Meridian Energy monthly operating report for June 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 June 2023

18 July 2023
Attached is Meridian Energy Limited's monthly operating report for the month of June 2023.
Highlights this month include:
▪ In the month to 12 July 2023, national hydro storage decreased from 143% to 121% of
historical average
▪ South Island storage decreased to 120% of average and North Island storage decreased
to 127% of average by 12 July 2023
▪ Meridian’s June 2023 monthly total inflows were 124% of historical average
▪ Waiau catchment inflows in June 2023 were 112% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of June 2023 was 131% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 108% of average at the end of June
2023
▪ National electricity demand in June 2023 was 0.3% higher than the same month last
year
▪ June 2023 temperatures were above average apart from central parts of the South
Island. Rainfall was below average across the country, except for eastern and northern
parts of the North Island
▪ New Zealand Aluminium Smelter’s average load during June 2023 was 569MW
▪ Meridian’s retail sales volumes in June 2023 were 0.3% lower than June 2022
▪ Compared to June 2022, segment sales increased in small medium business +3.4%, large
business +10.9%. Sales decreased in residential -2.5% and corporate -2.4%. Agricultural
sales were at the same level as last June 2022
▪ Provisional full year operating costs of $249 million were $2 million (0.8%) above the top
of the guidance range
▪ Provisional full year capital expenditure of $346 million was near the lower end of the
guidance range

Highlights this quarter include:
▪ Meridian’s Q4 total inflows were 129% of historical average, 35% higher than Q4 last
year
▪ Meridian’s Waitaki catchment water storage at the end of Q4 was 69% higher than Q4
last year

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

▪ Compared to Q4 last year, Meridian’s generation was 17.0% higher at
a 63.0% lower average price
▪ Autumn wind speeds have been well below average in the lower North Island
▪ Q4 saw decreases in electricity futures prices
▪ New Zealand Aluminium Smelter’s sales volume in Q4 were slightly higher than Q4 last
year
▪ National electricity demand in Q4 was 0.6% higher than Q4 last year
▪ Autumn 2023 was warm and wet with much of the country experiencing rainfall well
above average. No part of the country experienced below average autumn temperatures
▪ During the quarter, Meridian made calls on volume under swaption agreement with
Nova
▪ At the end of Q4, Meridian’s customer numbers were 0.6% lower than the same time last
year
▪ Compared to Q4 last year, Meridian’s retail sales volumes were 0.6% lower at a 10.8%
higher average price
▪ Sales increased in small medium business and large business; all other segments
decreased.
▪ Compared to Q4 last year, total operating costs were 4.3% higher
▪ Compared to Q4 last year, total capital expenditure was 42.2% higher with construction
at the Harapaki Wind Farm and the Ruakākā Battery Energy Storage System

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
June 2023

June highlights
1 8 J U L 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 U N E 2 0 2 3 |2
In the month to 12 July 2023,
national hydro storage
decreased from 143%to
121%of historical average
South Island storage
decreased to 120%of average
and North Island storage
decreased to 127%of average
by 12 July 2023
Meridian’s June 2023 monthly
total inflows were 124%of
historical average
Waiau catchment inflows in
June 2023 were 112%of
historical average
Meridian’s Waitaki catchment
water storage at the end of
June 2023 was 131%of
historical average
Meridian’s retail sales volumes
in June 2023 were 0.3%lower
than June 2022
Compared to June 2022,
segment sales increased in
small medium business+3.4%,
large business +10.9%. Sales
decreased in residential -2.5%
and corporate -2.4%.
Agricultural sales were at the
same level as last June 2022
Provisional full year operating
costs of $249 million were $2
million (0.8%) above the top of
the guidance range
Provisionalfullyearcapital
expenditure of $346 million
was near the lower end of the
guidance range
Water storage in Meridian’s
Waiaucatchment was 108%
of average at the end of June
2023
National electricity demand
in June 2023 was 0.3%higher
than the same month last
year
June2023 temperatures
were above average apart
from central parts of the
South Island.Rainfall was
below average across the
country, except for eastern
and northern parts of the
North Island
New Zealand Aluminium
Smelter’s average load during
June 2023 was 569MW

Q4 highlights
1 8 J U L 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 U N E 2 0 2 3 |3
Meridian’s Q4 total
inflowswere129%of
historicalaverage,35%higher
than Q4last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ4 was69%higher
than Q4 lastyear
Compared to Q4 last
year,Meridian’s generation
was17.0%higher at
a63.0%loweraverage price
Autumn wind speeds have
been well below average in
the lower North Island
Q4 saw decreases in
electricity futures prices
At the end of Q4, Meridian’s
customer numbers were 0.6%
lower than the same time last
year
Compared to Q4 last year,
Meridian’s retail sales volumes
were 0.6%lower at a 10.8%
higher average price
Sales increased in small
medium business and large
business; all other segments
decreased. ​
Compared to Q4 last year, total
operating costs were 4.3%
higher​
Compared to Q4 last year, total
capital expenditure was 42.2%
higher with construction at the
HarapakiWind Farm andthe
RuakākāBattery Energy
Storage System
New Zealand Aluminium
Smelter’s sales volume in Q4
were slightly higher than Q4
last year​
National electricity demand
in Q4 was 0.6%higher than
Q4 last year​
Autumn 2023 was warm and
wet with much of the country
experiencing rainfall well
above average.Nopartofthe
countryexperiencedbelow
averageautumn
temperatures
During the quarter, Meridian
made calls on volume under
swaption agreement with
Nova

Market data
1 8 J U L 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 U N E 2 0 2 3 |4
▪National electricity demand in June 2023
was 0.3% higher than the same month last
year
▪June2023 temperatures were above
average apart from central parts of the
South Island. Rainfall was below average
across the country, except for eastern and
northern parts of the North Island
▪Demand in the last 12 months was 0.2%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during June 2023 was 569MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.7% at the
end of May 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.9% at the end of
May 2023
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%
May 18Nov 18May 19Nov 19May 20Nov 20May 21Nov 21May 22Nov 22May 23
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 8 J U L 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 U N E 2 0 2 3 |5
▪June 2023 saw ASX prices remain steady
▪National storage decreased from 143% of
average on 14 June 2023 to 121% of
average on 12 July 2023
▪South Island storage decreased to 120% of
historical average by 12 July 2023. North
Island storage decreased to 127% of
average
Source: ASX
Source: ASX
Source: NZX
60
80
100
120
140
160
180
200
220
240
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 202228 February 202331 March 2023
28 April 202331 May 202330 June 2023
60
80
100
120
140
160
180
200
220
240
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 202228 February 202331 March 2023
28 April 202331 May 202330 June 2023
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (12 July 2023)
Average stored (90yr)19922004
200820122018
202120222023

Meridian retail
1 8 J U L 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 U N E 2 0 2 3 |6
▪Meridian’s customer connection numbers
decreased -0.2% during June 2023 and
have decreased -0.6% since June 2022
▪Retail sales volumes in June 2023 were
0.3% lower than June 2022
▪Compared to June 2022, segment sales
increased in small medium business+3.4%
and large business +10.9%. Sales
decreased in residential -2.5% and
corporate -2.4%. Agricultural sales were at
the same level as last June 2022
▪This financial year, retail sales volumes are
2.6% higher than the same period last year
▪This reflects increased segment sales in:
small medium business +8.0%, agricultural
+4.7% and large business +14.5%.
Residential sales are -0.5% lower and
corporate are -0.3% lower
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
123
123
123123
123
123
122122
122
122
122
126
126126
126
126
126
126
125
125
125
125
125
117
118
117
117
118
118
118
118
118
117
117
117
120120
120
120
120
120
121
121
122
122
123
123
123
123
123123
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
157
180
155
152
141
145
128
125
121
119
135
123
141
148
53
75
87
134
150
141
176
146
97
76
68
48
61
59
53
40
50
48
49
45
51
48
54
56
320
326
325
323
319
308
318
320
355
320
356
327
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

Meridian inflows and storage
1 8 J U L 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 U N E 2 0 2 3 |7
▪June 2023 monthly inflows were 124% of
historical average
▪Waiau catchment inflows in June 2023
were 112% of historical average, lower
than the same time last year
▪This financial year, inflows are 107% of
historical average
▪Meridian’s Waitaki catchment water
storage moved from 2,313GWh to
2,075GWh during June 2023
▪Waitaki water storage at the end of June
2023 was 131% of historical average and
69% higher than the same time last year
▪Water storage in Meridian’s Waiau
catchment was 108% of average at the end
of June 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
16,000
200920102011201220132014201520162017201820192020202120222023
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Jun YTD89 year average
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 generation
1 8 J U L 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 U N E 2 0 2 3 |8
▪Meridian’s generation in June 2023 was
17.9% higher than the same month last
year, reflecting higher hydro generation
and lower wind generation
▪Wellingtonrecordedits lowest average
monthly wind speed in June since 2012
▪This financial year, Meridian’s generation is
2.6% higher than the same period last
year, reflecting higher hydro generation
and lower wind generation
▪The average price Meridian received for its
generation in June 2023 was 52.9% lower
than the same month last year
▪The average price Meridian paid to supply
customers in June 2023 was 48.0% lower
than the same month last year
▪This financial year, the average price
Meridian received for its generation is
43.4% lower than the same period last
year and the average price paid to supply
customers is 40.8% 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
58
74
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 8 J U L 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 U N E 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
JUNE
JUNE
MAY
APRIL
12 MONTHS TO
12 MONTHS TO
2023
2022
2023
2023
JUNE
JUNE
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand contracted sales
Residential sales volume (GWh)
180


185


157


130


1,765


1,774


Small medium business sales volume (GWh)
148


143


141


123


1,632


1,511


Agricultural sales volume (GWh)
48


48


68


76


1,249


1,193


Large business sales volume (GWh)
56


51


54


48


612


534


Corporate and industrial sales volume (GWh)
327


335


356


320


3,917


3,929


Retail contracted sales volume (GWh)
759


761


775


696


9,175


8,941


Average retail contracted sales price
1
($NZ/MWh)
$123.6
$127.0
$151.5
$144.5
$131.5
$118.1
NZAS sales volume (GWh)
412


412


426


412


5,009


4,992


Financial contract sales volumes
2
(GWh)
342


219


338


310


3,098


2,963


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$75.3
$66.9
$78.5
$77.5
$65.4
$66.3
Retail customer supply volumes (GWh)
769


814


839


704


9,674


9,433


Cost to supply retail customers ($NZ/MWh)
$95.2
$168.0
$67.2
$97.5
$88.7
$149.1
Cost to supply wholesale customers ($NZ/MWh)
$71.3
$152.1
$55.5
$78.1
$76.8
$133.2
Cost of financial contracts ($NZ/MWh)
$74.5
$157.1
$72.4
$84.4
$79.7
$132.2
Total New Zealand customer connections
4
363,335


365,346


364,148


364,537

Monthly operating information
1 8 J U L 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 U N E 2 0 2 3 |10
Meridian operating information
See page 10 for footnotes
JUNE
JUNE
MAY
APRIL
12 MONTHS TO
12 MONTHS TO
2023
2022
2023
2023
JUNE
JUNE
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
1,233


998


1,162


1,039


12,701


12,271


Wind generation volume (GWh)
81


116


97


92


1,202


1,285


Total generation volume (GWh)
1,314


1,114


1,259


1,131


13,903


13,557


Average generation price
5
($NZ/MWh)
$73.7
$156.4
$58.0
$77.9
$73.4
$129.7
New Zealand hedging
Hedging volume
6
(GWh)
440


324


413


378


4,767


4,376


Hedging cost average price ($NZ/MWh)
$134.7
$136.7
$135.2
$136.6
$123.0
$117.6
Hedging spot revenue average price ($NZ/MWh)
$89.9
$161.2
$66.6
$93.9
$88.0
$149.3
Future contract close outs ($NZm)
$1.6
$10.9
$0.4
-$1.0
$46.0
$8.8

Monthly operating information
1 8 J U L 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 U N E 2 0 2 3 |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
Provisional full year operating costs of $249 million were $2 million (0.8%) above the top of the guidance range
Provisional full year capital expenditure of $346 million was near the lower end of the guidance range
JUNEJUNEMAYAPRIL12 MONTHS TO12 MONTHS TO
2023202220232023JUNEJUNE
MONTHMONTHMONTHMONTH20232022
New Zealand costs
Employee and Operating Costs
7
($m)24 25 24 20 249 216
Stay in Business Capital Expenditure ($m)5 6 6 3 46 40
Investment Capital Expenditure ($m)12 9 18 31 300 156
Total Capital Expenditure ($m)17 15 24 34 346 196

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
FY23
change
FY23
change
FY23
change
FY23
change
New Zealand contracted sales
Residential sales volume (GWh)
207
192
165
152
119
119
115
106
122
130
157
180
564
-8
390
-0
343
+2
467
-3
Small medium business sales volume (GWh)
155
152
141
145
128
125
121
119
135
123
141
148
448
+52
398
+44
375
+14
411
+12
Agricultural sales volume (GWh)
53
75
87
134
150
141
176
146
97
76
68
48
214
+12
425
+38
419
+31
191
-25
Large business sales volume (GWh)
61
59
53
40
50
48
49
45
51
48
54
56
173
+33
137
+11
144
+16
157
+17
Corporate and industrial sales volume (GWh)
320
326
325
323
319
308
318
320
355
320
356
327
970
+30
950
+7
993
-33
1,003
-15
Retail contracted sales volume (GWh)
795
804
771
795
766
741
779
736
761
696
775
759
2,369
+119
2,301
+100
2,275
+30
2,230
-14
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
$151.5
$123.6
$134.1
+$10.9
$122.7
+$14.4
$129.3
+$15.0
$139.8
+$13.7
NZAS sales volume (GWh)
426
425
411
426


411
425
426
384
426
412
426
412
1,262
-1
1,262
-1
1,236
+0
1,250
+18
Financial contract sales volumes (GWh)
190
281
176
257


251
277
308
179
190
310
338
342
647
-81
785
-78
677
-96
989
+389
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
$78.5
$75.3
$58.9
-$13.5
$55.5
-$4.3
$68.7
+$5.0
$77.1
+$7.1
Retail customer supply volumes (GWh)
835
843
823
847


825
793
804
775
818
704
839
769
2,501
+138
2,465
+127
2,396
+39
2,312
-63
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
$67.2
$95.2
$74.7
-$75.6
$50.8
-$24.1
$145.1
-$25.3
$85.7
-$114.0
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
$49.7
$70.7
$29.7
$12.7
$123.4
$154.7
$143.3
$78.1
$55.5
$71.3
$62.7
-$51.7
$37.8
-$19.7
$140.0
-$25.9
$68.1
-$129.1
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
$63.1
$73.7
$33.7
$22.2
$125.8
$135.8
$125.3
$84.4
$72.4
$74.5
$78.1
-$54.9
$42.7
-$28.0
$128.3
-$24.9
$76.9
-$115.7
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
364,148
363,335
366,285
+11,475
366,936
+8,586
365,260
+1,830
363,335
-2,011
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
1,162
1,233
3,300
+170
3,274
+1
2,693
-321
3,434
+579
Wind generation volume (GWh)
120
122
89
126


103
81
87
92
113
92
97
81
331
-39
310
-30
291
+27
270
-42
Total generation volume (GWh)
1,133
1,308
1,190
1,192


1,190
1,202
1,115
881
988
1,131
1,259
1,314
3,631
+131
3,583
-29
2,984
-293
3,705
+537
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
$58.0
$73.7
$62.2
-$62.0
$40.6
-$22.4
$131.2
-$21.5
$69.6
-$118.4
New Zealand hedging
Hedging volume (GWh)
428
425
352
350


347
358
396
429
450
378
413
440
1,205
+231
1,054
+51
1,276
-7
1,232
+117
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
$135.2
$134.7
$123.8
-$0.0
$100.8
+$1.5
$128.4
+$14.4
$135.4
+$2.9
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
$64.7
$77.2
$35.8
$25.5
$142.0
$146.1
$136.1
$93.9
$66.6
$89.9
$73.0
-$70.6
$46.0
-$31.2
$82.0
-$90.1
$83.3
-$109.8
Future contract close outs ($NZm)
-1.1
12.7
20.7
$5.4
13.7
-0.2
-2.5
-2.8
-0.9
-1.0
0.4
1.6
32.4
+32.9
18.9
+19.7
-6.2
-9.5
1.0
-5.8
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
21
21
21
18
19
23
20
24
24
60
+8
62
+15
60
+6
68
+3
Stay in Business Capital Expenditure ($NZ m)
3
4
4
3
4
4
2
4
4
3
6
6
11
+1
11
-1
10
+4
15
+3
Investment Capital Expenditure ($NZ m)
9
9
12
11
50
59
20
44
25
31
18
12
30
-6
119
+85
90
+67
61
+20
Total Capital Expenditure ($NZ m)
12
13
16
14
54
62
22
48
29
34
24
17
41
-5
130
+84
99
+70
76
+23
FY23 operating information
121 8 J U L 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 U N E 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
131 8 J U L 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 U N E 2 0 2 3 |
Meridian operating information

Glossary
141 8 J U L 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 U N E 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