Meridian Energy monthly operating report for October 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 October 2023
14 November 2023
Attached is Meridian Energy Limited's monthly operating report for the month of October 2023.
Highlights this month include:
•
In the month to 10 November 2023, national hydro storage decreased from
116%
to
100%
of historical
average
•
South Island storage decreased to
99%
of average and North Island storage increased to
106%
of
average by 10 November 2023
•
Meridian’s October 2023 monthly total inflows were
107%
of historical average
•
Waiau catchment inflows in October 2023 were
97%
of historical average
•
Meridian’s Waitaki catchment water storage at the end of October 2023 was
125%
of historical average
•
Snow storage in Meridian’s Waitaki catchment was
109%
of average in early November
•
Water storage in Meridian’s Waiau catchment was
107%
of average at the end of October 2023
•
National electricity demand in October 2023 was
-1.9%
lower than the same month last year
•
October 2023 saw large temperature swings, with the overall national monthly temperature slightly
above average. Rainfall was above normal in Northland and South Canterbury and below average for
most other parts of the country
•
New Zealand Aluminium Smelter’s average load during October 2023 was
570MW

•
Meridian’s retail sales volumes in October 2023 were
-1.7%
lower than October 2022
•
Compared to October 2022, segment sales increased in large business +27.7% and corporate +2.4%,
with decreases in residential -5.0%, small medium business -7.8% and agricultural -10.0%

•
In October 2023, Meridian and NZ Windfarms announced a joint venture to repower and extend the Te
Rere Hau wind farm
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:
Phil Clark
Head of Communications
027 838 5710

Monthly Operating Report
October 2023

October highlights
1 4 N O V 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 O C T O B E R 2 0 2 3 |2
In the month to 10 November
2023, national hydro storage
decreased from 116%to
100%of historical average
South Island storage
decreased to 99%of average
and North Island storage
increased to 106%of average
by 10 November 2023
Meridian’s October 2023
monthly total inflows were
107%of historical average
Waiau catchment inflows in
October 2023 were 97%of
historical average
Meridian’s Waitaki catchment
water storage at the end of
October 2023 was 125%of
historical average
New Zealand Aluminium
Smelter’s average load during
October 2023 was 570MW
Meridian’s retail sales volumes
in October 2023 were -1.7%
lower than October 2022
Compared to October 2022,
segment sales increased in
large business +27.7% and
corporate +2.4%, with
decreases in residential -5.0%,
small medium business -7.8%
and agricultural -10.0%
In October 2023, Meridian and
NZ Windfarms announced a
joint venture to repower and
extend the Te Rere Hau wind
farm
Snow storage in Meridian’s
Waitaki catchment was 109%
of average in early November
Water storage in Meridian’s
Waiau catchment was 107%
of average at the end of
October 2023
National electricity demand
in October 2023 was -1.9%
lower than the same month
last year
October 2023 saw large
temperature swings, with the
overall national monthly
temperature slightly above
average. Rainfall was above
normal in Northland and
South Canterbury and below
average for most other parts
of the country

Market data
1 4 N O V 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 O C T O B E R 2 0 2 3 |3
▪National electricity demand in October
2023 was -1.9% lower than the same month
last year
▪October 2023 saw large temperature
swings, with the overall national monthly
temperature slightly above average. Rainfall
was above normal in Northland and South
Canterbury and below average for most
other 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 October 2023 was 570MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.1% at the
end of September 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.5% at the end of
September 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 4 N O V 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 O C T O B E R 2 0 2 3 |4
▪Longer dated electricity futures prices
reduced slightly during October
▪National storage decreased from 116% of
average on 5 October 2023 to 100% of
average on 10 November 2023
▪South Island storage decreased to 99% of
historical average by 10 November 2023.
North Island storage increased to 106% of
average
Source: ASX
Source: ASX
Source: NZX
60
80
100
120
140
160
180
200
220
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
30 June 202331 July 202331 August 2023
2 October 202331 October 2023
60
80
100
120
140
160
180
200
220
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
30 June 202331 July 202331 August 2023
2 October 202331 October 2023
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 November 2023)
Average storeage (90yr)19922004
200820122019
202120222023

Meridian retail
1 4 N O V 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 O C T O B E R 2 0 2 3 |5
▪Meridian’s customer connection numbers
increased +0.2% during October 2023 and
have increased +0.8% since June 2023
▪Retail sales volumes in October 2023 were
-1.7% lower than October 2022
▪Compared to October 2022, segment sales
increased in large business +27.7% and
corporate +2.4%, with decreases in
residential -5.0%, small medium business
-7.8% and agricultural -10.0%
▪To date this financial year, retail sales
volumes are +1.1% higher than the same
period last year
▪This reflects increased segment sales in,
large business +6.1%, agricultural +3.8%
and corporate +2.1%, with a decrease in
residential -2.3% and small medium
business -0.4%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122
122
125
125
125125
117
118
118
119
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
144
154
161
141
134
53
76
112
120
60
61
54
51
334
337
318
331
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 4 N O V 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 O C T O B E R 2 0 2 3 |6
▪October 2023 monthly inflows were 107%
of historical average
▪Waiau catchment inflows in October 2023
were 97% of historical average, higher
than the same time last year
▪To date this financial year, inflows are
112% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,149GWh to
1,355GWh during October 2023
▪Waitaki water storage at the end of
October 2023 was 125% of historical
average and 19% lower than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 109% of average in early
November
▪Water storage in Meridian’s Waiau
catchment was 107% of average at the end
of October 2023
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
1,000
2,000
3,000
4,000
5,000
6,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Oct YTD90 year average

Meridian generation
1 4 N O V 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 O C T O B E R 2 0 2 3 |7
▪Meridian’s generation in October 2023 was
-7.5% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is -3.2% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in October 2023 was +48.8%
higher than the same month last year
▪The average price Meridian paid to supply
customers in October 2023 was +48.9%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is +79.7% higher than the same period last
year and the average price paid to supply
customers is +68.5% 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
108
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 4 N O V 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 O C T O B E R 2 0 2 3 |8
Meridian operating information
See page 10 for footnotes
OCTOBEROCTOBERSEPTEMBERAUGUST4 MONTHS TO4 MONTHS TO
2023202220232023OCTOBEROCTOBER
MONTHMONTHMONTHMONTH20232022
New Zealand contracted sales
Residential sales volume (GWh)144 152 155 201 700 716
Small medium business sales volume (GWh)134 145 141 161 591 593
Agricultural sales volume (GWh)120 134 112 76 361 348
Large business sales volume (GWh)51 40 54 61 226 213
Corporate and industrial sales volume (GWh)331 323 318 337 1,320 1,293
Retail contracted sales volume (GWh)781 795 781 836 3,198 3,164
Average retail contracted sales price
1
($NZ/MWh)$131.5$124.0$148.2$151.2$145.2$131.6
NZAS sales volume (GWh)426 426 411 426 1,688 1,687
Financial contract sales volumes
2
(GWh)221 257 371 371 1,301 904
Average wholesale & financial contracts sales price
3
($NZ/MWh)$56.2$56.5$76.4$78.4$73.1$58.3
Retail customer supply volumes (GWh)829 847 825 892 3,391 3,347
Cost to supply retail customers ($NZ/MWh)$124.3$82.8$123.3$144.9$130.6$76.8
Cost to supply wholesale customers ($NZ/MWh)$105.1$70.7$110.7$132.9$114.5$64.7
Cost of financial contracts ($NZ/MWh)$105.8$73.7$115.5$132.6$117.2$76.8
Total New Zealand customer connections
4
366,320 364,700 365,453 364,631

Monthly operating information
1 4 N O V 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 O C T O B E R 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
OCTOBER
OCTOBER
SEPTEMBER
AUGUST
4 MONTHS TO
4 MONTHS TO
2023
2022
2023
2023
OCTOBER
OCTOBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
974


1,066


1,020


1,170


4,179


4,366


Wind generation volume (GWh)
128


126


138


107


490


456


Total generation volume (GWh)
1,102


1,192


1,157


1,276


4,669


4,822


Average generation price
5
($NZ/MWh)
$107.8
$72.4
$111.4
$133.0
$116.3
$64.7
New Zealand hedging
Hedging volume
6
(GWh)
496


350


458


539


1,998


1,555


Hedging cost average price ($NZ/MWh)
$110.9
$103.3
$139.1
$132.3
$131.1
$119.2
Hedging spot revenue average price ($NZ/MWh)
$123.7
$77.2
$121.2
$134.3
$124.0
$73.9
Future contract close outs ($NZm)
-$0.7
$5.4
$1.4
$3.2
$17.9
$37.8

Monthly operating information
1 4 N O V 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 O C T O B E R 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
OCTOBER
OCTOBER
SEPTEMBER
AUGUST
4 MONTHS TO
4 MONTHS TO
2023
2022
2023
2023
OCTOBER
OCTOBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand costs
Employee and Operating Costs ($m)
22


21


22


24


91


80


Stay in Business Capital Expenditure ($m)
4


3


4


6


18


14


Investment Capital Expenditure ($m)
16


11


15


20


66


41


Total Capital Expenditure ($m)
20


14


19


26


84


55

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 555 -9
Small medium business sales volume (GWh)154 161 141 134 457 +9
Agricultural sales volume (GWh)53 76 112 120 241 +27
Large business sales volume (GWh)60 61 54 51 175 +2
Corporate and industrial sales volume (GWh)334 337 318 331 989 +19
Retail contracted sales volume (GWh)800 836 781 781 2,417 +48
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$149.6+$15.5
NZAS sales volume (GWh)426 426 411 426 1,262 +1
Financial contract sales volumes (GWh)338 371 371 221 1,080 +433
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$77.8+$18.9
Retail customer supply volumes (GWh)845 892 825 829 2,561 +61
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$132.6+$57.9
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$117.7+$55.0
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$119.5+$41.4
Total New Zealand customer connections364,389 364,631 365,453 366,320 365,453 -3,294
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 3,206 -94
Wind generation volume (GWh)118 107 138 128 362 +31
Total generation volume (GWh)1,134 1,276 1,157 1,102 3,567 -63
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$119.0+$56.8
New Zealand hedging
Hedging volume (GWh)505 539 458 496 1,502 +297
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$137.8+$14.0
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$124.1+$51.1
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7$18.6-13.7
Meridian Group
Employee and Operating Costs ($NZ m)23242222$69+9
Stay in Business Capital Expenditure ($NZ m)3644$13+3
Investment Capital Expenditure ($NZ m)16201516$51+20
Total Capital Expenditure ($NZ m)19261920$64+23
FY24 operating information
111 4 N O V 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 O C T O B E R 2 0 2 3 |
Meridian operating information

FY23 operating information
121 4 N O V 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 O C T O 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
131 4 N O V 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 O C T O 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