Meridian Energy monthly operating report for April 2023

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 April 2023

12 May 2023
Attached is Meridian Energy Limited's monthly operating report for the month of April 2023.
Highlights this month include:
▪ In the month to 8 May 2023, national hydro storage increased from 119% to 121% of
historical average
▪ South Island storage increased to 111% of average and North Island storage increased to
197% of average by 8 May 2023
▪ Meridian’s April 2023 monthly total inflows were 73% of historical average
▪ Waiau catchment inflows in April 2023 were 51% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of April 2023 was 115% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 61% of average at the end of April
2023
▪ National electricity demand in April 2023 was 0.3% lower than the same month last year
▪ April 2023 saw variable rainfall across both the North and South Islands. Above average
temperatures were recorded in almost all parts of the country
▪ New Zealand Aluminium Smelter’s average load during April 2023 was 571MW
▪ Meridian’s retail sales volumes in April 2023 were 2.7% lower than April 2022
▪ Compared to April 2022, segment sales increased in residential +1.8%, small medium
business +1.8% and large business +15.2%. Sales decreased in agricultural -19.7% and
corporate -3.4%
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
April 2023

April highlights
1 2 M A 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 A P R I L 2 0 2 3 |2
In the month to 8 May 2023,
national hydro storage
increased from 119%to 121%
of historical average
South Island storage
increased to 111%of average
and North Island storage
increased to 197%of average
by 8 May 2023
Meridian’s April 2023 monthly
total inflows were 73%of
historical average
Waiau catchment inflows in
April 2023 were 51%of
historical average
April2023 saw variable rainfall
across both the North and
South Islands. Above average
temperatures were recorded in
almost all parts of the country
New Zealand Aluminium
Smelter’s average load during
April 2023 was 571MW
Meridian’s retail sales volumes
in April 2023 were 2.7%lower
than April 2022
Compared to April 2022,
segment sales increased in
residential +1.8%, small
medium business+1.8% and
large business +15.2%. Sales
decreased in agricultural
-19.7% and corporate -3.4%
Meridian’s Waitaki catchment
water storage at the end of
April 2023 was 115%of
historical average
Water storage in Meridian’s
Waiaucatchment was 61%of
average at the end of April
2023
National electricity demand
in April 2023 was 0.3%lower
than the same month last
year

Market data
1 2 M A 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 A P R I L 2 0 2 3 |3
▪National electricity demand in April 2023
was 0.3% lower than the same month last
year
▪April2023 saw variable rainfall across both
the North and South Islands. Above average
temperatures were recorded in almost all
parts of the country
▪Demand in the last 12 months was 0.2%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during April 2023 was 571MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.6% at the
end of March 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.0% at the end of
March 2023
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Mar 18Sep 18Mar 19Sep 19Mar 20Sep 20Mar 21Sep 21Mar 22Sep 22Mar 23
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 (2011-2022)201820192020202120222023

Market data
1 2 M A 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 A P R I L 2 0 2 3 |4
▪April 2023 saw decreases in near-term ASX
prices
▪National storage increased from 119% of
average on 13 April 2023 to 121% of
average on 8 May 2023
▪South Island storage increased to 111% of
historical average by 8 May 2023. North
Island storage increased to 197% 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 May 2023)
Average stored (90yr)19922004
200820122018
202120222023
80
100
120
140
160
180
200
220
240
260
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 202230 December 202231 January 2023
28 February 202331 March 202328 April 2023
80
100
120
140
160
180
200
220
240
260
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 202230 December 202231 January 2023
28 February 202331 March 202328 April 2023

Meridian retail
1 2 M A 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 A P R I L 2 0 2 3 |5
▪Meridian’s customer connection numbers
decreased -0.2% during April 2023 and
have decreased -0.2% since June 2022
▪Retail sales volumes in April 2023 were
2.7% lower than April 2022
▪Compared to April 2022, segment sales
increased in residential +1.8%, small
medium business+1.8%, and large
business +15.2%. Sales decreased in
agriculture -19.7% and corporate -3.4%
▪To date this financial year, retail sales
volumes are 3.1% higher than the same
period last year
▪This reflects increased segment sales in:
small medium business +9.1%, agricultural
+5.8% and large business +15.3%.
Residential sales are -0.3% lower and
corporate are -0.2% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
123123
123123
123
123
122122
122
126
126126
126
126
126
126
125
125
125
117
118
117
117
118
118
118
118
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 CUSTOMER CONNECTIONS
FY23 Meridian NIFY23 Meridian SIFY23 Powershop
FY22 Meridian NIFY22 Meridian SIFY22 Powershop
207
192
165
152
119
119
115
106
122
130
155
152
141
145
128
125
121
119
135
123
53
75
87
134
150
141
176
146
97
76
61
59
53
40
50
48
49
45
51
48
320
326
325
323
319
308
318
320
355
320
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 1979-201720182019
2020202120222023
Meridian inflows and storage
1 2 M A 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 A P R I L 2 0 2 3 |6
▪April 2023 monthly inflows were 73% of
historical average
▪Waiau catchment inflows in April 2023
were 51% of historical average, lower than
the same time last year
▪To date this financial year, inflows are 98%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 2,177GWh to
2,040GWh during April 2023
▪Waitaki water storage at the end of April
2023 was 115% of historical average and
45% higher than the same time last year
▪Water storage in Meridian’s Waiau
catchment was 61% of average at the end
of April 2023
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
April YTD89 year average

Meridian generation
1 2 M A 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 A P R I L 2 0 2 3 |7
▪Meridian’s generation in April 2023 was
16.8% higher than the same month last
year, reflecting higher hydro generation
and lower wind generation
▪To date this financial year, Meridian’s
generation is 0.2% lower than the same
period last year, reflecting higher hydro
generation and lower wind generation
▪The average price Meridian received for its
generation in April 2023 was 61.3% lower
than the same month last year
▪The average price Meridian paid to supply
customers in April 2023 was 58.8% lower
than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 37.2% lower than the same period last
year and the average price paid to supply
customers is 35.1% 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
146
134
78
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 2 M A 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 A P R I L 2 0 2 3 |8
Meridian operating information
See page 10 for footnotes
APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2023
2022
2023
2023
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand contracted sales
Residential sales volume (GWh)
130


127


122


106


1,427


1,432


Small medium business sales volume (GWh)
123


121


135


119


1,344


1,232


Agricultural sales volume (GWh)
76


94


97


146


1,134


1,072


Large business sales volume (GWh)
48


41


51


45


502


436


Corporate and industrial sales volume (GWh)
320


332


355


320


3,234


3,242


Retail contracted sales volume (GWh)
696


715


761


736


7,642


7,413


Average retail contracted sales price
1
($NZ/MWh)
$144.5
$122.8
$134.3
$127.5
$130.2
$116.1
NZAS sales volume (GWh)
412


402


426


384


4,172


4,163


Financial contract sales volumes
2
(GWh)
310


178


190


179


2,418


2,541


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$77.5
$68.1
$66.1
$66.8
$62.7
$65.5
Retail customer supply volumes (GWh)
704


747


818


775


8,066


7,805


Cost to supply retail customers ($NZ/MWh)
$97.5
$210.5
$151.5
$159.5
$90.3
$139.6
Cost to supply wholesale customers ($NZ/MWh)
$78.1
$225.2
$143.3
$154.7
$79.6
$123.1
Cost of financial contracts ($NZ/MWh)
$84.4
$219.0
$125.3
$135.8
$81.5
$124.0
Total New Zealand customer connections
4
364,537


364,182


365,260


362,982

Monthly operating information
1 2 M A 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 A P R I L 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2023
2022
2023
2023
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
1,039


876


876


789


10,306


10,292


Wind generation volume (GWh)
92


93


113


92


1,024


1,065


Total generation volume (GWh)
1,131


968


988


881


11,330


11,357


Average generation price
5
($NZ/MWh)
$77.9
$201.5
$133.5
$146.1
$75.1
$119.5
New Zealand hedging
Hedging volume
6
(GWh)
378


438


450


429


3,914


3,700


Hedging cost average price ($NZ/MWh)
$136.6
$127.8
$125.4
$142.1
$120.3
$114.3
Hedging spot revenue average price ($NZ/MWh)
$93.9
$197.5
$136.1
$146.1
$90.0
$141.8
Future contract close outs ($NZm)
-$1.0
-$6.4
-$0.9
-$2.8
$44.0
-$4.4

Monthly operating information
1 2 M A 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 A P R I L 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
FY23 Capital Expenditure includes periodic payments to Siemens Gamesa in relation to the HarapakiWind Farm construction
APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2023
2022
2023
2023
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand costs
Employee and Operating Costs
7
($m)
20


19


23


19


201


170


Stay in Business Capital Expenditure ($m)
3


4


4


4


34


31


Investment Capital Expenditure ($m)
31


18


25


44


270


112


Total Capital Expenditure ($m)
34


22


29


48


304


143


Revised full year FY23 Capital Expenditure of $370m-$395m; $320m-$340m growth spend, $50m-$55m stay in business spend

FY23 operating information
111 2 M A 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 A P R I L 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
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
106
122
130
564
-8
390
-0
343
+2
Small medium business sales volume (GWh)
155
152
141
145
128
125
121
119
135
123
448
+52
398
+44
375
+14
Agricultural sales volume (GWh)
53
75
87
134
150
141
176
146
97
76
214
+12
425
+38
419
+31
Large business sales volume (GWh)
61
59
53
40
50
48
49
45
51
48
173
+33
137
+11
144
+16
Corporate and industrial sales volume (GWh)
320
326
325
323
319
308
318
320
355
320
970
+30
950
+7
993
-33
Retail contracted sales volume (GWh)
795
804
771
795
766
741
779
736
761
696
2,369
+119
2,301
+100
2,275
+30
Average retail contracted sales price ($NZ/MWh)
$133.3
$134.2
$134.9
$124.0
$121.5
$122.5
$126.3
$127.5
$134.3
$144.5
$134.1
+$10.9
$122.7
+$14.4
$129.3
+$15.0
NZAS sales volume (GWh)
426
425
411
426


411
425
426
384
426
412
1,262
-1
1,262
-1
1,236
+0
Financial contract sales volumes (GWh)
190
281
176
257


251
277
308
179
190
310
647
-81
785
-78
677
-96
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
$50.5
$56.5
$55.8
$54.2
$72.4
$66.8
$66.1
$77.5
$58.9
-$13.5
$55.5
-$4.3
$68.7
+$5.0
Retail customer supply volumes (GWh)
835
843
823
847


825
793
804
775
818
704
2,501
+138
2,465
+127
2,396
+39
Cost to supply retail customers ($NZ/MWh)
$110.6
$49.1
$64.5
$82.8
$44.2
$23.6
$124.7
$159.5
$151.5
$97.5
$74.7
-$75.6
$50.8
-$24.1
$145.1
-$25.3
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
$49.7
$70.7
$29.7
$12.7
$123.4
$154.7
$143.3
$78.1
$62.7
-$51.7
$37.8
-$19.7
$140.0
-$25.9
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
$63.1
$73.7
$33.7
$22.2
$125.8
$135.8
$125.3
$84.4
$78.1
-$54.9
$42.7
-$28.0
$128.3
-$24.9
Total New Zealand customer connections
366,518
366,599
366,285
364,700


365,946
366,936
366,362
365,444
365,260
364,537
366,285
+11,475
366,936
+8,586
365,260
+1,830
New Zealand generation
Hydro generation volume (GWh)
1,013
1,187
1,101
1,066


1,086
1,121
1,028
789
876
1,039
3,300
+170
3,274
+1
2,693
-321
Wind generation volume (GWh)
120
122
89
126


103
81
87
92
113
92
331
-39
310
-30
291
+27
Total generation volume (GWh)
1,133
1,308
1,190
1,192


1,190
1,202
1,115
881
988
1,131
3,631
+131
3,583
-29
2,984
-293
Average generation price ($NZ/MWh)
$94.7
$39.9
$55.7
$72.4
$33.1
$16.3
$117.4
$146.1
$133.5
$77.9
$62.2
-$62.0
$40.6
-$22.4
$131.2
-$21.5
New Zealand hedging
Hedging volume (GWh)
428
425
352
350


347
358
396
429
450
378
1,205
+231
1,054
+51
1,276
-7
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
$116.7
$103.3
$100.2
$99.1
$117.0
$142.1
$125.4
$136.6
$123.8
-$0.0
$100.8
+$1.5
$128.4
+$14.4
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
$64.7
$77.2
$35.8
$25.5
$142.0
$146.1
$136.1
$93.9
$73.0
-$70.6
$46.0
-$31.2
$82.0
-$90.1
Future contract close outs ($NZm)
-1.1
12.7
20.7
$5.4
13.7
-0.2
-2.5
-2.8
-0.9
-1.0
32.4
+32.9
18.9
+19.7
-6.2
-9.5
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
21
21
21
18
19
23
20
60
+8
62
+15
60
+6
Stay in Business Capital Expenditure ($NZ m)
3
4
4
3
4
4
2
4
4
3
11
+1
11
-1
10
+4
Investment Capital Expenditure ($NZ m)
9
9
12
11
50
59
20
44
25
31
30
-6
119
+85
90
+67
Total Capital Expenditure ($NZ m)
12
13
16
14
54
62
22
48
29
34
41
-5
130
+84
99
+70

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 2 M A 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 A P R I L 2 0 2 3 |
Meridian operating information

Glossary
131 2 M A 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 A P R I L 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