Meridian Energy monthly operating report for December 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 December 2023

17 January 2024
Attached is Meridian Energy Limited's monthly operating report for the month of December
2023.
Highlights this month include:
▪ In the month to 12 January 2024, national hydro storage decreased from 88% to 84% of
historical average
▪ South Island storage decreased to 75% of average and North Island storage increased to
132% of average by 12 January 2024
▪ Meridian’s December 2023 monthly total inflows were 80% of historical average
▪ Waiau catchment inflows in December 2023 were 84% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of December 2023 was 82% of
historical average
▪ Snow storage in Meridian’s Waitaki catchment was 64% of average in mid-January 2024
▪ Water storage in Meridian’s Waiau catchment was 85% of average at the end of
December 2023
▪ National electricity demand in December 2023 was 2.4% higher than the same month
last year
▪ December 2023 was a warm month with variable rainfall patterns. Much of the country
experienced normal or below normal rainfall, except for parts of the Upper North and
the East Coast of the North Island
▪ New Zealand Aluminium Smelter’s average load during December 2023 was 577MW
▪ Meridian’s retail sales volumes in December 2023 were 10.3% higher than December
2022
▪ Compared to December 2022, segment sales increased in residential +3.6%, small
medium business +1.6%, large business +8.2%, agriculture +30.1% and corporate +7.7%
Highlights for the second quarter include:
▪ Meridian’s Q2 total inflows were 83% of historical average, 5% lower than Q2 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q2 was 36% lower than Q2
last year
▪ Compared to Q2 last year, Meridian’s generation was -5.7% lower at a +235.2% higher
average price
▪ Near-term electricity futures prices rose during Q2, while longer dated prices fell

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 sales volumes in Q2 were the same as Q2 last year
▪ National electricity demand in Q2 was 0.3% higher than Q2 last year
▪ Spring 2023 was mild and very wet for parts of the North Island. Elsewhere rainfall was
generally near normal
▪ NIWA’s summer 2024 outlook suggests a very high probability of current El Nino
conditions persisting through to March, with more variable rainfall patterns
▪ During the quarter, Meridian made calls on volume under the swaption agreement with
Nova
▪ At the end of Q2, Meridian’s customer numbers were 1.3% higher than the same time
last year
▪ Compared to Q2 last year, Meridian’s retail sales volumes were 3.8% higher at an 5.2%
higher average price
▪ Sales increased in all segments, except small medium business
▪ Compared to Q2 last year, total operating costs were 14.3% higher
▪ Compared to Q2 last year, total capital expenditure was 23.5% lower, largely reflecting
timing of spend at the Harapaki 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:
Philip Clark
Head of Communications
0278 835 710

Monthly Operating Report
December 2023

December highlights
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |2
In the month to 12 January
2024, national hydro storage
decreased from 88% to 84%
of historical average
South Island storage
decreased to 75% of average
and North Island storage
increased to 132% of average
by 12 January 2024
Meridian’s December 2023
monthly total inflows were
80% of historical average
Waiau catchment inflows in
December 2023 were 84% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
December 2023 was 82% of
historical average
New Zealand Aluminium
Smelter’s average load during
December 2023 was 577MW
Meridian’s retail sales volumes
in December 2023 were
+10.3% higher than December
2022
Compared to December 2022,
segment sales increased in
residential +3.6%, small
medium business +1.6%, large
business +8.2%, agriculture
+30.1% and corporate +7.7%
Snow storage in Meridian’s
Waitaki catchment was 64%
of average in mid-January
2024
Water storage in Meridian’s
Waiau catchment was 85% of
average at the end of
December 2023
National electricity demand
in December 2023 was +2.4%
higher than the same month
last year
December 2023 was a warm
month with variable rainfall
patterns. Much of the
country experienced normal
or below normal rainfall,
except for parts of the Upper
North and the East Coast of
the North Island

Q2 highlights
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |3
Meridian’s Q2 total
inflowswere83%of
historicalaverage,5%lower
than Q2last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ2 was36%lower
than Q2 lastyear
Compared to Q2 last
year,Meridian’s generation
was-5.7%lower at
a+235.2%higheraverage
price
Near-term electricity futures
prices​ rose during Q2, while
longer dated prices fell
New Zealand Aluminum
Smelter’s sales volumes in Q2
were the same as Q2 last year​
At the end of Q2, Meridian’s
customer numbers were 1.3%
higher than the same time last
year
Compared to Q2 last year,
Meridian’s retail sales volumes
were 3.8% higher at an5.2%
higher average price
Sales increased in all segments
except small medium business
Compared to Q2 last year, total
operating costs were 14.3%
higher
Compared to Q2 last year, total
capital expenditure was 23.5%
lower, largely reflecting timing
of spend on the Harapaki Wind
Farm
National electricity demand
in Q2 was 0.3% higher than
Q2 last year​
Spring 2023 was mild and
very wet for parts of the
North Island. Elsewhere
rainfall was generally near
normal
NIWA’s summer 2024 outlook
suggests a very high
probability of current El Niño
conditions persisting through
to March, with more variable
rainfall patterns
During the quarter, Meridian
made calls on volume under
theswaption agreement with
Nova

Market data
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |4
▪National electricity demand in December
2023 was +2.4% higher than the same
month last year
▪December 2023 was a warm month with
variable rainfall patterns. Much of the
country experienced normal or below
normal rainfall, except for parts of the
Upper North and the East Coast of the
North Island
▪Demand in the last 12 months was +0.1%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during December 2023 was 577MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.5% at the
end of November 2023
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.0% at the end of
November 2023
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
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
5%
7%
9%
11%
13%
15%
Nov 18May 19Nov 19May 20Nov 20May 21Nov 21May 22Nov 22May 23Nov 23
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |5
▪Near term ASX electricity futures increased
and longer dated prices decreased during
December
▪National storage decreased from 88% of
average on 11 December 2023 to 84% of
average on 12 January 2024
▪South Island storage decreased to 75% of
historical average by 12 January 2024.
North Island storage increased to 132% 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 August 20232 October 2023
31 October 202330 November 202329 December 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 August 20232 October 2023
31 October 202330 November 202329 December 2023
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (12 January 2024)
Average storage (91yr)19922004
200820122019
202220232024

Meridian retail
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |6
▪Meridian’s customer connection numbers
increased +0.5% during December 2023
and have increased +2.3% since June 2023
▪Retail sales volumes in December 2023
were +10.3% higher than December 2022
▪Compared to December 2022, segment
sales increased in residential +3.6%, small
medium business +1.6%, large business
+8.2%, agriculture +30.1% and corporate
+7.7%
▪To date this financial year, retail sales
volumes are +2.9% higher than the same
period last year
▪This reflects increased segment sales in
small medium business +0.5%, large
business +6.2%, agricultural +8.7% and
corporate +3.3%, with a decrease in
residential -0.8%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122122
123
124
125
125
125125
126
127
117
118
118
119
120
121
123
123
123
123123
123
123
122122
122
122
122
126
126126
126
126
126
126
125
125
125
125
125
117
118
117
117
118
118
118
118
118
117
117
117
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
123
154
161
141
134
132
127
53
76
112
120
150
184
60
61
54
51
52
51
334
337
318
331
332
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

Meridian inflows and storage
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |7
▪December 2023 monthly inflows were 80%
of historical average
▪Waiau catchment inflows in December
2023 were 84% of historical average,
higher than the same time last year
▪To date this financial year, inflows are 95%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,228GWh to
1,346Wh during December 2023
▪Waitaki water storage at the end of
December 2023 was 82% of historical
average and 36% lower than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 64% of average in mid-
January 2024
▪Water storage in Meridian’s Waiau
catchment was 85% of average at the end
of December 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
8,000
9,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Dec 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 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |8
▪Meridian’s generation in December 2023
was -8.0% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is -3.7% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in December 2023 was
+944.7% higher than the same month last
year
▪The average price Meridian paid to supply
customers in December 2023 was +786.5%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is +147.6% higher than the same period
last year and the average price paid to
supply customers is +129.7% 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
111
108
130
171
95
40
56
72
33
16
117
146
134
78
58
74
0
20
40
60
80
100
120
140
160
180
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY24FY23

Monthly operating information
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |9
Meridian operating information
See page 11 for footnotes
DECEMBERDECEMBERNOVEMBEROCTOBER6 MONTHS TO6 MONTHS TO
2023202220232023DECEMBERDECEMBER
MONTHMONTHMONTHMONTH20232022
New Zealand contracted sales
Residential sales volume (GWh)123 119 124 144 947 955
Small medium business sales volume (GWh)127 125 132 134 850 846
Agricultural sales volume (GWh)184 141 150 120 695 639
Large business sales volume (GWh)51 48 52 51 330 310
Corporate and industrial sales volume (GWh)332 308 332 331 1,984 1,920
Retail contracted sales volume (GWh)818 741 790 781 4,806 4,670
Average retail contracted sales price
1
($NZ/MWh)$125.9$122.5$130.1$131.5$139.4$128.5
NZAS sales volume (GWh)426 425 412 426 2,525 2,524
Financial contract sales volumes
2
(GWh)212 277 250 221 1,763 1,432
Average wholesale & financial contracts sales price
3
($NZ/MWh)$57.5$54.2$61.9$56.2$69.1$57.2
Retail customer supply volumes (GWh)879 793 838 829 5,108 4,965
Cost to supply retail customers ($NZ/MWh)$186.1$23.6$143.3$124.3$142.2$62.9
Cost to supply wholesale customers ($NZ/MWh)$171.4$12.7$128.5$105.1$126.3$50.2
Cost of financial contracts ($NZ/MWh)$166.7$22.2$127.1$105.8$124.5$58.7
Total New Zealand customer connections
4
371,800 366,936 370,087 366,320

Monthly operating information
1 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |10
Meridian operating information
See page 11 for footnotes
DECEMBER
DECEMBER
NOVEMBER
OCTOBER
6 MONTHS TO
6 MONTHS TO
2023
2022
2023
2023
DECEMBER
DECEMBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand generation
Hydro generation volume (GWh)
987


1,121


1,061


974


6,227


6,574


Wind generation volume (GWh)
119


81


111


128


720


640


Total generation volume (GWh)
1,106


1,202


1,172


1,102


6,948


7,214


Average generation price
5
($NZ/MWh)
$170.8
$16.3
$130.4
$107.8
$127.4
$51.4
New Zealand hedging
Hedging volume
6
(GWh)
458


358


404


496


2,860


2,260


Hedging cost average price ($NZ/MWh)
$110.1
$99.1
$105.6
$110.9
$124.1
$113.1
Hedging spot revenue average price ($NZ/MWh)
$179.4
$25.5
$144.7
$123.7
$135.8
$60.4
Future contract close outs ($NZm)
$1.0
-$0.2
-$0.9
-$0.7
$18.0
$51.2

Monthly operating information
1 7 J A N U A R Y 2 0 2 4 | 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 D E C 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
DECEMBER
DECEMBER
NOVEMBER
OCTOBER
6 MONTHS TO
6 MONTHS TO
2023
2022
2023
2023
DECEMBER
DECEMBER
MONTH
MONTH
MONTH
MONTH
2023
2022
New Zealand costs
Employee and Operating Costs ($m)
24


21


24


22


140


122


Stay in Business Capital Expenditure ($m)
5


4


7


4


30


22


Investment Capital Expenditure ($m)
13


58


54


16


133


149


Total Capital Expenditure ($m)
18


62


61


20


163


171

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 555 -9392 +2
Small medium business sales volume (GWh)154 161 141 134 132 127 457 +9393 -5
Agricultural sales volume (GWh)53 76 112 120 150 184 241 +27454 +29
Large business sales volume (GWh)60 61 54 51 52 51 175 +2155 +17
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 989 +19995 +45
Retail contracted sales volume (GWh)800 836 781 781 790 818 2,417 +482,389 +88
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$130.1$125.9$149.6+$15.5$129.1+$6.4
NZAS sales volume (GWh)426 426 411 426 412 426 1,262 +11,263 +1
Financial contract sales volumes (GWh)338 371 371 221 250 212 1,080 +433683 -101
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$77.8+$18.9$58.5+$3.0
Retail customer supply volumes (GWh)845 892 825 829 838 879 2,561 +612,546 +82
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$132.6+$57.9$151.9+$101.1
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$171.4$117.7+$55.0$135.0+$97.2
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$166.7$119.5+$41.4$132.5+$89.8
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 365,453 -3,294371,800 +4,864
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 3,206 -943,022 -252
Wind generation volume (GWh)118 107 138 128 111 119 362 +31358 +49
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 3,567 -633,380 -203
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$119.0+$56.8$136.3+$95.7
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 1,502 +2971,358 +304
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$137.8+$14.0$109.1+$8.2
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$179.4$124.1+$51.1$148.8+$102.7
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$1.0$18.6-13.7-$0.6-19.5
Meridian Group
Employee and Operating Costs ($NZ m)232422222424$69+9$71+9
Stay in Business Capital Expenditure ($NZ m)364475$13+3$16+5
Investment Capital Expenditure ($NZ m)162015165413$51+20$83-36
Total Capital Expenditure ($NZ m)192619206118$64+23$99-31
FY24 operating information
121 7 J A N U A R Y 2 0 2 4 | 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 D E C E M B E R 2 0 2 3 |
Meridian operating information

FY23 operating information
131 7 J A N U A R Y 2 0 2 4 | 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 D E C 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 J A N U A R Y 2 0 2 4 | 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 D E C 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