Meridian Energy monthly operating report for September 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 September 2022

14 October 2022
Attached is Meridian Energy Limited's monthly operating report for the month of
September 2022.
Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly
operating result call via a Microsoft Teams Live event today, Friday 14 October at 2pm
NZDT (12pm AEDT).
Click on the link below at this time to join the call.
Meridian Energy Quarterly Operating results – Microsoft Teams Live Event
Please submit any questions using the Q&A panel on the right-hand side of the call window.
If the Q&A panel doesn’t automatically appear, please select the small ‘?’ speech bubble.
Highlights this month include:
▪ In the month to 7 October 2022, national hydro storage decreased from 162% to 146%
of historical average
▪ South Island storage decreased to 148% of average and North Island storage increased
to 141% of average by 7 October 2022
▪ Meridian’s September 2022 monthly total inflows were 80% of historical average
▪ Waiau catchment inflows in September 2022 were lower, at 54% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of September 2022 was 194% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 72% of average at the end of
September 2022
▪ Waitaki snow storage at the end of September 2022 was 116% of historical average
▪ National electricity demand in September 2022 was 1.6% higher than the same month
last year
▪ September 2022 was wet for the eastern North Island and dry for much of the South
Island. Temperatures near average for most of the country
▪ New Zealand Aluminium Smelter’s average load during September 2022 was 574MW
▪ Meridian’s New Zealand retail sales volumes in September 2022 were 7.9% higher than
September 2021
▪ Compared to September 2021, segment sales increased in small medium business
+17.7%, agricultural +4.5% and large business +24.0% and corporate +9.3%. Residential
sales decreased -3.9%

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

Highlights for the third quarter include:

▪ Meridian’s Q1 total inflows were 158% of historical average, 3% lower than Q1 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q1 was 21% higher than Q1
last year
▪ Compared to Q1 last year, Meridian’s New Zealand generation was 3.8% higher at a
49.9% lower average price
▪ Q1 saw increases in longer dated futures prices
▪ Close outs of 2024 and 2025 hedge positions generated $32m of proceeds in Q1
▪ New Zealand Aluminium Smelter’s sales volume in Q1 was 0.1% lower than Q1 last year
▪ National electricity demand in Q1 was 0.8% lower than Q1 last year
▪ 2022 winter (June-August) was the warmest and wettest on record. No areas
experienced below average temperatures and it was exceptionally wet across most of
the country
▪ At the end of Q1, Meridian’s New Zealand customer numbers were 3.2% higher than the
same time last year
▪ Compared to Q1 last year, Meridian’s NZ retail sales volumes were 5.3% higher at an
8.8% higher average price
▪ Sales increased in all segments, except residential, where sales were -1.4% lower
▪ Compared to Q1 last year, total operating costs were 16.6% higher
▪ Compared to Q1 last year, total capital expenditure was 10.6% lower, with higher stay in
business spend and lower growth spend


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:
Rheilli Uluilelata
External Communications Advisor
022 589 1052

Monthly Operating Report
September 2022

September highlights
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |2
In the month to 7 October
2022, national hydro storage
decreased from 162%to
146%of historical average
South Island storage
decreased to 148%of average
and North Island storage
increased to 141%of average
by 7 October 2022
Meridian’s September 2022
monthly total inflows were
80%of historical average
Waiau catchment inflows in
September 2022 were lower,
at 54%of historical average
September 2022 was wet for
the eastern North Island and
dry for much of the South
Island. Temperatures near
average for most of the
country
New Zealand Aluminium
Smelter’s average load during
September 2022 was 574MW
Meridian’s New Zealand retail
sales volumes in September
2022 were 7.9%higher than
September 2021
Compared to September 2021,
segment sales increased in
small medium business
+17.7%, agricultural +4.5% and
large business +24.0% and
corporate +9.3%. Residential
sales decreased -3.9%
Meridian’s Waitaki catchment
water storage at the end of
September 2022 was 194%of
historical average
Water storage in Meridian’s
Waiau catchment was 72%of
average at the end of
September 2022
Waitaki snow storage at the
end of September 2022 was
116%of historical average
National electricity demand
in September 2022 was 1.6%
higher than the same month
last year

Q1 highlights
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |3
Meridian’s Q1 total inflows
were 158%of historical
average, 3%lower than Q1
last year
Meridian’s Waitaki catchment
water storage at the end of
Q1 was 21%higher than Q1
last year
Compared to Q1 last year,
Meridian’s New Zealand
generation was 3.8%higher at
a 49.9%lower average price
Q1 saw increases in longer
dated futures prices
Close outs of 2024 and 2025
hedge positions generated
$32m of proceeds in Q1
Compared to Q1 last year,
Meridian’s NZ retail sales
volumes were 5.3%higher at an
8.8%higher average price
Sales increased in all segments,
except residential, where sales
were -1.4% lower
Compared to Q1 last year, total
operating costs were 16.6%
higher
Compared to Q1 last year, total
capital expenditure was 10.6%
lower, with higher stay in
business spend and lower
growth spend
New Zealand Aluminium
Smelter’s sales volume in Q1
was 0.1%lower than Q1 last
year
National electricity demand in
Q1 was 0.8%higher than Q1
last year
2022 winter (June-August)
was the warmest and wettest
on record. No areas
experienced below average
temperatures and it was
exceptionally wet across most
of the country
At the end of Q1, Meridian’s
New Zealand customer
numbers were 3.2%higher
than the same time last year

Market data
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |4
▪National electricity demand in September
2022 was 1.6% higher than the same month
last year
▪September 2022 was wet for the eastern
North Island and dry for much of the South
Island. Temperatures near average for most
of the country
▪Demand in the last 12 months was 0.8%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during September 2022 was 574MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.6% at the
end of August 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.3% at the end of
August 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%
Aug 17Feb 18Aug 18Feb 19Aug 19Feb 20Aug 20Feb 21Aug 21Feb 22Aug 22
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |5
▪September 2022 saw increases in ASX
prices. 2026 prices began trading around
10% lower than 2025 prices
▪National storage decreased from 162% of
average on 14 September 2022 to 146% of
average on 7 October 2022
▪South Island storage decreased to 148% of
historical average by 7 October 2022.
North Island storage increased to 141% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (7 October 2022)
88yr Average199220042008
2012201820212022
70
90
110
130
150
170
190
210
230
250
270
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
Q1
2026
Q2
2026
Q3
2026
Q4
2026
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202131 May 202230 June 2022
29 July 202231 August 20223 October 2022
70
90
110
130
150
170
190
210
230
250
270
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
Q1
2026
Q2
2026
Q3
2026
Q4
2026
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202131 May 202230 June 2022
29 July 202231 August 20223 October 2022

New Zealand retail
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |6
▪Meridian’s New Zealand customer
connection numbers decreased slightly
during September 2022
▪Retail sales volumes in September 2022
were 7.9% higher than September 2021
▪Compared to September 2021, segment
sales increased in small medium business
+17.7%, agricultural +4.5%, large business
+24.0% and corporate +9.3%. Residential
sales decreased -3.9%
▪To date this financial year, retail sales
volumes are 5.3% higher than the same
period last year
▪This reflects increased segment sales in:
small medium business +13.1%,
agricultural +6.0%, large business +23.9%
and corporate +3.2%. Residential sales are
-1.4% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
123123
126
126126
117
118
117
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
165
155
152
141
53
75
87
61
59
53
320
326
325
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 4 O C T O 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 S E P T E M B E R 2 0 2 2 |7
▪September 2022 monthly inflows were
80% of historical average
▪Waiau catchment inflows in September
2022 were lower, at 54% of historical
average
▪To date this financial year, inflows are
158% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 2,118GWh to
1,923GWh during September 2022
▪Waitaki water storage at the end of
September 2022 was 194% of historical
average and 21% higher than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was 72% of average at the end
of September 2022
▪Waitaki snow storage at the end of
September 2022 was 116% of historical
average
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
September YTD89 year average

New Zealand generation
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |8
▪Meridian’s New Zealand generation in
September 2022 was 4.5% 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 3.8% higher than the
same period last year, reflecting higher
hydro and lower wind generation
▪The average price Meridian received for its
generation in September 2022 was 26.5%
lower than the same month last year
▪The average price Meridian paid to supply
customers in September 2022 was 29.3%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 49.9% lower than the same period last
year and the average price paid to supply
customers is 47.6% 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
FY23 HydroFY23 WindFY22 HydroFY22 Wind
95
40
56
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

SEPTEMBER
SEPTEMBER
AUGUST
JULY
3 MONTHS TO
3 MONTHS TO
2022
2021
2022
2022
SEPTEMBER
SEPTEMBER
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand contracted sales
Residential sales volume (GWh)
165


172


192


205


564


572


Small medium business sales volume (GWh)
141


120


152


149


448


396


Agricultural sales volume (GWh)
87


83


75


51


214


202


Large business sales volume (GWh)
53


43


59


49


173


140


Corporate and industrial sales volume (GWh)
325


297


326


321


970


940


Retail contracted sales volume (GWh)
771


715


804


776


2,369


2,250


Average retail contracted sales price
1
($NZ/MWh)
$134.9
$123.2
$134.2
$122.6
$134.1
$123.2
NZAS sales volume (GWh)
411


411


425


426


1,262


1,262


Financial contract sales volumes
2
(GWh)
176


234


281


197


647


728


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$50.5
$65.1
$60.4
$73.2
$58.9
$72.5
Retail customer supply volumes (GWh)
823


752


843


816


2,501


2,363


Cost to supply retail customers ($NZ/MWh)
$64.5
$91.0
$49.1
$190.3
$74.7
$150.3
Cost to supply wholesale customers ($NZ/MWh)
$49.7
$62.6
$40.2
$162.7
$62.7
$114.3
Cost of financial contracts ($NZ/MWh)
$63.1
$104.8
$58.7
$159.9
$78.1
$133.0
Total New Zealand customer connections
4
366,285


354,810


366,599


365,686


New Zealand
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |9
Meridian operating information
See page 11 for footnotes

SEPTEMBER
SEPTEMBER
AUGUST
JULY
3 MONTHS TO
3 MONTHS TO
2022
2021
2022
2022
SEPTEMBER
SEPTEMBER
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand generation
Hydro generation volume (GWh)
1,101


1,110


1,187


1,000


3,300


3,130


Wind generation volume (GWh)
89


135


122


105


331


370


Total generation volume (GWh)
1,190


1,245


1,308


1,105


3,631


3,499


Average generation price
5
($NZ/MWh)
$55.7
$75.8
$39.9
$166.2
$62.2
$124.1
New Zealand hedging
Hedging volume
6
(GWh)
352


255


425


394


1,205


975


Hedging cost average price ($NZ/MWh)
$116.7
$117.7
$122.0
$129.6
$123.8
$123.8
Hedging spot revenue average price ($NZ/MWh)
$64.7
$115.6
$39.6
$164.1
$73.0
$143.6
Future contract close outs ($NZm)
$20.7
$0.2
$12.7
-$0.7
$32.4
-$0.5
New Zealand
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |10
Meridian operating information
See page 11 for footnotes

New Zealand
1 4 O C T O 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 S E P T E M B E R 2 0 2 2 |11
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
SEPTEMBER
2022
MONTH
SEPTEMBER
2021
MONTH
AUGUST
2022
MONTH
JULY
2022
MONTH
3 MONTHS TO
SEPTEMBER
2022
3 MONTHS TO
SEPTEMBER
2021
New Zealand costs
Employee and Operating Costs
7
($m)201820196051
Stay in Business Capital Expenditure ($m)44431110
Investment Capital Expenditure ($m)1223993036
Total Capital Expenditure ($m)162713124146

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
165
564
-8
Small medium business sales volume (GWh)
155
152
141
448
+52
Agricultural sales volume (GWh)
53
75
87
214
+12
Large business sales volume (GWh)
61
59
53
173
+33
Corporate and industrial sales volume (GWh)
320
326
325
970
+30
Retail contracted sales volume (GWh)
795
804
771
2,369
+119
Average retail contracted sales price ($NZ/MWh)
$133.3
$134.2
$134.9
$134.1
+$10.9
NZAS sales volume (GWh)
426
425
411
1,262
-1
Financial contract sales volumes (GWh)
190
281
176
647
-81
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
$50.5
$58.9
-$13.5
Retail customer supply volumes (GWh)
835
843
823
2,501
+138
Cost to supply retail customers ($NZ/MWh)
$110.6
$49.1
$64.5
$74.7
-$75.6
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
$49.7
$62.7
-$51.7
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
$63.1
$78.1
-$54.9
Total New Zealand customer connections
366,518
366,599
366,285
366,285
+11,475
New Zealand generation
Hydro generation volume (GWh)
1,013
1,187
1,101
3,300
+170
Wind generation volume (GWh)
120
122
89
331
-39
Total generation volume (GWh)
1,133
1,308
1,190
3,631
+131
Average generation price ($NZ/MWh)
$94.7
$39.9
$55.7
$62.2
-$62.0
New Zealand hedging
Hedging volume (GWh)
428
425
352
1,205
+231
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
$116.7
$123.8
-$0.0
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
$64.7
$73.0
-$70.6
Future contract close outs ($NZm)
-1.1
12.7
20.7
32.4
+32.9
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
60
+8
Stay in Business Capital Expenditure ($NZ m)
3
4
4
11
+1
Investment Capital Expenditure ($NZ m)
9
9
12
30
-6
Total Capital Expenditure ($NZ m)
12
13
16
41
-5
FY23 operating information
121 4 O C T O 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 S E P T E M B E R 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
131 4 O C T O 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 S E P T E M B E R 2 0 2 2 |
Meridian operating information

Glossary
141 4 O C T O 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 S E P T E M B E R 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