Meridian Energy monthly operating report for January 2023

Release
 
 
 
 


Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
287-293 Durham Street North, Christchurch 8013

meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for January 2023
 
17 February 2023 
Attached is Meridian Energy Limited's monthly operating report for the month of January 2023. 
Highlights this month include: 

In the month to 14 February 2023, national hydro storage decreased from 116% to 111% of 
historical average 

South Island storage decreased to 103% of average and North Island storage increased to 
166% of average by 14 February 2023 

Meridian’s January 2023 monthly total inflows were 46% of historical average 

Waiau catchment inflows in January 2023 were 19% of historical average, the lowest 
January inflows on record 

Meridian’s Waitaki catchment water storage at the end of January 2023 was 99% of 
historical average 

Water storage in Meridian’s Waiau catchment was 29% of average at the end of January 
2023 

National electricity demand in January 2023 was 1.2% lower than the same month last year 

January 2023 saw above average temperatures. Unprecedented North Island rainfall totals 
contrasted with South Island rainfall that was well below average 

New Zealand Aluminium Smelter’s average load during January 2023 was 575MW 

Meridian’s New Zealand retail sales volumes in January 2023 were 1.8% lower than January 
2022 


Compared to January 2022, segment sales increased in residential +0.4%, small medium 
business +2.5%, agriculture +0.3%, large business +15.5%.  Sales were lower in corporate ‐
7.3% 
 
 
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
January 2023

January highlights
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |2
In the month to 14 February
2023, national hydro storage
decreased from 116%to
111%of historical average
South Island storage
decreased to 103%of average
and North Island storage
increased to 166%of average
by 14 February 2023
Meridian’s January 2023
monthly total inflows were
46%of historical average
Waiau catchment inflows in
January 2023 were 19%of
historical average, the lowest
January inflows on record
January 2023 saw above
average temperatures.
Unprecedented North Island
rainfall totals contrasted with
South Island rainfall that was
well below average
New Zealand Aluminium
Smelter’s average load during
January 2023 was 575MW
Meridian’s retail sales volumes
in January 2023 were 1.8%
lower than January 2022
Compared to January 2022,
segment sales increased in
residential +0.4%, small
medium business+2.5%,
agricultural +0.3%, large
business +15.5%. Corporate
decreased -7.3%
Meridian’s Waitaki catchment
water storage at the end of
January 2023 was 99%of
historical average
Water storage in Meridian’s
Waiaucatchment was 29%of
average at the end of January
2023
National electricity demand
in January 2023 was 1.2%
lower than the same month
last year

Market data
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |3
▪National electricity demand in January 2023
was 1.2% lower than the same month last
year
▪January 2023 saw above average
temperatures. Unprecedented North Island
rainfall totals contrasted with South Island
rainfall that was well below average
▪Demand in the last 12 months was 0.5%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during January 2023 was 575MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.8% at the
end of December 2022
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.3% at the end of
December 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 (2011-2022)201820192020202120222023
5%
7%
9%
11%
13%
15%
Dec 17Jun 18Dec 18Jun 19Dec 19Jun 20Dec 20Jun 21Dec 21Jun 22Dec 22
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |4
▪January 2023 saw slight decreases in ASX
prices across the curve
▪National storage decreased from 116% of
average on 10 January 2023 to 111% of
average on 14 February 2023
▪South Island storage decreased to 103% of
historical average by 14 February 2023.
North Island storage increased to 166% of
average
Source: ASX
Source: ASX
Source: NZX
90
110
130
150
170
190
210
230
250
270
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 20223 October 202231 October 2022
30 November 202230 December 202231 January 2023
90
110
130
150
170
190
210
230
250
270
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 20223 October 202231 October 2022
30 November 202230 December 202231 January 2023
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (14 February 2023)
Average stored (90yr)19922004
200820122018
202120222023

Meridian retail
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |5
▪Meridian’s customer connection numbers
decreased 0.2% during January 2023 and
have increased 0.3% since June 2022
▪Retail sales volumes in January 2023 were
1.8% lower than January 2022
▪Compared to January 2022, segment sales
increased in residential +0.4%, small
medium business+2.5%, agricultural
+0.3%, large business +15.5%. Corporate
decreased -7.3%
▪To date this financial year, retail sales
volumes are 3.9% higher than the same
period last year
▪This reflects increased segment sales in:
small medium business +11.1%,
agricultural +6.5%, large business +14.4%
and corporate +0.5%. 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
123
123
126
126126
126
126
126
126
117
118
117
117
118
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
207
192
165
152
119
119
115
155
152
141
145
128
125
121
53
75
87
134
150
141
176
61
59
53
40
50
48
49
320
326
325
323
319
308
318
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 1979-2017201820192020202120222023
Meridian inflows and storage
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |6
▪January 2023 monthly inflows were 46% of
historical average
▪Waiau catchment inflows in January 2023
were 19% of historical average, the lowest
January inflows on record
▪To date this financial year, inflows are
101% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 2,118GWh to
1,864GWh during January 2023
▪Waitaki water storage at the end of
January 2023 was 99% of historical
average and 0.2% higher than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was 29% of average at the end
of January 2023
Meridian operating information
Source: Meridian
Source: Meridian
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
January YTD89 year average
1-Dec

Meridian generation
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |7
▪Meridian’s generation in January 2023 was
6.8% lower than the same month last year,
reflecting lower hydro and slightly higher
wind generation
▪To date this financial year, Meridian’s
generation is 0.3% higher than the same
period last year, reflecting higher hydro
and lower wind generation
▪The average price Meridian received for its
generation in January 2023 was 15.2%
lower than the same month last year
▪The average price Meridian paid to supply
customers in January 2023 was 18.5%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 39.5% 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
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S GENERATION
FY23 HydroFY23 WindFY22 HydroFY22 Wind
95
40
56
72
33
16
117
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

Monthly operating information
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |8
Meridian operating information
See page 11 for footnotes
JANUARYJANUARYDECEMBERNOVEMBER7 MONTHS TO7 MONTHS TO
2023202220222022JANUARYJANUARY
MONTHMONTHMONTHMONTH20232022
New Zealand contracted sales
Residential sales volume (GWh)115 115 119 119 1,070 1,078
Small medium business sales volume (GWh)121 118 125 128 967 868
Agricultural sales volume (GWh)176 175 141 150 815 765
Large business sales volume (GWh)49 42 48 50 359 308
Corporate and industrial sales volume (GWh)318 343 308 319 2,238 2,226
Retail contracted sales volume (GWh)779 793 741 766 5,449 5,245
Average retail contracted sales price
1
($NZ/MWh)$126.3$111.2$122.5$121.5$128.2$115.1
NZAS sales volume (GWh)426 426 425 411 2,949 2,951
Financial contract sales volumes
2
(GWh)308 280 277 251 1,740 1,871
Average wholesale & financial contracts sales price
3
($NZ/MWh)$72.4$63.3$54.2$55.8$59.6$65.5
Retail customer supply volumes (GWh)804 828 793 825 5,769 5,528
Cost to supply retail customers ($NZ/MWh)$124.7$148.4$23.6$44.2$71.5$118.2
Cost to supply wholesale customers ($NZ/MWh)$123.4$156.9$12.7$29.7$60.8$96.2
Cost of financial contracts ($NZ/MWh)$125.8$160.4$22.2$33.7$70.6$108.4
Total New Zealand customer connections
4
366,362 359,550 366,936 363,484

Monthly operating information
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
JANUARY
JANUARY
DECEMBER
NOVEMBER
7 MONTHS TO
7 MONTHS TO
2023
2022
2022
2022
JANUARY
JANUARY
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
1,028


1,110


1,121


1,086


7,602


7,512


Wind generation volume (GWh)
87


86


81


103


727


795


Total generation volume (GWh)
1,115


1,196


1,202


1,190


8,329


8,307


Average generation price
5
($NZ/MWh)
$117.4
$138.4
$16.3
$33.1
$60.3
$99.6
New Zealand hedging
Hedging volume
6
(GWh)
396


404


358


347


2,656


2,382


Hedging cost average price ($NZ/MWh)
$117.0
$104.1
$99.1
$100.2
$113.7
$110.2
Hedging spot revenue average price ($NZ/MWh)
$142.0
$168.3
$25.5
$35.8
$72.6
$119.8
Future contract close outs ($NZm)
-$2.5
-$5.1
-$0.2
$13.7
$48.7
-$6.5

Monthly operating information
1 7 F E B R 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 J A N U A R Y 2 0 2 3 |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
JANUARY
2023
MONTH
JANUARY
2022
MONTH
DECEMBER
2022
MONTH
NOVEMBER
2022
MONTH
7 MONTHS TO
JANUARY
2023
7 MONTHS TO
JANUARY
2022
New Zealand costs
Employee and Operating Costs
7
($m)18152121139113
Stay in Business Capital Expenditure ($m)2-1442420
Investment Capital Expenditure ($m)209585017080
Total Capital Expenditure ($m)2286254194100
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
115
564
-8
390
-0
Small medium business sales volume (GWh)
155
152
141
145
128
125
121
448
+52
398
+44
Agricultural sales volume (GWh)
53
75
87
134
150
141
176
214
+12
425
+38
Large business sales volume (GWh)
61
59
53
40
50
48
49
173
+33
137
+11
Corporate and industrial sales volume (GWh)
320
326
325
323
319
308
318
970
+30
950
+7
Retail contracted sales volume (GWh)
795
804
771
795
766
741
779
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
$126.3
$134.1
+$10.9
$122.7
+$14.4
NZAS sales volume (GWh)
426
425
411
426


411
425
426
1,262
-1
1,262
-1
Financial contract sales volumes (GWh)
190
281
176
257


251
277
308
647
-81
785
-78
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
$50.5
$56.5
$55.8
$54.2
$72.4
$58.9
-$13.5
$55.5
-$4.3
Retail customer supply volumes (GWh)
835
843
823
847


825
793
804
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
$124.7
$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
$123.4
$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
$125.8
$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
366,362
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
1,028
3,300
+170
3,274
+1
Wind generation volume (GWh)
120
122
89
126


103
81
87
331
-39
310
-30
Total generation volume (GWh)
1,133
1,308
1,190
1,192


1,190
1,202
1,115
3,631
+131
3,583
-29
Average generation price ($NZ/MWh)
$94.7
$39.9
$55.7
$72.4
$33.1
$16.3
$117.4
$62.2
-$62.0
$40.6
-$22.4
New Zealand hedging
Hedging volume (GWh)
428
425
352
350


347
358
396
1,205
+231
1,054
+51
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
$116.7
$103.3
$100.2
$99.1
$117.0
$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
$142.0
$73.0
-$70.6
$46.0
-$31.2
Future contract close outs ($NZm)
-1.1
12.7
20.7
$5.4
13.7
-0.2
-2.5
32.4
+32.9
18.9
+19.7
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
21
21
21
18
60
+8
62
+15
Stay in Business Capital Expenditure ($NZ m)
3
4
4
3
4
4
2
11
+1
11
-1
Investment Capital Expenditure ($NZ m)
9
9
12
11
50
59
20
30
-6
119
+85
Total Capital Expenditure ($NZ m)
12
13
16
14
54
62
22
41
-5
130
+84
FY23 operating information
111 7 F E B R 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 J A N U A R Y 2 0 2 3 |
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 7 F E B R 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 J A N U A R Y 2 0 2 3 |
Meridian operating information

Glossary
131 7 F E B R 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 J A N U A R Y 2 0 2 3 |
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