Meridian Energy monthly operating report for August 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 August 2023

15 September 2023
Attached is Meridian Energy Limited's monthly operating report for the month of August 2023.
Highlights this month include:
▪ In the month to 11 September 2023, national hydro storage decreased from 106% to 83% of
historical average
▪ South Island storage decreased to 87% of average and North Island storage decreased to 68%
of average by 11 September 2023
▪ Meridian’s August 2023 monthly total inflows were 84% of historical average
▪ Waiau catchment inflows in August 2023 were 102% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of August 2023 was 107% of historical
average
▪ Snow storage in Meridian’s Waitaki catchment was 90% of average in early September
▪ Water storage in Meridian’s Waiau catchment was 106% of average at the end of August 2023
▪ National electricity demand in August 2023 was 4.5% higher than the same month last year
▪ August 2023 was the coldest August in seven years with temperatures below average for most
of the country. Rainfall was below average for eastern, central and northern parts of the North
Island and most of the South Island
▪ New Zealand Aluminium Smelter’s average load during August 2023 was 568MW
▪ Meridian’s retail sales volumes in August 2023 were 4.1% higher than August 2022
▪ Compared to August 2022, segment sales increased in residential +4.3%, small medium
business +6.4%, large business +3.2%, agricultural +1.9% and corporate +3.6%

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:
Philip Clark
External Communications Advisor
022 589 1052

Monthly Operating Report
August 2023

August highlights
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |2
In the month to 11 September
2023, national hydro storage
decreased from 106%to 83%
of historical average
South Island storage
decreased to 87%of average
and North Island storage
decreased to 68%of average
by 11 September 2023
Meridian’s August 2023
monthly total inflows were
84%of historical average
Waiau catchment inflows in
August 2023 were 102%of
historical average
Meridian’s Waitaki catchment
water storage at the end of
August 2023 was 107%of
historical average
New Zealand Aluminium
Smelter’s average load during
August 2023 was 568MW
Meridian’s retail sales volumes
in August 2023 were 4.1%
higher than August 2022
Compared to August 2022,
segment sales increased in
residential +4.3%, small
medium business +6.4%, large
business +3.2%, agricultural
+1.9% and corporate +3.6%
Snow storage in Meridian’s
Waitaki catchment was 90%
of average in early
September
Water storage in Meridian’s
Waiau catchment was 106%
of average at the end of
August 2023
National electricity demand
in August 2023 was 4.5%
higher than the same month
last year
August 2023 was the coldest
August in seven years with
temperatures below average
for most of the country.
Rainfall was below average
for eastern, central and
northern parts of the North
Island and most of the South
Island

Market data
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |3
▪National electricity demand in August 2023
was 4.5% higher than the same month last
year
▪August 2023 was the coldest August in
seven years with temperatures below
average for most of the country. Rainfall
was below average for eastern, central and
northern parts of the North Island and most
of the South Island
▪Demand in the last 12 months was 0.5%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during August 2023 was 568MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.8% at the
end of July 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.5% at the end of
July 2023
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Jun 18Dec 18Jun 19Dec 19Jun 20Dec 20Jun 21Dec 21Jun 22Dec 22Jun 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
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2011-2022)201820192020202120222023

Market data
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |4
▪August 2023 saw increases in near-term
ASX prices
▪National storage decreased from 106% of
average on 11 August 2023 to 83% of
average on 11 September 2023
▪South Island storage decreased to 87% of
historical average by 11 August 2023.
North Island storage decreased to 68% of
average
Source: ASX
Source: ASX
Source: NZX
60
80
100
120
140
160
180
200
220
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 April 202331 May 2023
30 June 202331 July 202331 August 2023
60
80
100
120
140
160
180
200
220
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 April 202331 May 2023
30 June 202331 July 202331 August 2023
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (11 September 2023)
Average stored (90yr)19922004
200820122019
202120222023

Meridian retail
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |5
▪Meridian’s customer connection numbers
increased +0.1% during August 2023 and
have increased 0.4% since June 2023
▪Retail sales volumes in August 2023 were
4.1% higher than August 2022
▪Compared to August 2022, segment sales
increased in residential +4.3%, small
medium business +6.4%, large business
+3.2%, agricultural +1.9% and corporate
+3.6%
▪To date this financial year, retail sales
volumes are 2.4% higher than the same
period last year
▪This reflects increased segment sales in
residential +0.3%, small medium business
+2.9, large business +0.8%, agricultural
+1.0% and corporate +4.0%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
125
125
117
118
123
123123
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
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S CUSTOMER CONNECTIONS
FY24 Meridian NIFY24 Meridian SIFY24 Powershop
FY23 Meridian NIFY23 Meridian SIFY23 Powershop
200
201
154
161
53
76
60
61
334
337
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
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY24 ResidentialFY24 SMBFY24 AgriFY24 Large Bus
FY24 CorporateFY23 ResidentialFY23 SMBFY23 Agri
FY23 Large BusFY23 Corporate

Meridian inflows and storage
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |6
▪August 2023 monthly inflows were 84% of
historical average
▪Waiau catchment inflows in August 2023
were 102% of historical average, lower
than the same time last year
▪To date this financial year, inflows are
84.9% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,709GWh to
1,210GWh during August 2023
▪Waitaki water storage at the end of August
2023 was 107% of historical average and
43% lower than the same time last year
▪Snow storage in Meridian’s Waitaki
catchment was 90% of average in early
September
▪Water storage in Meridian’s Waiau
catchment was 106% of average at the end
of August 2023
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
500
1,000
1,500
2,000
2,500
3,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Aug YTD90 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 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |7
▪Meridian’s generation in August 2023 was
2.4% lower than the same month last year,
reflecting lower hydro generation and
lower wind generation
▪To date this financial year, Meridian’s
generation is 1.3% lower than the same
period last year, reflecting lower hydro
generation and lower wind generation
▪The average price Meridian received for its
generation in August 2023 was 232.9%
higher than the same month last year
▪The average price Meridian paid to supply
customers in August 2023 was 187.6%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 87.5% higher than the same period last
year and the average price paid to supply
customers is 67.7% higher
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
FY24 HydroFY24 WindFY23 HydroFY23 Wind
111
133
95
40
56
72
33
16
117
146
134
78
58
74
0
20
40
60
80
100
120
140
160
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY24FY23

Monthly operating information
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |8
Meridian operating information
See page 10 for footnotes
AUGUST
AUGUST
JULY
JUNE
2 MONTHS TO
2 MONTHS TO
2023
2022
2023
2023
AUGUST
AUGUST
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand contracted sales
Residential sales volume (GWh)
201


192


200


180


400


399


Small medium business sales volume (GWh)
161


152


154


148


315


306


Agricultural sales volume (GWh)
76


75


53


48


129


128


Large business sales volume (GWh)
61


59


60


56


120


119


Corporate and industrial sales volume (GWh)
337


326


334


327


671


645


Retail contracted sales volume (GWh)
836


804


800


759


1,636


1,598


Average retail contracted sales price
1
($NZ/MWh)
$151.2
$134.2
$149.2
$123.6
$150.2
$133.8
NZAS sales volume (GWh)
426


425


426


412


851


851


Financial contract sales volumes
2
(GWh)
371


281


338


342


709


471


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$78.4
$60.4
$78.6
$75.3
$78.5
$62.7
Retail customer supply volumes (GWh)
892


843


845


769


1,736


1,678


Cost to supply retail customers ($NZ/MWh)
$144.9
$49.1
$128.6
$95.2
$137.0
$79.7
Cost to supply wholesale customers ($NZ/MWh)
$132.9
$40.2
$109.2
$71.3
$121.0
$68.9
Cost of financial contracts ($NZ/MWh)
$132.6
$58.7
$109.5
$74.5
$121.6
$83.7
Total New Zealand customer connections
4
364,631


366,599


364,389


363,335

Monthly operating information
1 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
AUGUST
AUGUST
JULY
JUNE
2 MONTHS TO
2 MONTHS TO
2023
2022
2023
2023
AUGUST
AUGUST
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
1,170


1,187


1,016


1,233


2,186


2,199


Wind generation volume (GWh)
107


122


118


81


224


242


Total generation volume (GWh)
1,276


1,308


1,134


1,314


2,410


2,441


Average generation price
5
($NZ/MWh)
$133.0
$39.9
$110.8
$73.7
$122.6
$65.3
New Zealand hedging
Hedging volume
6
(GWh)
539


425


505


440


1,044


853


Hedging cost average price ($NZ/MWh)
$132.3
$122.0
$142.4
$134.7
$137.2
$126.7
Hedging spot revenue average price ($NZ/MWh)
$134.3
$39.6
$115.7
$89.9
$125.3
$76.4
Future contract close outs ($NZm)
$3.2
$12.7
$14.0
$1.6
$17.2
$11.6

Monthly operating information
1 5 S E P T E M B E R 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 U G U S T 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
AUGUST
AUGUST
JULY
JUNE
2 MONTHS TO
2 MONTHS TO
2023
2022
2023
2023
AUGUST
AUGUST
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand costs
Employee and Operating Costs ($m)
24


20


23


24


46


39


Stay in Business Capital Expenditure ($m)
6


4


3


5


9


7


Investment Capital Expenditure ($m)
20


9


16


12


36


18


Total Capital Expenditure ($m)
26


13


19


17


45


25

FY24 operating information
111 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201
Small medium business sales volume (GWh)154 161
Agricultural sales volume (GWh)53 76
Large business sales volume (GWh)60 61
Corporate and industrial sales volume (GWh)334 337
Retail contracted sales volume (GWh)800 836
Average retail contracted sales price ($NZ/MWh)$149.2$151.2
NZAS sales volume (GWh)426 426
Financial contract sales volumes (GWh)338 371
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4
Retail customer supply volumes (GWh)845 892
Cost to supply retail customers ($NZ/MWh)$128.6$144.9
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9
Cost of financial contracts ($NZ/MWh)$109.5$132.6
Total New Zealand customer connections364,389 364,631
New Zealand generation
Hydro generation volume (GWh)1,016 1,170
Wind generation volume (GWh)118 107
Total generation volume (GWh)1,134 1,276
Average generation price ($NZ/MWh)$110.8$133.0
New Zealand hedging
Hedging volume (GWh)505 539
Hedging cost average price ($NZ/MWh)$142.4$132.3
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3
Future contract close outs ($NZm)$14.0$3.2
Meridian Group
Employee and Operating Costs ($NZ m)2324
Stay in Business Capital Expenditure ($NZ m)36
Investment Capital Expenditure ($NZ m)1620
Total Capital Expenditure ($NZ m)1926

FY23 operating information
121 5 S E P T E M B E R 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 U G U S T 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
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

Glossary
131 5 S E P T E M B E R 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 U G U S T 2 0 2 3 |
Hedging volumesbuy-side electricity derivatives excluding the 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 between parties 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
National demandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZASNew Zealand Aluminium Smelters Limited
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 the sell-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