Meridian Energy monthly operating report for November 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 November 2022

16 December 2022
Attached is Meridian Energy Limited's monthly operating report for the month of November
2022.
Highlights this month include:
▪ In the month to 8 December 2022, national hydro storage decreased from 149% to
138% of historical average
▪ South Island storage decreased to 138% of average and North Island storage increased
to 137% of average by 8 December 2022
▪ Meridian’s November 2022 monthly total inflows were 131% of historical average
▪ Waiau catchment inflows in November 2022 were lower, at 90% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of November 2022 was 175% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 89% of average at the end of
November 2022
▪ Waitaki snow storage in late November 2022 was 92% of historical average
▪ National electricity demand in November 2022 was 1.5% lower than the same month
last year
▪ November 2022 was the warmest November on record. While rainfall was below
average in Fiordland and Eastern Otago, most of the country saw above average rainfall
totals
▪ New Zealand Aluminium Smelter’s average load during November 2022 was 578MW
▪ Meridian’s New Zealand retail sales volumes in November 2022 were 1.4% higher than
November 2021
▪ Compared to November 2021, segment sales increased in small medium business
+10.1%, large business +23.2% and corporate +1.7%. Sales were lower in residential -
2.0% and agricultural -8.4%


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
November 2022

November highlights
1 6 D E C 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 N O V E M B E R 2 0 2 2 |2
In the month to 8 December
2022, national hydro storage
decreased from 149%to
138%of historical average
South Island storage
decreased to 138%of average
and North Island storage
increased to 137%of average
by 8 December 2022
Meridian’s November 2022
monthly total inflows were
131%of historical average
Waiau catchment inflows in
November 2022 were lower,
at 90%of historical average
November 2022 was the
warmest November on record.
While rainfall was below
average in Fiordland and
Eastern Otago, most of the
country saw above average
rainfall totals
New Zealand Aluminium
Smelter’s average load during
November 2022 was 578MW
Meridian’s New Zealand retail
sales volumes in November
2022 were 1.4%higher than
November 2021
Compared to November 2021,
segment sales increased in
small medium business
+10.1%, large business +23.2%
and corporate +1.7%. Sales
were lower in residential -2.0%
and agricultural -8.4%
Meridian’s Waitaki catchment
water storage at the end of
November 2022 was 175%of
historical average
Water storage in Meridian’s
Waiaucatchment was 89%of
average at the end of
November 2022
Waitaki snow storage in late
November 2022 was 92%of
historical average
National electricity demand
in November 2022 was 1.5%
lower than the same month
last year

Market data
1 6 D E C 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 N O V E M B E R 2 0 2 2 |3
▪National electricity demand in November
2022 was 1.5% lower than the same month
last year
▪November 2022 was soggy and
exceptionally warm. While rainfall was
below average in Fiordland and Eastern
Otago, most of the country saw above
average rainfall totals
▪Demand in the last 12 months was 0.4%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during November 2022 was 578MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.7% at the
end of October 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.4% at the end of
October 2022
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Oct 17Apr 18Oct 18Apr 19Oct 19Apr 20Oct 20Apr 21Oct 21Apr 22Oct 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 6 D E C 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 N O V E M B E R 2 0 2 2 |4
▪November 2022 saw decreases in ASX
prices across the curve
▪National storage decreased from 149% of
average on 15 November 2022 to 138% of
average on 8 December 2022
▪South Island storage decreased to 138% of
historical average by 8 December 2022.
North Island storage increased 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 (8 December 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 202130 June 202231 August 2022
3 October 202231 October 202230 November 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 202130 June 202231 August 2022
3 October 202231 October 202230 November 2022

New Zealand retail
1 6 D E C 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 N O V E M B E R 2 0 2 2 |5
▪Meridian’s New Zealand customer
connection numbers increased 0.3%
during November 2022 and have increased
0.2% since June 2022
▪Retail sales volumes in November 2022
were 1.4% higher than November 2021
▪Compared to November 2021, segment
sales increased in small medium business
+10.1%, large business sales +23.2% and
corporate +1.7%. Sales were lower in
residential -2.0% and agricultural -8.4%
▪To date this financial year, retail sales
volumes are 5.6% higher than the same
period last year
▪This reflects increased segment sales in:
small medium business +14.5%,
agricultural +5.8%, large business +17.6%
and corporate +3.6%. Residential sales are
-0.8% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
123123
123123
126
126126
126
126
117
118
117
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
165
152
119
155
152
141
145
128
53
75
87
134
150
61
59
53
40
50
320
326
325
323
319
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

New Zealand storage
1 6 D E C 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 N O V E M B E R 2 0 2 2 |6
▪November 2022 monthly inflows were
131% of historical average
▪Waiau catchment inflows in November
2022 were lower, at 90% of historical
average
▪To date this financial year, inflows are
129% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,673GWh to
2,240GWh during November 2022
▪Waitaki water storage at the end of
November 2022 was 175% of historical
average and 31% higher than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was 89% of average at the end
of November 2022
▪Waitaki snow storage in late November
2022 was 92% of historical average
Meridian operating information
Source: Meridian
Source: Meridian
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
1-Dec
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
November YTD89 year average

New Zealand generation
1 6 D E C 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 N O V E M B E R 2 0 2 2 |7
▪Meridian’s New Zealand generation in
November 2022 was 2.0% 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 1.5% higher than the
same period last year, reflecting higher
hydro and lower wind generation
▪The average price Meridian received for its
generation in November 2022 was 58.0%
lower than the same month last year
▪The average price Meridian paid to supply
customers in November 2022 was 55.1%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 42.1% lower than the same period last
year and the average price paid to supply
customers is 40.6% 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
72
33
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

NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2022
2021
2022
2022
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand contracted sales
Residential sales volume (GWh)
119


122


152


165


836


842


Small medium business sales volume (GWh)
128


116


145


141


721


629


Agricultural sales volume (GWh)
150


164


134


87


498


471


Large business sales volume (GWh)
50


40


40


53


263


223


Corporate and industrial sales volume (GWh)
319


314


323


325


1,612


1,556


Retail contracted sales volume (GWh)
766


755


795


771


3,929


3,721


Average retail contracted sales price
1
($NZ/MWh)
$121.5
$109.8
$124.0
$134.9
$129.6
$117.9
NZAS sales volume (GWh)
411


412


426


411


2,098


2,100


Financial contract sales volumes
2
(GWh)
251


280


257


176


1,155


1,382


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$55.8
$56.9
$56.5
$50.5
$57.8
$67.1
Retail customer supply volumes (GWh)
825


798


847


823


4,172


3,924


Cost to supply retail customers ($NZ/MWh)
$44.2
$92.7
$82.8
$64.5
$70.3
$123.8
Cost to supply wholesale customers ($NZ/MWh)
$29.7
$76.5
$70.7
$49.7
$57.8
$94.1
Cost of financial contracts ($NZ/MWh)
$33.7
$78.8
$73.7
$63.1
$67.4
$103.9
Total New Zealand customer connections
4
365,946


357,521


364,700


366,285


New Zealand
1 6 D E C 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 N O V E M B E R 2 0 2 2 |8
Meridian operating information
See page 10 for footnotes

NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2022
2021
2022
2022
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand generation
Hydro generation volume (GWh)
1,086


1,052


1,066


1,101


5,452


5,331


Wind generation volume (GWh)
103


114


126


89


560


594


Total generation volume (GWh)
1,190


1,166


1,192


1,190


6,012


5,926


Average generation price
5
($NZ/MWh)
$33.1
$78.9
$72.4
$55.7
$58.5
$101.0
New Zealand hedging
Hedging volume
6
(GWh)
347


332


350


352


1,902


1,633


Hedging cost average price ($NZ/MWh)
$100.2
$94.8
$103.3
$116.7
$115.7
$111.9
Hedging spot revenue average price ($NZ/MWh)
$35.8
$88.3
$77.2
$64.7
$67.0
$118.5
Future contract close outs ($NZm)
$13.7
$0.2
$5.4
$20.7
$51.4
-$1.2
New Zealand
1 6 D E C 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 N O V E M B E R 2 0 2 2 |9
Meridian operating information
See page 10 for footnotes

New Zealand
1 6 D E C 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 N O V E M B E R 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
NOVEMBER
2022
MONTH
NOVEMBER
2021
MONTH
OCTOBER
2022
MONTH
SEPTEMBER
2022
MONTH
5 MONTHS TO
NOVEMBER
2022
5 MONTHS TO
NOVEMBER
2021
New Zealand costs
Employee and Operating Costs
7
($m)2120212010189
Stay in Business Capital Expenditure ($m)46341819
Investment Capital Expenditure ($m)501711129165
Total Capital Expenditure ($m)5424141610984
November 2022 Capital Expenditure included ex-works payments to Siemens Gamesa in relation to the HarapakiWind Farm construction

FY23 operating information
111 6 D E C 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 N O V 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
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
152
119
564
-8
Small medium business sales volume (GWh)
155
152
141
145
128
448
+52
Agricultural sales volume (GWh)
53
75
87
134
150
214
+12
Large business sales volume (GWh)
61
59
53
40
50
173
+33
Corporate and industrial sales volume (GWh)
320
326
325
323
319
970
+30
Retail contracted sales volume (GWh)
795
804
771
795
766
2,369
+119
Average retail contracted sales price ($NZ/MWh)
$133.3
$134.2
$134.9
$124.0
$121.5
$134.1
+$10.9
NZAS sales volume (GWh)
426
425
411
426


411
1,262
-1
Financial contract sales volumes (GWh)
190
281
176
257


251
647
-81
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
$50.5
$56.5
$55.8
$58.9
-$13.5
Retail customer supply volumes (GWh)
835
843
823
847


825
2,501
+138
Cost to supply retail customers ($NZ/MWh)
$110.6
$49.1
$64.5
$82.8
$44.2
$74.7
-$75.6
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
$49.7
$70.7
$29.7
$62.7
-$51.7
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
$63.1
$73.7
$33.7
$78.1
-$54.9
Total New Zealand customer connections
366,518
366,599
366,285
364,700


365,946
366,285
+11,475
New Zealand generation
Hydro generation volume (GWh)
1,013
1,187
1,101
1,066


1,086
3,300
+170
Wind generation volume (GWh)
120
122
89
126


103
331
-39
Total generation volume (GWh)
1,133
1,308
1,190
1,192


1,190
3,631
+131
Average generation price ($NZ/MWh)
$94.7
$39.9
$55.7
$72.4
$33.1
$62.2
-$62.0
New Zealand hedging
Hedging volume (GWh)
428
425
352
350


347
1,205
+231
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
$116.7
$103.3
$100.2
$123.8
-$0.0
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
$64.7
$77.2
$35.8
$73.0
-$70.6
Future contract close outs ($NZm)
-1.1
12.7
20.7
$5.4
13.7
32.4
+32.9
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
21
21
60
+8
Stay in Business Capital Expenditure ($NZ m)
3
4
4
3
4
11
+1
Investment Capital Expenditure ($NZ m)
9
9
12
11
50
30
-6
Total Capital Expenditure ($NZ m)
12
13
16
14
54
41
-5

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 D E C 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 N O V E M B E R 2 0 2 2 |
Meridian operating information

Glossary
131 6 D E C 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 N O V 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