Meridian Energy monthly operating report for December 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 December 2022

16 January 2023
Attached is Meridian Energy Limited's monthly operating report for the month of December
2022.
Highlights this month include:
▪ In the month to 10 January 2023, national hydro storage decreased from 138% to 116%
of historical average
▪ South Island storage decreased to 111% of average and North Island storage increased
to 144% of average by 10 January 2023
▪ Meridian’s December 2022 monthly total inflows were 63% of historical average
▪ Waiau catchment inflows in December 2022 were lower, at 55% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of December was 129% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 65% of average at the end of
December 2022
▪ Waitaki snow storage in early January 2023 was 65% of historical average
▪ National electricity demand in December 2022 was 0.4% lower than the same month
last year
▪ December 2022 was generally a warm month with variable rainfall patterns. Most of
Otago and Southland saw rainfall totals well below average
▪ New Zealand Aluminium Smelter’s average load during December 2022 was 577MW
▪ Meridian’s retail sales volumes in December 2022 were 1.4% higher than December
2021
▪ Compared to December 2021, segment sales increased in small medium business +3.7%,
agricultural +19.0%, large business +11.7%. Residential decreased -1.2% and corporate -
6.2%


Highlights for the second quarter include:
▪ Meridian’s Q2 total inflows were 88% of historical average, 10% lower than Q2 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q2 was 2% lower than Q2 last
year
▪ Compared to Q2 last year, Meridian’s generation was 0.8% lower at a 35.6% lower
average price

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

▪ Q2 saw increases in longer dated futures prices
▪ Close outs of 2024 and 2025 hedge positions generated $19m of proceeds in Q2
▪ New Zealand Aluminium Smelter’s sales volume in Q2 was 0.1% lower than Q2 last year
▪ National electricity demand in Q2 was 0.5% higher than Q2 last year
▪ 2022 spring (September-December) was warm with no areas experiencing below
average temperatures. Much of the North Island was very wet, South Island rainfall was
around normal
▪ At the end of Q2, Meridian’s customer numbers were 2.4% higher than the same time
last year
▪ Compared to Q2 last year, Meridian’s retail sales volumes were 4.5% higher at a 13.3%
higher average price
▪ Sales increased in all segments, except residential, where sales were flat
▪ Compared to Q2 last year, total operating costs were 33.2% higher
▪ Compared to Q2 last year, total capital expenditure was 185.0% higher and included ex-
works payments to Siemens Gamesa in relation to the Harapaki Wind Farm construction


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
December 2022

December highlights
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |2
In the month to 10 January
2023, national hydro storage
decreased from 138%to
116%of historical average
South Island storage
decreased to 111%of average
and North Island storage
increased to 144%of average
by 10 January 2023
Meridian’s December 2022
monthly total inflows were
63%of historical average
Waiau catchment inflows in
December 2022 were lower,
at 55%of historical average
December 2022 was generally
a warm month with variable
rainfall patterns. Most of
Otago and Southland saw
rainfall totals well below
average
New Zealand Aluminium
Smelter’s average load during
December 2022 was 577MW
Meridian’s retail sales volumes
in December 2022 were 1.4%
higher than December 2021
Compared to December 2021,
segment sales increased in
small medium business+3.7%,
agricultural +19.0%, large
business +11.7%. Residential
decreased -1.2% and corporate
-6.2%
Meridian’s Waitaki catchment
water storage at the end of
December was 129%of
historical average
Water storage in Meridian’s
Waiaucatchment was 65%of
average at the end of
December 2022
Waitaki snow storage in early
January 2023 was 65%of
historical average
National electricity demand
in December 2022 was 0.4%
lower than the same month
last year

Q2 highlights
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |3
Meridian’s Q2 total inflows
were 88%of historical
average, 10%lower than Q2
last year
Meridian’s Waitaki catchment
water storage at the end of
Q2 was 2%lower than Q2 last
year
Compared to Q2 last year,
Meridian’s generation was
0.8%lower at a 35.6%lower
average price
Q2 saw increases in longer
dated futures prices
Close outs of 2024 and 2025
hedge positions generated
$19m of proceeds in Q2
Compared to Q2 last year,
Meridian’s retail sales volumes
were 4.5%higher at a 13.3%
higher average price
Sales increased in all segments,
except residential, where sales
were flat
Compared to Q2 last year, total
operating costs were 33.2%
higher
Compared to Q2 last year, total
capital expenditure was 185.0%
higher and included ex-works
payments to Siemens Gamesa
in relation to the HarapakiWind
Farm construction
New Zealand Aluminium
Smelter’s sales volume in Q2
was 0.1%lower than Q2 last
year
National electricity demand in
Q2 was 0.5%higher than Q2
last year
2022 spring (September-
December) was warm with no
areas experiencing below
average temperatures. Much
of the North Island was very
wet, South Island rainfall was
around normal
At the end of Q2, Meridian’s
customer numbers were 2.4%
higher than the same time
last year

Market data
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |4
▪National electricity demand in December
2022 was 0.4% lower than the same month
last year
▪December 2022 was generally a warm
month with variable rainfall patterns. Most
of Otago and Southland saw rainfall totals
well below average
▪Demand in the last 12 months was 0.2%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during December 2022 was 577MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.8% at the
end of November 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.5% at the end of
November 2022
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Nov 17May 18Nov 18May 19Nov 19May 20Nov 20May 21Nov 21May 22Nov 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 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |5
▪December 2022 saw increases in ASX
prices across the curve
▪National storage decreased from 138% of
average on 8 December 2022 to 116% of
average on 10 January 2023
▪South Island storage decreased to 111% of
historical average by 10 January 2023.
North Island storage increased to 144% of
average
Source: ASX
Source: ASX
Source: NZX
30
50
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 202231 August 20223 October 2022
31 October 202230 November 202230 December 2022
30
50
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 202231 August 20223 October 2022
31 October 202230 November 202230 December 2022
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 January 2023)
Average stored (90yr)19922004
200820122018
202120222023

Meridian retail
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |6
▪Meridian’s customer connection numbers
increased 0.3% during December 2022 and
have increased 0.4% since June 2022
▪Retail sales volumes in December 2022
were 1.4% higher than December 2021
▪Compared to December 2021, segment
sales increased in small medium business
+3.7%, agricultural +19.0%, large business
+11.7%. Residential decreased -1.2% and
corporate -6.2%
▪To date this financial year, retail sales
volumes are 4.9% higher than the same
period last year
▪This reflects increased segment sales in:
small medium business +12.8%,
agricultural +8.5%, large business +16.6%
and corporate +1.9%. Residential sales are
-0.9% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
207
192
165
152
119
119
155
152
141
145
128
125
53
75
87
134
150
141
61
59
53
40
50
48
320
326
325
323
319
308
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
123
123123
123123
123
126
126126
126
126
126
117
118
117
117
118
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 CUSTOMER CONNECTIONS
FY23 Meridian NIFY23 Meridian SIFY23 Powershop
FY22 Meridian NIFY22 Meridian SIFY22 Powershop

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
Meridian inflows and storage
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |7
▪December 2022 monthly inflows were 63%
of historical average
▪Waiau catchment inflows in December
2022 were lower, at 55% of historical
average
▪To date this financial year, inflows are
114% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 2,240GWh to
2,118GWh during December 2022
▪Waitaki water storage at the end of
December 2022 was 129% of historical
average and 2% lower than the same time
last year
▪Water storage in Meridian’s Waiau
catchment was 65% of average at the end
of December 2022
▪Waitaki snow storage in early January 2023
was 65% of historical average
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
December YTD89 year average

Meridian generation
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |8
▪Meridian’s generation in December 2022
was 1.4% higher than the same month last
year, reflecting higher hydro and lower
wind generation
▪To date this financial year, Meridian’s
generation is 1.4% higher than the same
period last year, reflecting higher hydro
and lower wind generation
▪The average price Meridian received for its
generation in December 2022 was 69.4%
lower than the same month last year
▪The average price Meridian paid to supply
customers in December 2022 was 63.4%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 44.7% lower than the same period last
year and the average price paid to supply
customers is 42.9% lower
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
95
40
56
72
33
16
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
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S GENERATION
FY23 HydroFY23 WindFY22 HydroFY22 Wind

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


121


119


152


955


963


Small medium business sales volume (GWh)
125


121


128


145


846


750


Agricultural sales volume (GWh)
141


119


150


134


639


590


Large business sales volume (GWh)
48


43


50


40


310


266


Corporate and industrial sales volume (GWh)
308


328


319


323


1,920


1,883


Retail contracted sales volume (GWh)
741


731


766


795


4,670


4,452


Average retail contracted sales price
1
($NZ/MWh)
$122.5
$105.2
$121.5
$124.0
$128.5
$115.8
NZAS sales volume (GWh)
425


426


411


426


2,524


2,525


Financial contract sales volumes
2
(GWh)
277


208


251


257


1,432


1,590


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$54.2
$59.8
$55.8
$56.5
$57.2
$65.9
Retail customer supply volumes (GWh)
793


776


825


847


4,965


4,700


Cost to supply retail customers ($NZ/MWh)
$23.6
$57.2
$44.2
$82.8
$62.9
$112.8
Cost to supply wholesale customers ($NZ/MWh)
$12.7
$45.5
$29.7
$70.7
$50.2
$85.9
Cost of financial contracts ($NZ/MWh)
$22.2
$68.2
$33.7
$73.7
$58.7
$99.2
Total New Zealand customer connections
4
366,936


358,350


365,946


362,238


Monthly operating information
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |9
Meridian operating information
See page 11 for footnotes

DECEMBER
DECEMBER
NOVEMBER
OCTOBER
6 MONTHS TO
6 MONTHS TO
2022
2021
2022
2022
DECEMBER
DECEMBER
MONTH
MONTH
MONTH
MONTH
2022
2021
New Zealand generation
Hydro generation volume (GWh)
1,121


1,071


1,086


1,066


6,574


6,402


Wind generation volume (GWh)
81


114


103


126


640


709


Total generation volume (GWh)
1,202


1,185


1,190


1,192


7,214


7,111


Average generation price
5
($NZ/MWh)
$16.3
$53.4
$33.1
$72.4
$51.4
$93.1
New Zealand hedging
Hedging volume
6
(GWh)
358


346


347


350


2,260


1,978


Hedging cost average price ($NZ/MWh)
$99.1
$109.3
$100.2
$103.3
$113.1
$111.4
Hedging spot revenue average price ($NZ/MWh)
$25.5
$69.2
$35.8
$77.2
$60.4
$109.9
Future contract close outs ($NZm)
-$0.2
-$0.1
$13.7
$5.4
$51.2
-$1.3
Monthly operating information
1 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |10
Meridian operating information
See page 11 for footnotes

Monthly operating information
1 6 J A N U A R Y 2 0 2 3 | 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 D E C 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
DECEMBER
2022
MONTH
DECEMBER
2021
MONTH
NOVEMBER
2022
MONTH
OCTOBER
2022
MONTH
6 MONTHS TO
DECEMBER
2022
6 MONTHS TO
DECEMBER
2021
New Zealand costs
Employee and Operating Costs
7
($m)218212112297
Stay in Business Capital Expenditure ($m)42432221
Investment Capital Expenditure ($m)585501114971
Total Capital Expenditure ($m)628541417192
November 2022 and December 2022 Capital Expenditure included ex-works payments to Siemens Gamesa in relation to the HarapakiWind
Farm construction

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
119
564
-8
390
-0
Small medium business sales volume (GWh)
155
152
141
145
128
125
448
+52
398
+44
Agricultural sales volume (GWh)
53
75
87
134
150
141
214
+12
425
+38
Large business sales volume (GWh)
61
59
53
40
50
48
173
+33
137
+11
Corporate and industrial sales volume (GWh)
320
326
325
323
319
308
970
+30
950
+7
Retail contracted sales volume (GWh)
795
804
771
795
766
741
2,369
+119
2,301
+100
Average retail contracted sales price ($NZ/MWh)
$133.3
$134.2
$134.9
$124.0
$121.5
$122.5
$134.1
+$10.9
$122.7
+$14.4
NZAS sales volume (GWh)
426
425
411
426


411
425
1,262
-1
1,262
-1
Financial contract sales volumes (GWh)
190
281
176
257


251
277
647
-81
785
-78
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
$50.5
$56.5
$55.8
$54.2
$58.9
-$13.5
$55.5
-$4.3
Retail customer supply volumes (GWh)
835
843
823
847


825
793
2,501
+138
2,465
+127
Cost to supply retail customers ($NZ/MWh)
$110.6
$49.1
$64.5
$82.8
$44.2
$23.6
$74.7
-$75.6
$50.8
-$24.1
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
$49.7
$70.7
$29.7
$12.7
$62.7
-$51.7
$37.8
-$19.7
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
$63.1
$73.7
$33.7
$22.2
$78.1
-$54.9
$42.7
-$28.0
Total New Zealand customer connections
366,518
366,599
366,285
364,700


365,946
366,936
366,285
+11,475
366,936
+8,586
New Zealand generation
Hydro generation volume (GWh)
1,013
1,187
1,101
1,066


1,086
1,121
3,300
+170
3,274
+1
Wind generation volume (GWh)
120
122
89
126


103
81
331
-39
310
-30
Total generation volume (GWh)
1,133
1,308
1,190
1,192


1,190
1,202
3,631
+131
3,583
-29
Average generation price ($NZ/MWh)
$94.7
$39.9
$55.7
$72.4
$33.1
$16.3
$62.2
-$62.0
$40.6
-$22.4
New Zealand hedging
Hedging volume (GWh)
428
425
352
350


347
358
1,205
+231
1,054
+51
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
$116.7
$103.3
$100.2
$99.1
$123.8
-$0.0
$100.8
+$1.5
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
$64.7
$77.2
$35.8
$25.5
$73.0
-$70.6
$46.0
-$31.2
Future contract close outs ($NZm)
-1.1
12.7
20.7
$5.4
13.7
-0.2
32.4
+32.9
18.9
+19.7
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
21
21
21
60
+8
62
+15
Stay in Business Capital Expenditure ($NZ m)
3
4
4
3
4
4
11
+1
11
-1
Investment Capital Expenditure ($NZ m)
9
9
12
11
50
59
30
-6
119
+85
Total Capital Expenditure ($NZ m)
12
13
16
14
54
62
41
-5
130
+84
FY23 operating information
121 6 J A N U A R Y 2 0 2 3 | 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 D E C 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 6 J A N U A R Y 2 0 2 3 | 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 D E C E M B E R 2 0 2 2 |
Meridian operating information

Glossary
141 6 J A N U A R Y 2 0 2 3 | 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 D E C 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