,245
1,260
1,166
1,185
1,196
1,012
1,070
968
3,499
+356
3,612
+79
3,278
+275
Average generation price ($NZ/MWh)
$166.2
$136.1
$75.8
$57.1
$78.9
$53.4
$138.4
$121.8
$198.1
$201.5
$124.1
-$2.3
$63.0
-$38.2
$152.8
-$58.0
New Zealand hedging
Hedging volume (GWh)
394
325
255
327
332
346
404
421
459
438
975
+122
1,004
+141
1,283
+195
Hedging cost average price ($NZ/MWh)
$129.6
$121.5
$117.7
$93.6
$94.8
$109.3
$104.1
$117.0
$120.0
$127.8
$123.8
+$18.5
$99.4
+$5.2
$114.0
-$1.2
Hedging spot revenue average price ($NZ/MWh)
$164.1
$140.7
$115.6
$74.4
$88.3
$69.2
$168.3
$138.8
$205.9
$197.5
$143.6
+$13.4
$77.2
-$32.5
$303.7
-$55.1
Future contract close outs ($NZm)
-0.7
0.1
0.2
-0.9
0.2
-0.1
-5.1
-1.5
10.0
-6.4
-0.5
+5.9
-0.8
+2.8
3.3
+13.0
Meridian Group
Employee and Operating Costs ($NZ m)
16
17
18
18
20
8
15
18
21
19
51
+3
46
-3
54
+7
Stay in Business Capital Expenditure ($NZ m)
3
3
4
3
6
2
-1
4
4
3
10
+1
11
+2
6
-2
Investment Capital Expenditure ($NZ m)
9
4
23
11
17
6
9
8
6
19
36
+25
34
+28
23
-14
Total Capital Expenditure ($NZ m)
12
7
27
15
24
7
8
11
10
22
46
+26
46
+30
29
-16

FY21 operating information
121 8 M A Y 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 A P R I L 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 8 M A Y 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 A P R I L 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