Meridian Energy monthly operating report for November 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 November 2023

15 December 2023
Attached is Meridian Energy Limited's monthly operating report for the month of November 2023.
Highlights this month include:
•
In the month to 11 December 2023, national hydro storage decreased from
100%
to
88%
of historical
average
•
South Island storage decreased to
82%
of average and North Island storage increased to
113%
of
average by 11 December 2023
•
Meridian’s November 2023 monthly total inflows were
66%
of historical average
•
Waiau catchment inflows in November 2023 were
64%
of historical average
•
Meridian’s Waitaki catchment water storage at the end of November 2023 was
96%
of historical
average
•
Snow storage in Meridian’s Waitaki catchment was
94%
of average in early December
•
Water storage in Meridian’s Waiau catchment was
86%
of average at the end of November 2023
•
National electricity demand in November 2023 was
+0.7%
higher than the same month last year
•
November 2023 was dry and mild for most of the country with temperatures above average. Rainfall
was below normal for much of the country, except for the East Coast of the North Island
•
New Zealand Aluminium Smelter’s average load during November 2023 was
577MW

•
Meridian’s retail sales volumes in November 2023 were
+3.2%
higher than November 2022
•
Compared to November 2022,

segment sales increased in residential +4.2%, small medium business
+3.4%, large business +5.0% and corporate +4.1%, with decreases in agricultural -0.2%

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
November 2023

November highlights
1 5 D E C 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 N O V E M B E R 2 0 2 3 |2
In the month to 11 December
2023, national hydro storage
decreased from 100% to 88%
of historical average
South Island storage
decreased to 82% of average
and North Island storage
increased to 113% of average
by 11 December 2023
Meridian’s November 2023
monthly total inflows were
66% of historical average
Waiau catchment inflows in
November 2023 were 64% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
November 2023 was 96% of
historical average
New Zealand Aluminium
Smelter’s average load during
November 2023 was 577MW
Meridian’s retail sales volumes
in November 2023 were +3.2%
higher than November 2022
Compared to November 2022,
segment sales increased in
residential +4.2%, small
medium business +3.4%, large
business +5.0% and corporate
+4.1%, with decreases in
agricultural -0.2%
Snow storage in Meridian’s
Waitaki catchment was 94%
of average in early December
Water storage in Meridian’s
Waiau catchment was 86% of
average at the end of
November 2023
National electricity demand
in November 2023 was +0.7%
higher than the same month
last year
November 2023 was dry and
mild for most of the country
with temperatures above
average. Rainfall was below
normal for much of the
country, except for the East
Coast of the North Island

Market data
1 5 D E C 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 N O V E M B E R 2 0 2 3 |3
▪National electricity demand in November
2023 was +0.7% higher than the same
month last year
▪November 2023 was dry and mild for most
of the country with temperatures above
average. Rainfall was below normal for
much of the country, except for the East
Coast of the North Island
▪Demand in the last 12 months was -0.1%
lower than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during November 2023 was 577MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.0% at the
end of October 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.6% at the end of
October 2023
Source: Electricity Authority (reconciled demand)
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 D E C 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 N O V E M B E R 2 0 2 3 |4
▪Near term ASX electricity futures have
increased slightly, with longer dated prices
decreasing during November
▪National storage decreased from 100% of
average on 10 November 2023 to 88% of
average on 11 December 2023
▪South Island storage decreased to 82% of
historical average by 11 December 2023.
North Island storage increased to 113% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (11 December 2023)
Average storeage (90yr)19922004
200820122019
202120222023
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 202330 November 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 202330 November 2023

Meridian retail
1 5 D E C 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 N O V E M B E R 2 0 2 3 |5
▪Meridian’s customer connection numbers
increased +1.0% during November 2023
and have increased +1.9% since June 2023
▪Retail sales volumes in November 2023
were +3.2% higher than November 2022
▪Compared to November 2022, segment
sales increased in residential +4.2%, small
medium business +3.4%, large business
+5.0% and corporate +4.1%, with
decreases in agricultural -0.2%
▪To date this financial year, retail sales
volumes are +1.5% higher than the same
period last year
▪This reflects increased segment sales in
small medium business +0.3%, large
business +5.9%, agricultural +2.6% and
corporate +2.5%, with a decrease in
residential -1.4%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122
122
123
125
125
125125
126
117
118
118
119
120
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
124
154
161
141
134
132
53
76
112
120
150
60
61
54
51
52
334
337
318
331
332
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 5 D E C 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 N O V E M B E R 2 0 2 3 |6
▪November 2023 monthly inflows were 66%
of historical average
▪Waiau catchment inflows in November
2023 were 64% of historical average, lower
than the same time last year
▪To date this financial year, inflows are 99%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,355GWh to
1,228Wh during November 2023
▪Waitaki water storage at the end of
November 2023 was 96% of historical
average and 45% lower than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 94% of average in early
December
▪Water storage in Meridian’s Waiau
catchment was 86% of average at the end
of November 2023
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Nov YTD90 year average

Meridian generation
1 5 D E C 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 N O V E M B E R 2 0 2 3 |7
▪Meridian’s generation in November 2023
was -1.5% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is -2.8% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in November 2023 was
+293.9% higher than the same month last
year
▪The average price Meridian paid to supply
customers in November 2023 was +255.2%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is +103.8% higher than the same period
last year and the average price paid to
supply customers is +90.0% 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
130
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 D E C 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 N O V E M B E R 2 0 2 3 |8
Meridian operating information
See page 10 for footnotes
NOVEMBERNOVEMBEROCTOBERSEPTEMBER5 MONTHS TO5 MONTHS TO
2023202220232023NOVEMBERNOVEMBER
MONTHMONTHMONTHMONTH20232022
New Zealand contracted sales
Residential sales volume (GWh)124 119 144 155 824 836
Small medium business sales volume (GWh)132 128 134 141 723 721
Agricultural sales volume (GWh)150 150 120 112 511 498
Large business sales volume (GWh)52 50 51 54 278 263
Corporate and industrial sales volume (GWh)332 319 331 318 1,652 1,612
Retail contracted sales volume (GWh)790 766 781 781 3,988 3,929
Average retail contracted sales price
1
($NZ/MWh)$130.1$121.5$131.5$148.2$142.2$129.6
NZAS sales volume (GWh)412 411 426 411 2,100 2,098
Financial contract sales volumes
2
(GWh)250 251 221 371 1,551 1,155
Average wholesale & financial contracts sales price
3
($NZ/MWh)$61.9$55.8$56.2$76.4$71.1$57.8
Retail customer supply volumes (GWh)838 825 829 825 4,229 4,172
Cost to supply retail customers ($NZ/MWh)$143.3$44.2$124.3$123.3$133.1$70.3
Cost to supply wholesale customers ($NZ/MWh)$128.5$29.7$105.1$110.7$117.2$57.8
Cost of financial contracts ($NZ/MWh)$127.1$33.7$105.8$115.5$118.8$67.4
Total New Zealand customer connections
4
370,087 365,946 366,320 365,453

Monthly operating information
1 5 D E C 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 N O V E M B E R 2 0 2 3 |9
Meridian operating information
See page 10 for footnotes
NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2023
2022
2023
2023
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
1,061


1,086


974


1,020


5,240


5,452


Wind generation volume (GWh)
111


103


128


138


601


560


Total generation volume (GWh)
1,172


1,190


1,102


1,157


5,842


6,012


Average generation price
5
($NZ/MWh)
$130.4
$33.1
$107.8
$111.4
$119.2
$58.5
New Zealand hedging
Hedging volume
6
(GWh)
404


347


496


458


2,402


1,902


Hedging cost average price ($NZ/MWh)
$105.6
$100.2
$110.9
$139.1
$126.8
$115.7
Hedging spot revenue average price ($NZ/MWh)
$144.7
$35.8
$123.7
$121.2
$127.5
$67.0
Future contract close outs ($NZm)
-$0.9
$13.7
-$0.7
$1.4
$17.0
$51.4

Monthly operating information
1 5 D E C 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 N O V E M 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
NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2023
2022
2023
2023
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand costs
Employee and Operating Costs ($m)
24


21


22


22


115


101


Stay in Business Capital Expenditure ($m)
7


4


4


4


25


18


Investment Capital Expenditure ($m)
54


50


16


15


121


91


Total Capital Expenditure ($m)
61


54


20


19


145


109

FY24 operating information
111 5 D E C 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 N O V E M B E R 2 0 2 3 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 555 -9
Small medium business sales volume (GWh)154 161 141 134 132 457 +9
Agricultural sales volume (GWh)53 76 112 120 150 241 +27
Large business sales volume (GWh)60 61 54 51 52 175 +2
Corporate and industrial sales volume (GWh)334 337 318 331 332 989 +19
Retail contracted sales volume (GWh)800 836 781 781 790 2,417 +48
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$130.1$149.6+$15.5
NZAS sales volume (GWh)426 426 411 426 412 1,262 +1
Financial contract sales volumes (GWh)338 371 371 221 250 1,080 +433
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$77.8+$18.9
Retail customer supply volumes (GWh)845 892 825 829 838 2,561 +61
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$132.6+$57.9
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$117.7+$55.0
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$119.5+$41.4
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 365,453 -3,294
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 3,206 -94
Wind generation volume (GWh)118 107 138 128 111 362 +31
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 3,567 -63
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$119.0+$56.8
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 1,502 +297
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$137.8+$14.0
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$124.1+$51.1
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$18.6-13.7
Meridian Group
Employee and Operating Costs ($NZ m)2324222224$69+9
Stay in Business Capital Expenditure ($NZ m)36447$13+3
Investment Capital Expenditure ($NZ m)1620151654$51+20
Total Capital Expenditure ($NZ m)1926192061$64+23

FY23 operating information
121 5 D E C 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 N O V 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
131 5 D E C 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 N O V E M B E R 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