Macquarie Australia conference presentation

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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)
Macquarie Australia conference presentation

2 May 2023
Attached is a presentation Meridian Energy is making at this week’s Macquarie Australia
conference.



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

Macquarie Australia Conference
Presentation
2 MAY 2023

Today
§Transition in the New Zealand
electricity system
§New Zealand Government’s climate
change work programme
§The future electrification opportunity
and the challenges
§Meridian Energy
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION2

Transition in the New Zealand electricity system
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION3
§Decarbonisationof the economy will require
significant electrification
§Moving to a near fully renewable electricity
system will require dry year risk solutions
§Demand side participation is growing, and
hydrogen offers an interesting opportunity
0
2
4
6
8
10
12
Sep 22 quarter (wet)Sep 20 quarter (dry)
TWh
Generation by fuel type
Hydro
Coal
Gas
Geothermal
Wind
Other
+1.3
-1.3
dry
swing

Southern Green Hydrogen
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION4
§Large-scale green hydrogen in the lower
South Island
§Moved into a development stage with
Woodside Energy and Mitsui
§Meridian has a 40% holding option for itself
and iwi
§Targeting to produce 500,000 tonnes of
green ammonia per year
§Facility could potentially provide up to 40%
of New Zealand’s dry year flexibility needs
§Options being assessed for domestic
hydrogen and green ammonia supply and
export to Asia and Europe
§Final investment decision expected in 2025

Climate Change Response (Zero Carbon) Amendment Act
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION5
§Established a new, independent Climate
Change Commission
§Sets a new domestic greenhouse gas
emissions reduction target
§Establishes a system of emissions budgets
§Requires the Government to develop and
implement policies for climate change
adaptation and mitigation

38.238.2
39.9
38.2
36.6
41.341.3
32.7
22.8
11.4
79.579.5
72.5
61.0
48.0
0
10
20
30
40
50
60
70
80
90
100
2014-172018-212022-252026-302031-35
Mt CO2-e
Average annual emissions
AgricultureNon agricultureTotal
Emissions Reduction Plan
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION6
§Requires additional emissions reductions in
2022-2025
§Targets transport and energy emissions
§Is supported by $2.9B of funding from the
Government’s Climate Emergency Fund
§With $1.2B earmarked for transport, $0.7B in
funding for industrial decarbonisation
2014-172018-21
Source: Stats NZ, Aotearoa New Zealand’s First Emissions Reduction Plan
Emissions Reduction Plan

30
35
40
45
50
55
60
65
70
199720002003200620092012201520182021202420272030203320362039204220452048
TWh
Financial Year ended 30 June
Annual demand for generation
The electrification opportunity
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION7
Source: Meridian
range of future growth
$30+
billion of
new
generation
investment
history

The challenges
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION8
§Government price settings on the ETS
materially lag the Climate Change
Commission's recommendations
§Resource management legislative reforms
risk unintended consequences
§Driving too early towards a 100% renewable
electricity grid and related interventions on
dry year risk could distort investment signals
§Smelter exit could further supress demand
50
100
150
200
250
2022202320242025202620272028
$/tCO2e
NZU spot price and ETS settings
Go vt price tri gg er Dec 22CCC price trigger (tier 1) July 22 advice
NZ U s po tCCC price trigger (tier 1) April 23 advice
Source: Ministry for the Environment, Climate Change Commission

Building Meridian’s development pipeline
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION9
§Deep pipeline of 4.7 GW (11.1 TWh) of development options
§1.5 GW secured, 3.2 GW in advanced prospects

Evolving Meridian’s customer approach
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION10
§From growth
§To energy solutions
5,727
5,981
6,240
7,376
8,405
8,941
4,000
6,000
8,000
10,000
201720182019202020212022
GWh
Financial Year ended 30 June
Retail sales volume
56%
growth
in 5
years
Source: Meridian

Why Meridian?
2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION11
High quality investment
Our priorities
A big priority for Meridi!n is to m!ke
! m!teri!l !nd positive imp!ct to ! net
zero future !nd in the shorter term,
t!ke Aote!ro! closer to !chieving !
n!tion!l t!rget of 50% renew!ble energy
consumption by 2035. To deliver imp!ct
on this we !re focused on new renew!ble
energy gener!tion, offering t!ngible
solutions to our customers to dec!rbonise
tr!nsport !nd process he!t, !nd we !re
!dv!ncing new m!rket opportunities
through green hydrogen. Some of our
t!rgets !nd current results !re sh!red here
!nd we !re excited to further incre!se our
imp!ct !nd contribution to clim!te !ction
through these !re!s beyond here.
Dec!rbonise
Renew!ble energy gener!tionCustomer dec!rbonis!tionNew m!rkets
Building on our existing 100% renew!ble
energy gener!tion b!se, our development !nd
construction te!ms !re !dv!ncing the delivery
!nd !dv!ncement of build!ble options
We !re committed to providing t!ngible dec!rbonis!tion
options for our customers in ! r!nge of sectors.
Adv!ncing the green hydrogen opportunity
!s !n electricity dem!nd response option,
!nd support industry dec!rbonis!tion.
Tr!nspor t elec trif ic!tion
Meridi!n h!s ! r!nge of offers in pl!ce to support the
electrific!tion of tr!nsport, such !s though our commitment
to bring to m!rket: 250 AC EV ch!rgers – of which we h!ve
currently inst!lled 61 with further committed ch!rgers on
tr!ck to complete in FY23, !ddressing Energy Efficiency !nd
Conserv!tion Authority (EECA) shortlisted ch!rging bl!ckspots
!cross the South Isl!nd with government funding support,
!nd inst!lling our first business ch!rging inst!ll!tions to
support business fleet tr!nsition.
Green hydrogen
The Southern Green Hydrogen project
!dv!nces with ! request for propos!l process
ne!r complete with two preferred developers
!nnounced !nd selection of ! le!d developer
is pl!nned for FY23.
Delivering H!r!p!ki wind f!rm
Our commitment to bring to m!rket 176MW of
c!p!city !nd 540GWh/!nnum of gener!tion from
end FY24. Works on site commenced in August
2021 !nd the construction !ctivity is on tr!ck.
Further build!ble options
Our renewable development team are
advancing 2.3GW/5,400GWh of options –
of which 1.1GW are secured with a further
1.2GW under advanced prospecting. The
commitment includes investments in a
100MW/200MWh battery and a 75MW+
solar farm. Contributing to our target to
secure three buildable options by 2024.
Process he!t electrific!tion
Our process he!t electrific!tion offer helps our customers
get off co!l. Progress tow!rds our FY23 t!rget of 600GWh of
delivered process he!t electrific!tion !dv!nced, with 300GWh
of dem!nd committed (representing 110kt CO2eq !b!tement).
Commerci!l sc!le sol!r
We pro!ctively support our customers with commerci!l-
sc!le sol!r solutions where it m!kes sense for them, !nd h!ve
! kilow!tts pe!k (kWp) t!rget in pl!ce to underpin inst!ll!tion
delivery. In !ddition to solutions !lre!dy delivered, we h!ve
commenced further build pl!nning for other customer
commitments m!de.
Certified Renew!ble Energy
Meridi!n’s CRE 2.0 w!s l!unched in FY23. CRE en!bles
customers to m!tch their electricity consumption with
renew!ble energy gener!tion !ttributes, through the use of
Renew!ble Energy Certific!tes, !nd report their m!rket-b!sed
scope 2 emissions !s zero. CRE 2.0 included the introduction of
! dec!rbonis!tion fund where !ll net proceeds from customer
use of RECs will be reinvested b!ck into either community or
business dec!rbonis!tion projects. We h!ve confirmed FY23
CRE t!rgets rel!ting to GWh !nd ! commitment to reinvest
!pproxim!tely $750,000 into products reducing emissions.
For more det!il on ! r!nge of clim!te !ction initi!tives Meridi!n h!s in pl!ce, !nd !ssoci!ted metrics !nd t!rgets, ple!se refer to our FY22 Clim!te-rel!ted disclosure.
H
2
quality,
scale assets
high free
cash flow
progressive
ordinary
dividend
balance
sheet
headroom
strong
growth
outlook
deep
renewable
development
pipeline

2 MAY 20232023 MACQUARIE CONFERENCE PRESENTATION12
Disclaimer
The information in this presentation was prepared by Meridian
Energy with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete,
and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the company nor
any of its directors, employees, shareholders nor any other person
shall have liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from
this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based on
what it thinks are reasonable assumptions. Meridian gives no
warranty or representation as to its future financial performance or
any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its
release, even if things change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy Meridian Energy securities and may
not be relied upon in connection with any purchase of Meridian
Energy securities.
This presentation contains a number ofnon-GAAP financial
measures, including Energy Margin, EBITDAF, Underlying NPAT and
gearing. Because they are not defined by GAAP or IFRS, Meridian's
calculation of these measures may differ from similarly titled
measures presented by other companies and they should not be
considered in isolation from, or construed as an alternative to, other
financial measures determined in accordance with GAAP. Although
Meridian believes they provide useful information in measuring the
financial performance and condition of Meridian's business, readers
are cautioned not to place undue reliance on these non-GAAP
financial measures.
The information contained in this presentation should be considered
in conjunction with the company’s condensed financial statements
for the six months ended 31 December 2022, available at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.