Meridian Energy monthly operating report for September 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 September 2023

17 October 2023
Attached is Meridian Energy Limited's monthly operating report for the month of
September 2023.
Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly
operating result call via a Microsoft Teams Live event today, Tuesday 17 September at
10am NZDT (8am AEDT).
Click on the link below at this time to join the call.

Meridian Energy Quarterly Operating results - Microsoft Teams Live Event

Please submit any questions using the Q&A panel on the right-hand side of the call window.
If the Q&A panel doesn’t automatically appear, please select the small ‘?’ speech bubble.
Highlights this month include:
▪ In the month to 5 October 2023, national hydro storage increased from 83% to 116% of
historical average
▪ South Island storage increased to 121% of average and North Island storage increased to
98% of average by 5 October 2023
▪ Meridian’s September 2023 monthly total inflows were 160% of historical average
▪ Waiau catchment inflows in September 2023 were 173% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of September 2023 was 116% of
historical average
▪ Snow storage in Meridian’s Waitaki catchment was 105% of average in early October
▪ Water storage in Meridian’s Waiau catchment was 170% of average at the end of
September 2023
▪ National electricity demand in September 2023 was 1.7% lower than the same month
last year
▪ September 2023 was the warmest September on record with temperatures above
average for most of the country. Rainfall was above normal in most of the South Island
and eastern and northern parts of the North Island
▪ MOU was signed with Parkwind for exploration of offshore wind

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

▪ New Zealand Aluminium Smelter’s average load during September 2023 was 568MW
▪ Meridian’s retail sales volumes in September 2023 were 1.3% higher than September
2022
▪ Compared to September 2022, segment sales increased in small medium business
+0.2%, large business +1.7% and agriculture +29.3%. Sales decreased in residential -
6.3% and corporate -2.0%
Highlights for the first quarter include:
▪ Meridian’s Q1 total inflows were 114% of historical average, 27% lower than Q1 last
year
▪ Meridian’s Waitaki catchment water storage at the end of Q1 was 40% lower than Q1
last year
▪ Compared to Q1 last year, Meridian’s generation was 1.7% lower at a 91.4% higher
average price
▪ 2027 electricity futures prices commenced trading in early October, pricing lower than
2026
▪ New Zealand Aluminium Smelter’s sales volumes in Q1 were the same as Q1 last year
▪ National electricity demand in Q1 was 0.6% higher than Q1 last year
▪ Winter 2023 was relatively warm and dry, although notable for markedly below average
monthly temperatures in August 2023
▪ Rainfall was contrasting; below normal across most of the country, with the lower South
Island experiencing above normal rainfall
▪ During the quarter, Meridian made calls on volume under the swaption agreement with
Nova
▪ Transformer outages at Manapōuri and West Wind scheduled well into 2024
▪ At the end of Q1, Meridian’s customer numbers were 0.2% lower than the same time
last year
▪ Compared to Q1 last year, Meridian’s retail sales volumes were 2.0% higher at an 11.5%
higher average price
▪ Sales increased in all segments, except residential, where sales were 1.6% lower
▪ Compared to Q1 last year, total operating costs were 15.5% higher
▪ Compared to Q1 last year, total capital expenditure was 55.0% 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:
Philip Clark
External Communications Advisor
022 589 1052

Monthly Operating Report
September 2023

September highlights
1 7 O C T O 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 S E P T E M B E R 2 0 2 3 |2
In the month to 5 October
2023, national hydro storage
increased from 83%to 116%
of historical average
South Island storage
increased to 121%of average
and North Island storage
increased to 98%of average
by 5 October 2023
Meridian’s September 2023
monthly total inflows were
160%of historical average
Waiau catchment inflows in
September 2023 were 173%
of historical average
Meridian’s Waitaki catchment
water storage at the end of
September 2023 was 116%of
historical average
MOU was signed with
Parkwindfor exploration of
offshore wind
New Zealand Aluminium
Smelter’s average load during
September 2023 was 568MW
Meridian’s retail sales volumes
in September 2023 were 1.3%
higher than September 2022
Compared to September 2022,
segment sales increased in
small medium business +0.2%,
large business +1.7% and
agricultural +29.3%, with
decreases in residential -6.3%
corporate -2.0%
Snow storage in Meridian’s
Waitaki catchment was 105%
of average in early October
Water storage in Meridian’s
Waiau catchment was 170%
of average at the end of
September 2023
National electricity demand
in September 2023 was 1.7%
lower than the same month
last year
September 2023 was the
warmest September on
record with temperatures
above average for most of
the country. Rainfall was
above normal in most of the
South Island and eastern and
northern parts of the North
Island

Q1 highlights
1 7 O C T O 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 S E P T E M B E R 2 0 2 3 |3
Meridian’s Q1 total
inflowswere114%of
historicalaverage,27%lower
than Q1last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ1 was40%lower
than Q1 lastyear
Compared to Q1 last
year,Meridian’s generation
was1.7%lower at
a91.4%higheraverage price
2027 electricity futures prices
commenced trading in early
October, pricing lower than
2026
New Zealand Aluminium
Smelter’s sales volumes in Q1
were the same as Q1 last year​
At the end of Q1, Meridian’s
customer numbers were 0.2%
lower than the same time last
year
Compared to Q1 last year,
Meridian’s retail sales volumes
were 2.0%higher at an11.5%
higher average price
Sales increased in all segments
except residential
Compared to Q1 last year, total
operating costs were 15.5%
higher​
Compared to Q1 last year, total
capital expenditure was 55.0%
higher with construction at the
Harapaki Wind Farm and the
Ruakākā Battery Energy
Storage System
National electricity demand
in Q1 was 0.6%higher than
Q1 last year​
Winter 2023 was relatively
warm and dry, although
notable for markedly below
average monthly
temperatures in August 2023
Rainfall was contrasting;
below normal across most of
the country, with the lower
South Island experiencing
above normal rainfall
During the quarter, Meridian
made calls on volume under
theswaption agreement with
Nova
Transformer outages at
Manapōuriand West Wind
scheduled well into 2024

Market data
1 7 O C T O 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 S E P T E M B E R 2 0 2 3 |4
▪National electricity demand in September
2023 was 1.7% lower than the same month
last year
▪September 2023 was the warmest
September on record with temperatures
above average for most of the country.
Rainfall was above normal in most of the
South Island and 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 September 2023 was 568MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.9% at the
end of August 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.5% at the end of
August 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 7 O C T O 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 S E P T E M B E R 2 0 2 3 |5
▪2027 electricity futures prices​ commenced
trading in early October
▪National storage increased from 83% of
average on 11 September 2023 to 116% of
average on 5 October 2023
▪South Island storage increased to 121% of
historical average by 5 October 2023.
North Island storage increased to 98% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (5 October 2023)
Average stored (90yr)19922004
200820122019
202120222023
60
80
100
120
140
160
180
200
220
240
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
Q1
2027
Q2
2027
Q3
2027
Q4
2027
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
3 October 202230 June 202331 July 2023
31 August 202328 September 202312 October 2023
60
80
100
120
140
160
180
200
220
240
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
Q1
2027
Q2
2027
Q3
2027
Q4
2027
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
3 October 202230 June 202331 July 2023
31 August 202328 September 202312 October 2023

Meridian retail
1 7 O C T O 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 S E P T E M B E R 2 0 2 3 |6
▪Meridian’s customer connection numbers
increased +0.2% during September 2023
and have increased 0.6% since June 2023
▪Retail sales volumes in September 2023
were 1.3% higher than September 2022
▪Compared to September 2022, segment
sales increased in small medium business
+0.2%, large business +1.7% and
agricultural +29.3%, with decreases in
residential -6.3% and corporate -2.0%
▪To date this financial year, retail sales
volumes are 2.0% higher than the same
period last year
▪This reflects increased segment sales in
small medium business +2.0, large
business +1.1%, agricultural +12.4% and
corporate +2.0%, with a decrease in
residential -1.6%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122
125
125
125
117
118
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
155
154
161
141
53
76
112
60
61
54
334
337
318
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

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 7 O C T O 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 S E P T E M B E R 2 0 2 3 |7
▪September 2023 monthly inflows were
160% of historical average
▪Waiau catchment inflows in September
2023 were 173% of historical average,
higher than the same time last year
▪To date this financial year, inflows are
114% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,210GWh to
1,149GWh during September 2023
▪Waitaki water storage at the end of
September 2023 was 116% of historical
average and 40% lower than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 105% of average in early
October
▪Water storage in Meridian’s Waiau
catchment was 170% of average at the end
of September 2023
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Sep YTD90 year average

Meridian generation
1 7 O C T O 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 S E P T E M B E R 2 0 2 3 |8
▪Meridian’s generation in September 2023
was 2.7% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is 1.7% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in September 2023 was 100.1%
higher than the same month last year
▪The average price Meridian paid to supply
customers in September 2023 was 97.1%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 91.3% higher than the same period last
year and the average price paid to supply
customers is 75.4% 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
111
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 7 O C T O 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 S E P T E M B E R 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
SEPTEMBERSEPTEMBERAUGUSTJULY3 MONTHS TO3 MONTHS TO
2023202220232023SEPTEMBERSEPTEMBER
MONTHMONTHMONTHMONTH20232022
New Zealand contracted sales
Residential sales volume (GWh)155 165 201 200 555 564
Small medium business sales volume (GWh)141 141 161 154 457 448
Agricultural sales volume (GWh)112 87 76 53 241 214
Large business sales volume (GWh)54 53 61 60 175 173
Corporate and industrial sales volume (GWh)318 325 337 334 989 970
Retail contracted sales volume (GWh)781 771 836 800 2,417 2,369
Average retail contracted sales price
1
($NZ/MWh)$148.2$134.9$151.2$149.2$149.6$134.1
NZAS sales volume (GWh)411 411 426 426 1,262 1,262
Financial contract sales volumes
2
(GWh)371 176 371 338 1,080 647
Average wholesale & financial contracts sales price
3
($NZ/MWh)$76.4$50.5$78.4$78.6$77.8$58.9
Retail customer supply volumes (GWh)825 823 892 845 2,561 2,501
Cost to supply retail customers ($NZ/MWh)$123.3$64.5$144.9$128.6$132.6$74.7
Cost to supply wholesale customers ($NZ/MWh)$110.7$49.7$132.9$109.2$117.7$62.7
Cost of financial contracts ($NZ/MWh)$115.5$63.1$132.6$109.5$119.5$78.1
Total New Zealand customer connections
4
365,453 368,747 364,631 364,389

Monthly operating information
1 7 O C T O 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 S E P T E M B E R 2 0 2 3 |10
Meridian operating information
See page 10 for footnotes
SEPTEMBER
SEPTEMBER
AUGUST
JULY
3 MONTHS TO
3 MONTHS TO
2023
2022
2023
2023
SEPTEMBER
SEPTEMBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
1,020


1,101


1,170


1,016


3,206


3,300


Wind generation volume (GWh)
138


89


107


118


362


331


Total generation volume (GWh)
1,157


1,190


1,276


1,134


3,567


3,631


Average generation price
5
($NZ/MWh)
$111.4
$55.7
$133.0
$110.8
$119.0
$62.2
New Zealand hedging
Hedging volume
6
(GWh)
458


352


539


505


1,502


1,205


Hedging cost average price ($NZ/MWh)
$139.1
$116.7
$132.3
$142.4
$137.8
$123.8
Hedging spot revenue average price ($NZ/MWh)
$121.2
$64.7
$134.3
$115.7
$124.1
$73.0
Future contract close outs ($NZm)
$1.4
$20.7
$3.2
$14.0
$18.6
$32.4

Monthly operating information
1 7 O C T O 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 S E P T E M B E R 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
SEPTEMBER
SEPTEMBER
AUGUST
JULY
3 MONTHS TO
3 MONTHS TO
2023
2022
2023
2023
SEPTEMBER
SEPTEMBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand costs
Employee and Operating Costs ($m)
22


20


24


23


69


60


Stay in Business Capital Expenditure ($m)
4


4


6


3


14


11


Investment Capital Expenditure ($m)
15


12


20


16


50


30


Total Capital Expenditure ($m)
19


16


26


19


64


41

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 555 -9
Small medium business sales volume (GWh)154 161 141 457 +9
Agricultural sales volume (GWh)53 76 112 241 +27
Large business sales volume (GWh)60 61 54 175 +2
Corporate and industrial sales volume (GWh)334 337 318 989 +19
Retail contracted sales volume (GWh)800 836 781 2,417 +48
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$149.6+$15.5
NZAS sales volume (GWh)426 426 411 1,262 +1
Financial contract sales volumes (GWh)338 371 371 1,080 +433
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$77.8+$18.9
Retail customer supply volumes (GWh)845 892 825 2,561 +61
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$132.6+$57.9
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$117.7+$55.0
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$119.5+$41.4
Total New Zealand customer connections364,389 364,631 365,453 365,453 -3,294
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 3,206 -94
Wind generation volume (GWh)118 107 138 362 +31
Total generation volume (GWh)1,134 1,276 1,157 3,567 -63
Average generation price ($NZ/MWh)$110.8$133.0$111.4$119.0+$56.8
New Zealand hedging
Hedging volume (GWh)505 539 458 1,502 +297
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$137.8+$14.0
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$124.1+$51.1
Future contract close outs ($NZm)$14.0$3.2$1.4$18.6-13.7
Meridian Group
Employee and Operating Costs ($NZ m)232422$69+9
Stay in Business Capital Expenditure ($NZ m)364$13+3
Investment Capital Expenditure ($NZ m)162015$51+20
Total Capital Expenditure ($NZ m)192619$64+23
FY24 operating information
121 7 O C T O 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 S E P T E M B E R 2 0 2 3 |
Meridian operating information

FY23 operating information
131 7 O C T O 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 S E P T E M B E R 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
141 7 O C T O 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 S E P T E M B E R 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