Meridian Energy monthly operating report for August 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
287-2 9 3 D u r h a m S t r e e t N o r t h , C h r i s t c h u r c h 8 0 1 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 August 2022

16 September 2022
Attached is Meridian Energy Limited's monthly operating report for the month of August
2022.

Highlights this month include:

▪ In the month to 14 September 2022, national hydro storage increased from 144% to
162% of historical average
▪ South Island storage increased to 170% of average and North Island storage increased to
134% of average by 14 September 2022
▪ Meridian’s August 2022 monthly total inflows were 231% of historical average, the
highest August month inflows on record
▪ Winter 2022 total inflows (June to August) were the highest winter inflows on record
▪ Meridian’s Waitaki catchment water storage at the end of August 2022 was 188% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 141% of average at the end of August
2022
▪ Waitaki snow storage in late August 2022 was 133% of historical average
▪ National electricity demand in August 2022 was 2.2% higher than the same month last
year
▪ August 2022 had highly variable rainfall, including serious flooding in parts of the
country. It was also the 2
nd
warmest August on record, with temperatures above
average across almost all the country
▪ New Zealand Aluminium Smelter’s average load during August 2022 was 575MW
▪ Meridian’s New Zealand retail sales volumes in August 2022 were 5.8% higher than
August 2021
▪ Compared to August 2021, segment sales increased in small medium business +19.3%,
agricultural +10.1% and large business +25.3% and corporate +1.0%. Residential sales
decreased -1.3%


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
August 2022

August highlights
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |2
In the month to 14 September
2022, national hydro storage
increased from 144%to 162%
of historical average
South Island storage
increased to 170%of average
and North Island storage
increased to 134%of average
by 14 September 2022
Meridian’s August 2022
monthly total inflows were
231%of historical average,
the highest August month
inflows on record
Winter 2022 total inflows
(June to August) were the
highest winter inflows on
record
August 2022 had highly variable
rainfall, including serious
flooding in parts of the country.
It was also the 2
nd
warmest
August on record, with
temperatures above average
across almost all the country
New Zealand Aluminium
Smelter’s average load during
August 2022 was 575MW
Meridian’s New Zealand retail
sales volumes in August 2022
were 5.8%higher than August
2021
Compared to August 2021,
segment sales increased in
small medium business+19.3%,
agricultural +10.1% and large
business +25.3% and corporate
+1.0%. Residential sales
decreased -1.3%
Meridian’s Waitaki catchment
water storage at the end of
August 2022 was 188%of
historical average
Water storage in Meridian’s
Waiau catchment was 141%
of average at the end of
August 2022
Waitaki snow storage in late
August 2022 was 133%of
historical average
National electricity demand in
August 2022 was 2.2%higher
than the same month last
year

Market data
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |3
▪National electricity demand in August 2022
was 2.2% higher than the same month last
year
▪August 2022 had highly variable rainfall,
including serious flooding in parts of the
country. It was also the 2
nd
warmest August
on record, with temperatures above
average across almost all the country
▪Demand in the last 12 months was 1.0%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during August 2022 was 575MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.5% at the
end of July 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.0% at the end of
July 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%
Jul 17Jan 18Jul 18Jan 19Jul 19Jan 20Jul 20Jan 21Jul 21Jan 22Jul 22
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |4
▪August 2022 saw further decreases in
short dated ASX prices
▪National storage increased from 144% of
average on 9 August 2022 to 162% of
average on 14 September 2022
▪South Island storage increased to 170% of
historical average by 14 September 2022.
North Island storage increased to 134% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (14 September 2022)
88yr Average199220042008
2012201820212022
60
80
100
120
140
160
180
200
220
240
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 April 202231 May 2022
30 June 202229 July 202231 August 2022
60
80
100
120
140
160
180
200
220
240
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 April 202231 May 2022
30 June 202229 July 202231 August 2022

New Zealand retail
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |5
▪Meridian’s New Zealand customer
connection numbers rose slightly during
August 2022
▪Retail sales volumes in August 2022 were
5.8% higher than August 2021
▪Compared to August 2021, segment sales
increased in small medium business
+19.3%, agricultural +10.1%, large business
+25.3% and corporate +1.0%. Residential
sales decreased -1.3%
▪To date this financial year, retail sales
volumes are 4.1% higher than the same
period last year
▪This reflects increased segment sales in:
small medium business +11.0%,
agricultural +7.0%, large business +23.8%
and corporate +0.3%. Residential sales are
-0.3% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
123
126
126
117
118
120120
120
120
120
120
121
121
122
122
123
123
123
123
123
123
123
123
124
124
125
125
126
126
109
111
112
113
114
114
115
115
116
116
117
117
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
FY23 Meridian NIFY23 Meridian SIFY23 Powershop
FY22 Meridian NIFY22 Meridian SIFY22 Powershop
207
192
155
152
53
75
61
59
320
326
205
195
172
148
122
121
115
108
118
127
158
185
149
127
120
117
116
121
118
113
130
121
136
143
51
68
83
105
164
119
175
93
119
94
74
48
49
47
43
43
40
43
42
42
45
41
48
51
321
322
297
302
314
328
343
314
369
332
352
335
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY23 ResidentialFY23 SMBFY23 AgriFY23 Large Bus
FY23 CorporateFY22 ResidentialFY22 SMBFY22 Agri
FY22 Large BusFY22 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 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |6
▪August 2022 monthly inflows were 231%
of historical average, the highest August
month inflows on record
▪Winter 2022 total inflows (June to August)
were the highest winter inflows on record
▪To date this financial year, inflows are
208% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,522GWh to
2,118GWh during August 2022
▪Waitaki water storage at the end of August
2022 was 188% of historical average and
40% higher than the same time last year
▪Water storage in Meridian’s Waiau
catchment was 141% of average at the end
of August 2022
▪Waitaki snow storage in late August 2022
was 133% of historical average
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
500
1,000
1,500
2,000
2,500
3,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
August YTD89 year average

New Zealand generation
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |7
▪Meridian’s New Zealand generation in
August 2022 was 13.9% higher than the
same month last year, reflecting higher
hydro and lower wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 8.3% higher than the
same period last year, reflecting higher
hydro and lower wind generation
▪The average price Meridian received for its
generation in August 2022 was 70.6%
lower than the same month last year
▪The average price Meridian paid to supply
customers in August 2022 was 66.9%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 56.7% lower than the same period last
year and the average price paid to supply
customers is 52.2% 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
FY23 HydroFY23 WindFY22 HydroFY22 Wind
95
40
166
136
76
57
79
53
138
122
198
202
209
156
0
50
100
150
200
250
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY23FY22

AUGUST
AUGUST
JULY
JUNE
2 MONTHS TO
2 MONTHS TO
2022
2021
2022
2022
AUGUST
AUGUST
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand contracted sales
Residential sales volume (GWh)
192


195


207


185


399


400


Small medium business sales volume (GWh)
152


127


155


143


306


276


Agricultural sales volume (GWh)
75


68


53


48


128


119


Large business sales volume (GWh)
59


47


61


51


119


96


Corporate and industrial sales volume (GWh)
326


322


320


335


645


643


Retail contracted sales volume (GWh)
804


759


795


761


1,598


1,536


Average retail contracted sales price
1
($NZ/MWh)
$134.2
$124.0
$133.3
$127.0
$133.8
$123.3
NZAS sales volume (GWh)
425


426


426


412


851


851


Financial contract sales volumes
2
(GWh)
281


297


190


219


471


494


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$60.4
$78.4
$65.4
$66.9
$62.7
$76.0
Retail customer supply volumes (GWh)
843


795


835


814


1,678


1,611


Cost to supply retail customers ($NZ/MWh)
$49.1
$165.3
$110.6
$168.0
$79.7
$178.0
Cost to supply wholesale customers ($NZ/MWh)
$40.2
$115.9
$97.6
$152.1
$68.9
$139.3
Cost of financial contracts ($NZ/MWh)
$58.7
$137.5
$120.6
$157.1
$83.7
$146.4
Total New Zealand customer connections
4
366,599


353,357


366,518


365,346


New Zealand
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |8
Meridian operating information
See page 10 for footnotes

AUGUST
AUGUST
JULY
JUNE
2 MONTHS TO
2 MONTHS TO
2022
2021
2022
2022
AUGUST
AUGUST
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand generation
Hydro generation volume (GWh)
1,187


1,019


1,013


998


2,199


2,020


Wind generation volume (GWh)
122


129


120


116


242


234


Total generation volume (GWh)
1,308


1,149


1,133


1,114


2,441


2,254


Average generation price
5
($NZ/MWh)
$39.9
$136.1
$94.7
$156.4
$65.3
$150.9
New Zealand hedging
Hedging volume
6
(GWh)
425


325


428


324


853


720


Hedging cost average price ($NZ/MWh)
$122.0
$121.5
$131.4
$136.7
$126.7
$125.9
Hedging spot revenue average price ($NZ/MWh)
$39.6
$140.7
$113.0
$161.2
$76.4
$153.5
Future contract close outs ($NZm)
$12.7
$0.1
-$1.1
$10.9
$11.6
-$0.7
New Zealand
1 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |9
Meridian operating information
See page 10 for footnotes

New Zealand
1 6 S E P T E M B E R 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 U G U S T 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
AUGUST
2022
MONTH
AUGUST
2021
MONTH
JULY
2022
MONTH
JUNE
2022
MONTH
2 MONTHS TO
AUGUST
2022
2 MONTHS TO
AUGUST
2021
New Zealand costs
Employee and Operating Costs
7
($m)201719253933
Stay in Business Capital Expenditure ($m)433676
Investment Capital Expenditure ($m)94991813
Total Capital Expenditure ($m)13712152519

Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2022
2022
2022
2022
2022
2022
2023
2023
2023
2023
2023
2023
FY22
change
FY22
change
FY22
change
FY22
change
New Zealand contracted sales
Residential sales volume (GWh)
207
192
Small medium business sales volume (GWh)
155
152
Agricultural sales volume (GWh)
53
75
Large business sales volume (GWh)
61
59
Corporate and industrial sales volume (GWh)
320
326
Retail contracted sales volume (GWh)
795
804
Average retail contracted sales price ($NZ/MWh)
$133.3
$134.2
NZAS sales volume (GWh)
426
425
Financial contract sales volumes (GWh)
190
281
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
Retail customer supply volumes (GWh)
835
843
Cost to supply retail customers ($NZ/MWh)
$110.6
$49.1
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
Total New Zealand customer connections
366,518
366,599
New Zealand generation
Hydro generation volume (GWh)
1,013
1,187
Wind generation volume (GWh)
120
122
Total generation volume (GWh)
1,133
1,308
Average generation price ($NZ/MWh)
$94.7
$39.9
New Zealand hedging
Hedging volume (GWh)
428
425
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
Future contract close outs ($NZm)
-1.1
12.7
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
Stay in Business Capital Expenditure ($NZ m)
3
4
Investment Capital Expenditure ($NZ m)
9
9
Total Capital Expenditure ($NZ m)
12
13
FY23 operating information
111 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |
Meridian operating information

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
158
185
572
+70
391
+45
341
+39
470
+15
Small medium business sales volume (GWh)
149
127
120
117
116
121
118
113
130
121
136
143
396
+71
354
+55
362
+62
399
+30
Agricultural sales volume (GWh)
51
68
83
105
164
119
175
93
119
94
74
48
202
-3
387
-81
388
-88
216
-10
Large business sales volume (GWh)
49
47
43
43
40
43
42
42
45
41
48
51
140
-16
126
-7
128
-1
140
+14
Corporate and industrial sales volume (GWh)
321
322
297
302
314
328
343
314
369
332
352
335
940
+111
943
+88
1,026
+93
1,019
+51
Retail contracted sales volume (GWh)
776
759
715
716
755
731
793
671
781
715
768
761
2,250
+233
2,202
+99
2,246
+105
2,244
+99
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
$128.5
$127.0
$123.2
+$4.0
$108.3
+$3.8
$114.4
+$7.6
$126.2
+$7.2
NZAS sales volume (GWh)
426
426
411
426
412
426
426
384
426
402
418
412
1,262
+0
1,263
+0
1,236
+0
1,232
-18
Financial contract sales volumes (GWh)
197
297
234
374
280
208
280
244
249
178
203
219
728
+214
862
+376
773
+306
600
+161
Average wholesale & financial contracts sales price ($NZ/MWh)
$73.2
$78.4
$65.1
$62.3
$56.9
$59.8
$63.3
$63.7
$64.2
$68.1
$74.9
$66.9
$72.5
-$3.3
$59.8
-$8.9
$63.7
+$0.9
$70.0
-$5.4
Retail customer supply volumes (GWh)
816
795
752
764
798
776
828
709
821
747
815
814
2,363
+246
2,337
+123
2,358
+114
2,376
+123
Cost to supply retail customers ($NZ/MWh)
$190.3
$165.3
$91.0
$74.6
$92.7
$57.2
$148.4
$146.4
$213.2
$210.5
$221.5
$168.0
$150.3
+$8.4
$75.0
-$40.8
$170.4
-$53.1
$199.7
-$87.0
Cost to supply wholesale customers ($NZ/MWh)
$162.7
$115.9
$62.6
$51.2
$76.5
$45.5
$156.9
$120.5
$216.0
$225.2
$215.0
$152.1
$114.3
-$10.9
$57.5
-$36.4
$165.9
-$45.6
$197.3
-$67.6
Cost of financial contracts ($NZ/MWh)
$159.9
$137.5
$104.8
$66.0
$78.8
$68.2
$160.4
$117.0
$180.6
$219.0
$207.7
$157.1
$133.0
+$2.9
$70.7
-$34.0
$153.2
-$39.3
$192.6
-$70.9
Total New Zealand customer connections
350,961
353,357
354,810
355,760
357,521
358,350
359,550
360,780
363,430
364,182
364,839
365,346
354,810
+26,208
358,350
+25,763
363,430
+25,379
365,346
+18,516
New Zealand generation
Hydro generation volume (GWh)
1,000
1,020
1,110
1,150
1,052
1,071
1,110
918
986
876
982
998
3,130
+372
3,273
+119
3,014
+298
2,855
+185
Wind generation volume (GWh)
105
129
135
111
114
114
86
94
84
93
104
116
370
-16
339
-40
264
-23
313
-31
Total generation volume (GWh)
1,105
1,149
1,245
1,260
1,166
1,185
1,196
1,012
1,070
968
1,085
1,114
3,499
+356
3,612
+79
3,278
+275
3,168
+154
Average generation price ($NZ/MWh)
$166.2
$136.1
$75.8
$57.1
$78.9
$53.4
$138.4
$121.8
$198.1
$201.5
$208.5
$156.4
$124.1
-$2.3
$63.0
-$38.2
$152.8
-$58.0
$188.0
-$79.7
New Zealand hedging
Hedging volume (GWh)
394
325
255
327
332
346
404
421
459
438
353
324
975
+122
1,004
+141
1,283
+195
1,115
+35
Hedging cost average price ($NZ/MWh)
$129.6
$121.5
$117.7
$93.6
$94.8
$109.3
$104.1
$117.0
$120.0
$127.8
$134.6
$136.7
$123.8
+$18.5
$99.4
+$5.2
$114.0
-$1.2
$132.6
+$17.2
Hedging spot revenue average price ($NZ/MWh)
$164.1
$140.7
$115.6
$74.4
$88.3
$69.2
$168.3
$138.8
$205.9
$197.5
$217.2
$161.2
$143.6
+$13.4
$77.2
-$32.5
$172.1
-$55.1
$193.2
-$68.0
Future contract close outs ($NZm)
-0.7
0.1
0.2
-0.9
0.2
-0.1
-5.1
-1.5
10.0
-6.4
2.3
10.9
-0.5
+5.9
-0.8
+2.8
3.3
+13.0
6.8
+0.8
Meridian Group
Employee and Operating Costs ($NZ m)
16
17
18
18
20
8
15
18
21
19
21
25
51
+3
46
-3
54
+7
65
+1
Stay in Business Capital Expenditure ($NZ m)
3
3
4
3
6
2
-1
4
4
3
3
6
10
+1
11
+2
6
-2
13
+1
Investment Capital Expenditure ($NZ m)
9
4
23
11
17
6
9
8
6
19
13
9
36
+25
34
+28
23
-14
41
+31
Total Capital Expenditure ($NZ m)
12
7
27
15
24
7
8
11
10
22
16
15
46
+26
46
+30
29
-16
54
+33
FY22 operating information
121 6 S E P T E M B E R 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 U G U S T 2 0 2 2 |
Meridian operating information

Glossary
131 6 S E P T E M B E R 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 U G U S T 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