Meridian Energy Limited 2024 Interim Results

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)
Strong retail and wholesale sales fuel Meridian’s half-year
result
28 February 2024
Meridian Energy has reported net profit after tax (NPAT) of $191 million for the six months ended
31 December 2023, $10 million or 5% lower than the same period last year. The year-on-year
reduction in NPAT is largely due to changes in the fair value of hedge instruments. Operating
earnings (EBITDAF
1
) of $443 million increased by $18 million (4%) over the previous year, driven by
higher retail and wholesale sales.
Meridian Energy Chief Executive Neal Barclay says he is particularly pleased with how the retail
business is performing in extremely competitive market conditions: “This is a solid result overall, but
the stand-out is a 3% lift in retail sales volumes over the same period last year. This increase was
driven by the agribusiness and large business segments, up 9% and 6% respectively.”
Meridian continued to gain momentum in supporting industrial customers to convert to electric boilers,
including recent agreements with Fonterra and Open Country Dairy. Meridian now has 891GWh of
process heat either contracted or under memoranda of understanding.
“These deals are significant in terms of both sales volumes and their contribution to decarbonising our
customers’ businesses and the New Zealand economy. Fonterra’s installation of a 20-megawatt
electrode boiler at its Edendale site in Southland will reduce the facility’s emissions by around 20% or
47,500 tonnes of CO2e per annum – the equivalent of taking almost 20,000 cars off New Zealand
roads,” says Barclay.
Development and Construction
The first six months of the year have seen Meridian make strong progress in the construction of its
Harapaki wind farm in Hawke’s Bay and the Ruakākā grid-scale battery north of Auckland. A year
ago, communities in Hawkes’s Bay were devastated by Cyclone Gabrielle, causing a three-month

1
EBITDAF is a non-GAAP measure of earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value
of hedges, impairments and gains and losses on sale of assets.

2


delay in the Harapaki project. Since first power in November 2023, Meridian now has 20 turbines
commissioned, with the project on track for full power by September 2024. The Ruakākā battery also
remains on track and should be operational by the end of this year.
Meridian has continued to advance its development pipeline, with consent applications live for both
the 90MW Mt Munro wind farm in the Wairarapa and the 120 MW Ruakākā solar farm.
In October 2023, the company reached an agreement with NZ Windfarms to form a joint venture to
repower and extend the Te Rere Hau wind farm near Palmerston North. The project involves the
design, construction and operation of up to 39 new turbines with generation capacity of up to 170
MW. This will be New Zealand’s first wind farm repowering project.
Also, during October 2023, Meridian and Europe-based Parkwind signed a memorandum of
understanding for the exploration of offshore wind generation in New Zealand waters, focused
principally off the Taranaki coast.
“We are creating a portfolio of renewable energy options and partnerships, utilising different
technologies, that will help this country transition to net zero carbon by 2050. We are playing a long
game. Our development pipeline reflects what we need to do over the next 30 years, not just the next
few.” says Barclay.
Waitaki Reconsenting
During July 2023, Meridian submitted a reconsenting application to secure the generation outputs
from the portion of the Waitaki Power Scheme that it owns and operates. Meridian is seeking new
consents for 35 years, commencing in April 2025. The Waitaki scheme accounts for around 18% of
Aotearoa’s electricity production and, more importantly, around 67% of average hydro-electricity
storage.
“The flexibility this scheme provides is a key enabler for New Zealand to decarbonise through
continued electrification and enables further growth of intermittent wind and solar electricity. This
reconsenting is mission critical for our business, but we have agreements in place with key parties
and are confident of a positive outcome,” says Barclay.
Generation
Transformer reliability has been an issue for Meridian over the last year with reduced capacity at both
the West Wind farm and the Manapōuri power station due to main unit transformer outages. West
Wind is currently operating with a 31% reduction in generation capacity and two of the seven units at
Manapōuri are currently out of service while transformers undergo critical maintenance.
“While these outages have presented challenges, our maintenance teams are working extremely hard
to bring as much capacity as possible on-line before this winter,” says Barclay.

3


Hydro inflows were 95% of average during the first six months of the financial year and catchment
storage levels are slightly below average at the end of January 2024.
“When we look forward to winter 2024, El Niño climate conditions are prevalent and expected to
persist into autumn, which would typically bring more rainfall into the southern hydro catchments. But
while the hydrology outlook is positive, long range weather forecasts in New Zealand are notoriously
hard to predict, and so hydro lake management is as important as ever,” adds Barclay.
Interim Dividend
The Meridian Board has announced an interim ordinary dividend of 6.15 cents per share, 3% higher
than last year’s interim dividend.
The interim ordinary dividend will be 80% imputed and Meridian’s Dividend Reinvestment Plan will
apply to this interim ordinary dividend at no discount to the average market price over a five-day
period ending on 14 March 2024. Shareholders are reminded outcomes from discussions with the
owners of the Tiwai Point aluminium smelter on a potential contract beyond 2024 remain uncertain.
The interim dividend will be paid, and new shares issued under the reinvestment plan on 26 March
2024.
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

---

Condensed Interim Financial Statements.
As at and for the six months to 31 December 2023.
Right.
Now.

01
Condensed interim financial statements
MERIDIAN ENERGY LIMITED
06About this report
07S: Significant matters in the six months
S1. Change in presentation of realised energy hedge balances
10A. Financial performance
A1. Segment performance
A2. Income
A3. Expenses
A4. Taxation
16B. Assets used to generate and sell electricity
B1. Property, plant and equipmentB2. Intangible assets
18C. Managing funding
C1. Capital management
C2. Earning per share
C3. Dividends
C4. Borrowings
C5. Green Financing
23D. Financial instruments
D1. Financial instruments
26E. Other
E1. Group structure
E2. Contingent assets
and liabilities
E3. Subsequent events
E4. Changes in financial
reporting standards
27Review report
Independent auditor’s report
Notes to the Condensed
Interim Financial Statements
Condensed Interim
Financial Statements
Financial performance menu
02Income Statement
The income earned and operating expenditure incurred
by the Meridian Group during the six months.
02Comprehensive Income Statement
Items of income and operating expense that are not
recognised in the income statement and hence taken
to reserves in equity.
03Balance Sheet
A summary of the Meridian Group assets and
liabilities at the end of the six months.
04Changes in Equity
Components that make up the capital and reserves
of the Meridian Group and the changes of each
component during the six months.
05Cash Flows
Cash generated and used by the Meridian Group.

02
Group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Income Statement
For the six months to 31 December 2023
Restated*
UnauditedUnaudited
Note
2023
$M
2022
$M
Operating revenueA2 2,111 1,470
Operating expensesA3(1,701) (1,009)
Depreciation and amortisationB1, B2(164) (144)
Impairment of assetsA3 2 (6)
Gain on sale of assets and investmentsA2 9 –
Net change in fair value of energy hedgesD1 44 (41)
Finance costsA3(31) (29)
Interest income 6 6
Net change in fair value of treasury hedgesD1(13) 32
Net profit before tax 263 279
Income tax expenseA4(72) (78)
Net profit after tax 191 201
Earnings per share (EPS) attributed to the shareholders of the parent company Cents Cents
Basic and diluted EPSC27. 47. 8
* The Income Statement has been restated due to a change in presentation in the current year.
Refer to the Significant matters section Note S1 for more information.
Comprehensive Income Statement
For the six months to 31 December 2023
Unaudited Unaudited
Note
2023
$M
2022
$M
Net profit after tax 191 201
Other comprehensive income
Items that will not be reclassified to profit or loss:
Asset revaluationB1– 740
Deferred tax on the above item–(207)
–533
Items that may be reclassified to profit or loss:
Net (loss)/gain on cash flow hedges(7) (11)
Income tax on the above items 2 3
(5) (8)
Other comprehensive income/(loss) for the year, net of tax(5) 525
Total comprehensive income for the period, net of tax
attributed to shareholders of the parent company 186 726

03
Group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Balance Sheet
As at 31 December 2023
Restated*
UnauditedUnauditedAudited
Note
31 Dec 2023
$M
31 Dec 2022
$M
30 Jun 2023
$M
Current liabilities
Payables and accruals 499 291 352
Employee entitlements 15 14 20
Customer contract liabilities 15 12 14
Current portion of borrowingsC4 382 159 214
Current portion of lease liabilitiesC4 3 3 3
Financial instrumentsD1 63 84 71
Current tax payable 44 36 46
Total current liabilities 1,021 599 720
Non-current liabilities
BorrowingsC4 1,009 959 1,022
Deferred tax 2,071 2,118 2,103
Lease liabilitiesC4 28 25 24
Financial instrumentsD1 102 112 111
Term payables 83 50 55
Total non-current liabilities 3,293 3,264 3,315
Total liabilities 4,314 3,863 4,035
Net assets 5,885 5,970 5,987
Shareholders’ equity
Share capital 1,719 1,690 1,700
Reserves 4,166 4,280 4,287
Total shareholders’ equity 5,885 5,970 5,987
* The Balance Sheet has been restated due to a change in presentation in the current year.
Refer to the Significant matters section Note S1 for more information.
Restated*
UnauditedUnauditedAudited
Note
31 Dec 2023
$M
31 Dec 2022
$M
30 Jun 2023
$M
Current assets
Cash and cash equivalents 221 198 212
Trade receivables 458 259 334
Customer contract assets 13 14 13
Financial instrumentsD1 225 291 141
Other assets 42 48 47
Total current assets 959 810 747
Non-current assets
Property, plant and equipmentB1 9,031 8,587 8,989
Intangible assetsB2 80 82 73
Financial instrumentsD1 118 354 213
Other assetsE1 11 ––
Total non-current assets 9, 240 9,023 9, 275
Total assets 10,199 9,833 10,022
For and on behalf of the Board of Directors who authorised the issue of the financial statements
on 27 February 2024.
Mark Verbiest
Chair, 27 February 2024
Julia Hoare
Chair, Audit and Risk Committee, 27 February 2024

04
Group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Changes in Equity
For the six months to 31 December 2023
Audited ($M)Note
Share
capital
Share
option
reserve
Revaluation
reserve
Cash flow
hedge
reserve
Retained
earnings
Shareholders
equity
Balance at 1 July 2022 1,671 2 5,079 13 (1,242) 5,523
Net profit for the year – – – – 95 95
Other comprehensive income
Asset revaluation B1 – – 1,111 – – 1,111
Net gain/(loss) on cash flow hedges – – – (11) – (11)
Income tax relating to other comprehensive income – – (311) 3 – (308)
Total other comprehensive income, net of tax – – 800 (8) – 792
Total comprehensive income for the year, net of tax – – 800 (8) 95 887
Share-based transactions(1) 1 – – – –
Dividend reinvestment plan 30 – – – – 30
Dividends paid/reinvested – – – – (453) (453)
Balance at 30 June 2023 and 1 July 2023 1,700 3 5,879 5 (1,600) 5,987
Unaudited ($M)
Net profit for the period – – – – 191 191
Other comprehensive income
Asset revaluation B1 – – – – – –
Net gain/(loss) on cash flow hedges – – – (7) – (7)
Income tax relating to other comprehensive income – – – 2 – 2
Total other comprehensive income, net of tax – – – (5) – (5)
Total comprehensive income for the year, net of tax – – – (5) 191 186
Share-based transactions(1) – – – – (1)
Dividend reinvestment plan 20 – – – – 20
Dividends paid/reinvested – – – – (307) (307)
Balance at 31 December 2023 1,719 3 5,879 – (1,716) 5,885
Unaudited ($M)
Balance at 1 July 2022 1,671 2 5,079 13 (1,242) 5,523
Net profit for the period – – – – 201201
Other comprehensive income
Asset revaluation B1 – – 740 – – 740
Net gain/(loss) on cash flow hedges – – – (11) – (11)
Income tax relating to other comprehensive income – – (207) 3 – (204)
Total other comprehensive income, net of tax – – 533 (8) – 525
Total comprehensive income for the year, net of tax – – 533 (8) 201 726
Share-based transactions – – – – – –
Dividend reinvestment plan 19 – – – – 19
Dividends paid/reinvested – – – – (298) (298)
Balance at 31 December 2022 1,690 2 5,612 5 (1,339) 5,970

05
Group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
The notes to the condensed interim financial statements form an integral part of these financial statements.
Cash Flows
For the six months to 31 December 2023
UnauditedUnaudited
Note
2023
$M
2022
$M
Operating activities
Receipts from customers 2,044 1,637
Interest received 6 6
Payments to suppliers and employees(1,605) (1,253)
Interest paid(38) (33)
Income tax paid(104) (92)
Operating cash flows 303 265
Investing activities
Purchase of property, plant and equipment(143) (136)
Purchase of intangible assets(12) (8)
Purchase of other assets(11) –
Investing cash flows(166) (144)
Financing activities
Borrowings drawnC4 167 –
Borrowings repaidC4(5) (5)
Shares purchases for long term incentive(2) –
Lease liabilities paidC4(1) (3)
Dividends C3(287) (278)
Financing cash flows(128) (286)
Net increase/(decrease) in cash and cash equivalents 9 (165)
Cash and cash equivalents at beginning of the six months 212 363
Cash and cash equivalents at end of the six months 221 198

06
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
About this report
In this section
The summary notes to the condensed
interim financial statements include
information which is considered
relevant and material to assist the
reader in understanding changes
in Meridian Energy Limited's
(Meridian) financial position
or performance. Information is
considered relevant and material if:
• the amount is significant because
of its size and nature;
• it is important for understanding
the results of Meridian;
• it helps to explain changes in
Meridian's business; or
• it relates to an aspect of Meridian's
operations that is important to
future performance.
Meridian is a for-profit entity domiciled
and registered under the Companies
Act 1993 in New Zealand. It is a
Financial Markets Conduct (FMC)
reporting entity for the purposes
of the Financial Markets Conduct
Act 2013. Meridian's core business
activities are the generation, trading
and retailing of electricity and the
sale of complementary products
and services. The registered office of
Meridian is 287-293 Durham Street
North, Christchurch. Meridian is dual
listed on the New Zealand Stock
Exchange (NZX) and the Australian
Securities Exchange (ASX). As a Mixed
Ownership Company, majority owned
by His Majesty the King in Right of
New Zealand, it is bound by the
requirements of the Public Finance
Act 1989.
These unaudited condensed interim
financial statements for the six months
ended 31 December 2023 have
been prepared:
• using Generally Accepted
Accounting Practice in New Zealand
(NZ GAAP) as appropriate for interim
financial statements, accounting
policies consistent with International
Financial Reporting Standards (IFRS)
and the New Zealand equivalents
(NZ IFRS) and in accordance with
IAS 34 Interim Financial Reporting
and NZ IAS 34 Interim Financial
Reporting, as appropriate for a
for-profit entity;
• in accordance with the requirements
of the Financial Markets Conduct
Act 2013;
• on the basis of historical cost,
modified by revaluation of certain
assets and liabilities; and
• in New Zealand dollars (NZD).
The principal functional currency
of international subsidiaries is British
Pounds (GBP): the closing rate at
31 December 2023 was 0.4969
(31 December 2022: 0.5249,
30 June 2023: 0.4822).
All values are rounded to millions
($M) unless otherwise stated.
Accounting policies
The accounting policies, methods
of computation and classification
set out in the Group financial statements
for the year ended 30 June 2023 have
been applied consistently to all periods
presented in the condensed interim
financial statements.
Judgements and estimates
The basis of key judgements and
estimates have not changed from
those used in preparing the Group
financial statements for the year
ended 30 June 2023.
Basis of consolidation
The condensed interim Group
financial statements comprise the
financial statements of Meridian, its
subsidiaries and controlled entities.

07
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
S: Significant matters in the six months
In this section
Significant matters which have impacted
Meridian's financial performance.
S1 Change in presentation of
realised energy hedge balances
In the current period, the Group has
made adjustments to the classification
and presentation of realised energy
hedge balances. This follows a change
in interpretation of NZ IFRS 9 Financial
Instruments and its requirements.
These adjustments were first made
for reporting at 30 June 2023.
In previous periods, Meridian has
accounted for and disclosed realised
energy hedge balances as follows;
• In the Income Statement, these
were classified as part of operating
revenue or operating expense,
depending on whether the under-
lying derivative was a hedge of
energy sales or energy purchases
• In the Balance Sheet, accruals in
relation to realised energy hedges
were shown in the receivables
or payables and accruals lines,
depending on whether the accrual
was receivable or payable.
Our practice aligned with peers in the
New Zealand energy sector and meant
that the impact of our risk management
activities (hedges) were presented in
the same places as the risk hedged.
This practice does not comply
with NZ IFRS 9 and therefore it
was discontinued. We note our
past practice would be acceptable
if our energy hedges were in hedge
accounting relationships. However,
we do not hedge account for
energy hedges.
As a result, we have amended the
classification of realised energy
hedge balances in both the current
and comparative periods.
The main impacts are as follows:
• In the Income Statement, this
has meant the reclassification of
realised energy hedge balances from
operating revenue and operating
expenses to net change in fair value
of energy hedges, as well as the
removal of some subtotals. Notably,
EBITDAF (as defined in the Non-
GAAP measures section) is no longer
shown on the face of the Income
Statement. However, it remains one
of our core non-GAAP measures of
business performance, as reported
in Note A1 Segment Performance.
• In the Balance Sheet, we have
reclassified realised energy hedge
balances out of trade receviables
and payables and accruals and
into the appropriate financial
Instruments line.
We have also amended our definition
of EBITDAF to make clear that as
intended, this core non-GAAP
reporting measure excludes unrealised
movements on energy hedges.

08
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
The impact of the changes on the primary financial statements are as follows:
Income Statement
Restated
Comment
2022
$M
2022
$M
Change
$M
Operating revenue 1,470 1,529 (59)
Operating expenses (1,009) (1,104) 95
Earnings before interest, tax, depreciation, amortisation,
changes in fair value of hedges and other significant items (EBITDAF)
Subtotal removed
425 n/a
Depreciation and amortisation (144) (144)–
Impairment of assets (6) (6)–
Net change in fair value of energy hedges (41) (5) (36)
Operating profit
Subtotal removed
270 n/a
Finance costs (29) (29)–
Interest income 6 6 –
Net change in fair value of treasury hedges 32 32 –
Net profit before tax 279 279 –
Income tax expense (78) (78)–
Net profit after tax 201 201 –
Restated
Balance Sheet
2022
$M
2022
$M
Change
$M
Trade receivables 259 271 (12)
Financial instruments (current asset) 291 288 3
Financial instruments (non current asset) 354 345 9
Payables and accruals 291 322 (31)
Financial instruments (current liability) 84 54 30
Financial instruments (non current liability) 112 111 1
S
S1 Change in presentation of realised energy hedge balances continued

09
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
Significant matters in the six months
In this section
This section outlines significant
matters which have impacted
Meridian's financial performance
and an explanation of non-GAAP
measures used within the notes to the
condensed interim financial statements.
Hydro Inflows
Meridian started the six month period
with strong storage positions in both
the Waiau and Waitaki catchments.
In the Waitaki, a drier than normal
winter period meant inflows fell below
average. Storage declined until late
September, when spring inflows
stabilised lake levels. Dry weather
then resumed and the catchment
recorded lower than average inflows
through to the end of December.
In the Waiau, there were more regular
inflows over winter and the storage
levels held accordingly. However, since
early November it has been drier, with
inflows falling below average and
storage levels declining.
We ended the calendar year with
storage just over 80% of average in both
the Waiau and Waitaki catchments.
Non-GAAP measures
Meridian refers to non-GAAP financial
measures within these condensed
interim financial statements and
accompanying notes. The limited use
of non-GAAP measures is intended
to supplement GAAP measures to
provide readers with further information
to broaden their understanding of
Meridian's financial performance and
position. They are not a substitute for
GAAP measures.
As these measures are not defined
by NZ GAAP, IFRS, or any other body
of accounting standards, Meridian's
calculations may differ from similarly
titled measures presented by other
companies. The measures are
described below, including page
references for reconciliations to the
condensed interim financial statements.
EBITDAF
Earnings before interest, tax,
depreciation, amortisation, unrealised
changes in fair value of hedges,
impairments and gains and losses on
sale of assets. This definition has been
updated this year to make clear that
as intended, it excludes unrealised
changes in the fair value of hedges.
Segment performance note
EBITDAF is reported in Note A1 Segment
Performance, allowing the evaluation
of Meridian's operating performance
without the non-cash impact of
depreciation, amortisation, unrealised
fair value movements of hedging
instruments and other one-off or
infrequently occurring events and the
effects of Meridian's capital structure
and tax position. This allows the reader
to compare operating performance
with that of other electricity industry
companies.
Energy margin
Energy margin provides a measure of
financial performance that, unlike total
revenue, accounts for the variability
of wholesale energy markets and
the broadly offsetting impact of
the wholesale prices on the cost of
Meridian's energy purchases and
revenue from generation. Meridian uses
the measure of energy margin within
its segmental financial performance in
Note A1 Segment performance.
Net debt
Net debt is a metric commonly used
by investors as a measure of Meridian's
indebtedness that takes account of
liquid financial assets. Meridian uses
this measure within its capital
management and this is outlined
in Note C1 Capital management.

10
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
A: Financial performance
In this section
This section explains the financial
performance of Meridian, providing
additional information about individual
items in the income statement, including:
a. accounting policies, judgements
and estimates that are relevant for
understanding items recognised in
the income statement; and
b. analysis of Meridian's performance
for the six months by reference to
key areas including: performance
by operating segment, revenue,
expenses and taxation.
A1 Segment performance
The Chief Executive (the chief
operating decision-maker) monitors
the operating performance of each
segment for the purpose of making
decisions on resource allocation and
strategic direction.
The Chief Executive considers the
business according to the nature of the
products and services and the location
of operations, as set out below:
New Zealand wholesale
• Generation of electricity and
its sale into the New Zealand
wholesale electricity market.
• Purchase of electricity from the
wholesale electricity market and
its sale to the New Zealand Retail
segment and to large industrial
customers, including NZAS
representing the equivalent
of 36% (31 December 2022: 35%)
of Meridian's New Zealand
generation production.
• Development of renewable
electricity generation
opportunities in New Zealand.
New Zealand retail
• Retailing of electricity and
complementary products through
two brands (Meridian and
Powershop) in New Zealand.
• Electricity sold to residential,
business and industrial customers
on fixed price variable volume
contracts is purchased from the
Wholesale segment at an average
annual fixed price of $133 per
megawatt hour (MWh) (2022:
$104 per MWh) and electricity sold
to business and industrial customers
on spot (variable price) agreements
is purchased from the Wholesale
segment at prevailing wholesale
spot market prices.
• Agency margin from spot sales is
included within "Contracted sales,
net of distribution costs".
Other and unallocated
• Other operations, that are not
considered reportable segments,
including licensing of the Flux
developed electricity and gas
retailing platform.
• Activities and centrally based
costs that are not directly
allocated to other segments.
The financial performance of the
operating segments is assessed
using energy margin and EBITDAF
(a defintion of these measures is
included within Significant Matters
in the financial period) before
unallocated central corporate
expenses. Balance sheet items are
not reported to the Chief Executive
at an operating segment level.

11
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
Group
For the six months to 31 December
NZ Wholesale NZ Retail
Other and
UnallocatedInter-segmentUnauditedUnaudited
2023
$M
2022
$M
2023
$M
2022
$M
2023
$M
2022
$M
2023
$M
2022
$M
2023
$M
2022
$M
Contracted sales, net of distribution costs and hedging 296 226 670 600 – – – – 966 826
Costs to supply customers, net of hedging (1,334) (541) (660) (503) – – 729 521 (1,265) (523)
Net cost of other hedges 51 (68) – – – – – – 51 (68)
Generation spot revenue, net of hedging 885 371 – – – – – – 885 371
Inter-segment electricity sales 729 521 – – – – (729) (521) – –
Virtual asset swap margins (3) (4) – – – – – – (3) (4)
Other market revenue/(costs) (5) (5) – 1 – – – – (5) (4)
Energy margin (see reconciliation on next page) 619 500 10 98 – – – – 629 598
Other revenue 2 1 9 8 10 13 (5) (8) 16 14
Hosting expense – – – – (2) – – – (2) –
Energy transmission expense (36) (41) – – – – – – (36) (41)
Energy metering expenses – – (25) (23) – – – – (25) (23)
Gross margin 585 460 (6) 83 8 13 (5) (8) 582 548
Employee expenses (16) (13) (18) (18) (32) (29) – – (66) (60)
Other operating expenses (35) (29) (19) (17) (23) (20) 4 3 (73) (63)
EBITDAF (see reconciliation on next page) 534 418 (43) 48 (47) (36) (1) (5) 443 425
Depreciation and amortisation (164) (144)
Impairment of assets 2 (6)
Gain on sale of assets and investments 9 –
Net change in fair value of energy hedges (see reconciliation on next page) 11 (5)
Finance costs (31) (29)
Interest income 6 6
Net change in fair value of treasury hedges (13) 32
Net profit before tax 263 279
Income tax expense (72) (78)
Net profit after tax 191 201
AA1 Segment performance continued

12
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
UnauditedUnaudited
Reconciliation of energy marginNote
2023
$M
2022
$M
Energy sales to customersA2 1,203 1,063
Generation revenueA2 892 393
Energy expensesA3 (1,136) (475)
Energy distribution expensesA3 (363) (347)
Realised energy hedges (see below) 33 (36)
Energy margin 629 598
UnauditedUnaudited
Reconciliation of EBITDAFNote
2023
$M
2022
$M
Operating incomeA2 2,111 1,470
Operating expensesA3 (1,701) (1,009)
Realised energy hedges (see below) 33 (36)
EBITDAF 443 425
UnauditedUnaudited
Reconciliation of net change in fair value of energy hedges
2023
$M
2022
$M
Realised energy hedges shown within energy margin (see above) 33 (36)
Unrealised changes in the fair value of energy hedges (as noted on previous page) 11 (5)
Net change in fair value of energy hedges per the Income Statement 44 (41)
AA1 Segment performance continued

13
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
A2 Income
Operating revenue
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
Energy sales to customers 1,203 1,063
Generation revenue 892 393
Energy-related services revenue 5 5
Other revenue 11 9
Total operating revenue 2,111 1,470
Total revenue by geographic area
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
New Zealand 2,111 1,470
Total operating revenue 2,111 1,470
Gain on sale of assets and investments
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
Gain on sale of assets and investments 9 –
Operating revenue
Energy sales to customers
Revenue received or receivable from residential, business and industrial customers.
This revenue is influenced by customer contract sales prices and their demand
for energy.
Generation revenue
Revenue received from energy generated and sold into the wholesale markets.
This revenue is influenced by the quantity of generation and wholesale spot prices.
It is recognised at the time of generation.
Gain on sale of investments
The current period gain relates to the refund of Australian stamp duty originally
paid on the purchase of the Green State Power hydro assets. Refer to Note E2
for more information.
A

14
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
A3 Expenses
Operating expenses
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
Energy expenses 1,136 475
Energy distribution expenses 363 347
Energy transmission expenses 36 41
Energy metering expense 25 23
Hosting expenses 2 2
Employee expenses 66 60
Other expenses 73 61
Total operating expenses 1,701 1,009
Finance costs
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
Interest on borrowings 40 32
Interest on option premiums 1 1
Interest on lease liabilities 1 1
Less capitalised interest(11) (5)
Total finance costs 31 29
Impairment of assets
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
Net impairment income/(expense) 2 (6)
Energy expenses
The cost of:
• energy purchased from wholesale
markets to supply customers; and
• related charges and services.
Energy expenses are influenced by
quantity and timing of customer
consumption and wholesale spot prices.
Energy distribution expenses
The cost of distribution companies
transporting energy between where
it is transmitted/stored and customers'
properties.
Energy transmission expenses
Meridian's share of the cost of the
high voltage direct current (HVDC)
link between the North and South
Islands of New Zealand and the cost of
connecting Meridian's generation sites
to the national grid by grid providers.
Employee expenses
Provision is made for benefits owing
to employees in respect of wages and
salaries, annual leave, long service leave
and employee incentives for services
rendered. Provisions are recognised when
it is probable they will be settled and can
be measured reliably. They are carried at
the remuneration rate expected to apply
at the time of settlement.
Finance costs – capitalised interest
Meridian is capitalising interest costs
relating to the building of new assets.
The average rate used to determine the
amount of borrowing costs eligible for
capitalisation was 5.58% (2022: 5.37%)
Impairment of non-financial assets
The current period includes the
reversal of impairment expense
recorded in June 2023 on carbon
credit inventory. Carbon credit price
recovered in late 2023 and therefore the
impairment entries have been reversed.
In the prior period, impairment
expenses related to the exit of
Meridian's office lease at Lady
Elizabeth Lane in Wellington.
A

15
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
A
A4 Taxation
Income tax expense
Six months ended 31 December
Unaudited
Unaudited
2023
$M
2022
$M
Current income tax charge 102 97
Deferred tax (30) (19)
Income tax expense 72 78
Reconciliation to profit before tax
Profit before tax 263 279
Income tax at applicable rates 74 78
Income not assessable for tax
(2) –
Income tax expense
72 78
Income tax expense
Income tax expense is the income
tax assessed on taxable profit for
the period. Taxable profit differs
from profit before tax reported in
the income statement as it excludes
items of income and expense that are
taxable or deductible in other periods
and also excludes items that will never
be taxable or deductible. Meridian’s
liability for current tax is calculated
using tax rates that have been
enacted or substantively enacted at
balance date, being 28%.
Income tax expense components are
current income tax and deferred tax.

16
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
B: Assets used to generate and sell electricity
In this section
This section shows the assets
Meridian uses in the production
and sale of electricity to generate
operating revenues. In this section
of the summary notes there is
information about:
a. property, plant and equipment; and
b. intangible assets
Recognition and measurement
Generation structures and plant assets
(including land and buildings) are
held on the balance sheet at their fair
value at the date of revaluation, less
any subsequent depreciation and
impairment losses. All other property,
plant and equipment are stated
at historical cost less accumulated
depreciation and any accumulated
impairment losses.
Fair value and revaluation of
generation structures and plant
Within property, plant and equipment,
generation structures and plant
are carried at fair value for financial
reporting purposes. Revaluations are
performed with sufficient regularity
to ensure that carrying value does
not differ materially from that which
would be determined using fair values
at balance date. Meridian continues to
use an income approach in calculating
the fair value of generation structures
and plant. Meridian uses a Discounted
Cash Flow (DCF) approach to determine
a fair value range.
A review and assessment of key
inputs included in the valuation of
generation structures and plant has
been undertaken as at 31 December
2023, indicating that the carrying value
was materially in line with fair value
and therefore a formal revaluation
was unnecessary (2022: assets were
revalued up by $740 million).
The value of our generation structures
and plant is sensitive to movements
in fair value as a result of a change
in each valuation input. Refer to the
sensitivity table on the next page.
B1 Property, plant and equipment
Position as at
UnauditedUnauditedAudited
31 Dec 2023
$M
31 Dec 2022
$M
30 Jun 2023
$M
Opening net book value 8,989 7, 8 3 0 7, 8 3 0
Additions 200 162 328
Impairment – (12) (12)
Disposals(6) (2) (1)
Adjustment of Right of Use assets(3) – (1)
Generation structures and plant revaluation:
revaluation reserve – 740 1,111
income statement – – –
Depreciation expense(149) (131) (266)
Closing net book value 9,031 8,587 8,989
B2 Intangible assets
Position as at
UnauditedUnauditedAudited
31 Dec 2023
$M
31 Dec 2022
$M
30 Jun 2023
$M
Opening Net Book value
73 85 85
Additions
22 10 18
Impairment – – (2)
Amortisation expense
(15) (13) (28)
Closing net book value 80 82 73
Capital Commitments
At 31 December 2023, Meridian has capital commitments of $165 million
(2022: $295 million).

17
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
The table below describes the key inputs and their sensitivity to changes for the formal valuations performed in prior periods.
UnauditedAudited
31 December 202230 June 2023
Key input to
measure fair valueDescription
Range of
unobservable inputsSensitivity
Impact on
valuation
Range of
unobservable inputsSensitivity
Impact on
valuation
Future NZ wholesale
electricity prices
The price received
for NZ generation
$42MWh to $148MWh between
FY23 and FY42 (in real terms)
+ $3MWh
- $3MWh
$440M
($440M)
$43MWh to $150MWh between
FY24 and FY43 (in real terms)
+ $3MWh
- $3MWh
$456M
($456M)
New Zealand
generation volume
Annual generation
production
13,284GWh p.a. to
13,832GWh p.a. (in real terms)
+ 250GWh
- 250GWh
$225M
($225M)
13,304GWh p.a. to
13,804GWh p.a.
+ 250GWh
- 250GWh
$210M
($210M)
Operating expenditure
(excluding electricity purchase
costs or transmission charges)
Meridian’s cost
of operations
Forecast costs are in line with
with 30 June 2022 inputs
and inflated at appropriate
escalation rates
+ $10M
- $10M
($130M)
$130M
$154M in FY24, $163M in FY25
(in real terms) and inflated at
appropriate escalation rates
from FY26 onward
+ $10M
- $10M
($116M)
$116M
Weighted Average
Cost of Capital (WACC)
The discount rate considers
the time value of money and
relative risk of achieving the
cash flow forecast
8.40%+ 0.5%
- 0.5%
($575M)
$675M
8.40%+ 0.5%
- 0.5%
($585M)
$683M
Sensitivities show the movement in fair value as a result of a change in each input (keeping all other inputs constant).
B

18
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
C: Managing funding
In this section
This section explains how Meridian
manages its capital structure and
working capital, the various funding
sources, and how dividends are
returned to shareholders. In this
section of the summary notes there is
information about equity and dividends.
C1 Capital management
Capital risk management objectives
Meridian's objective when managing
capital is to provide appropriate returns
to shareholders whilst maintaining a
capital structure that safeguards its
ability to remain a going concern and
optimises the cost of capital.
Capital is defined as the combination
of shareholders' equity, reserves and
net debt.
Meridian manages its capital through
various means, including:
• adjusting the amount of dividends
paid to shareholders;
• raising or returning capital; and
• raising or repaying debt.
Meridian regularly monitors its capital
requirements using various measures
that consider debt facility financial
covenants and credit ratings. The key
measures being net debt to EBITDAF
and interest cover. The principal external
measure is Meridian's credit rating from
Standard & Poor's.
Meridian is in full compliance with
debt facility financial covenants.
Position as at
UnauditedUnauditedAudited
Note
31 Dec 2023
$M
31 Dec 2022
$M
30 Jun 2023
$M
Share capital 1,719 1,690 1,700
Retained earnings(1,716) (1,339) (1,600)
Other reserves
5,882
5,619
5,887
5,885 5,970 5,987
Drawn borrowingsC4 1,383 1,121 1,221
add: Lease liabilities 31 28 27
less: Cash and cash equivalents (221) (198) (212)
Net Debt 1,193 951 1,036
Net capital 7,07 8 6,921 7,0 2 3

19
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
C
C2 Earning per share
UnauditedUnaudited
Basic and diluted earnings per share (EPS)31 Dec 202331 Dec 2022
Net profit after tax 191 201
Weighted average number of shares used in the calculation of EPS 2 , 5 8 3 ,9 37, 8 9 0 2,578,784,219
Basic and diluted EPS (cents per share) 7. 4 7. 8
C3 Dividends
Dividends declared and paid
Six months ended 31 December
UnauditedUnaudited
2023
$M
2022
$M
Final ordinary dividend 2023: 11.90cps (2022: 11.55cps) 307 298
Total dividends paid 307 298
Dividends declared and not recognised as a liability
Interim ordinary dividend 2024: 6.15cps (2023: 6.00cps) 159 155
Dividend Policy
Meridian's dividend policy considers
free cash flow, working capital
requirements, the medium-term
investment programme, maintaining
a BBB+ credit rating and risks from short
and medium-term economic, market
and hydrology conditions.
Meridian operates a Dividend
Reinvestment Plan (DRP) plan where
shares are issued in lieu of cash which
are excluded from dividends paid in
the Statement of Cash Flows.
During the period, Meridian investors
were issued 3,838,342 new shares
with a value of $20 million through
the DRP (31 December 2022: 3,864,231
shares with a value of $19 million.
30 June 2023: 5,865,181 shares with
a value of $30 million).
On 27 February 2024 the Board
declared a partially imputed
interim ordinary dividend of
6.15 cents per share.
Subsequent event –
dividend declared

20
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
UnauditedUnauditedAudited
Group (NZ$M)
31 Dec 202331 Dec 202230 Jun 2023
Currency
borrowed
in
Drawn
facility
amount
Transaction
costs
Fair
value
adjustment
Carrying
amount
Drawn
facility
amount
Transaction
costs paid
Fair
value
adjustment
Carrying
amount
Drawn
facility
amount
Transaction
costs
Fair
value
adjustment
Carrying
amount
Current borrowings
Unsecured borrowings
NZD 382 – – 382 160 (1) – 159 215 (1) – 214
Total current borrowings
382 – – 382 160 (1) – 159 215 (1) – 214
Non–current borrowings
Unsecured borrowings
NZD 415 (1) – 414 375 – – 375 420 – – 420
Unsecured borrowings
USD 586 (1) 10 595 586 (1) (1) 584 586 (1) 17 602
Total non – current borrowings 1,001 (2) 10 1,009 961 (1) (1) 959 1,006 (1) 17 1,022
Total borrowings 1,383 (2) 10 1,391 1,121 (2) (1) 1,118 1,221 (2) 17 1,236
Meridian has committed bank
facilities of $650 million of which
$601 million were undrawn at
31 December 2023 (31 December
2022: facilities of $585 million of
which $550 million were undrawn).
Where facilities have expiry dates,
these expiries range from June 2024
to April 2027. $200 million of facilities
are evergreen/have no expiry date.
Borrowings, measurement
and recognition
Borrowings are recognised initially
at the fair value of the drawn facility
amount (net of transaction costs
paid) and are subsequently stated
at amortised cost using the effective
interest method. Any borrowings which
have been designated as hedged
items (USD borrowings) are carried
at amortised cost plus a fair value
adjustment under hedge accounting
requirements. Any borrowings
denominated in foreign currencies
are retranslated to the functional
currency at each reporting date.
Any retranslation effect is included
in the "Fair value adjustment"
column in the above table, along
with any amounts relating to fair
value hedge adjustments.
Meridian uses cross currency interest
rate swap (CCIRS) hedge contracts to
manage its exposure to interest rates
and borrowings sourced in currencies
different to that of the borrowing
entity's reporting currency.
Meridian borrows under a negative
pledge arrangement, which does not
permit it to grant any security interest
over its assets, unless it is an exception
permitted within the negative pledge.
Fair value of items held at amortised cost
UnauditedUnauditedAuditedUnauditedUnauditedAudited
Position as at
31 Dec
2023
$M
31 Dec
2022
$M
30 Jun
2023
$M
31 Dec
2023
$M
31 Dec
2022
$M
30 Jun
2023
$M
Carrying valueFair value
Retail bonds 550 500 550 553 489 543
Unsecured term loan (EKF facility) 25 35 30 26 36 31
Within borrowings there are longer
dated instruments which are not in
hedge accounting relationships. The
carrying values and estimated fair
values of these instruments are noted
in the table above.
Fair value is calculated using a
discounted cash flow calculation and
the resultant values are classified as
Level 2 within the fair value hierarchy.
The Retail Bonds are listed instruments;
however, a lack of liquidity on the NZX
precludes them from being classified as
Level 1 (a definition of levels is included
in Note D1 Financial instruments).
Carrying value approximates fair
value for all other instruments within
borrowings.
C
C4 Borrowings

21
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
C
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes.
Unaudited
31 December 2023
Group ($M)
Balance at
30 Jun 2023
Term
borrowings
drawn
Term
borrowings
repaid
Fair value
adjustments
Foreign
exchange
New lease
recognised
Lease
remeasure-
ment
Lease
liabilities
paid
Lease
derecognition
Unwind of
discounting
Balance at
31 Dec 2023
Unsecured borrowings – NZD 634 167 (5) – – – – – – – 796
Unsecured borrowings – USD 602 – – 13 (20) – – – – – 595
Lease liabilities 27 – – – – 7 (3) (1) – 1 31
Total 1,263 167 (5) 13 (20) 7 (3) (1) – 1 1,422
Unaudited
31 December 2022
Group ($M)
Balance at
30 Jun 2022
Term
borrowings
drawn
Term
borrowings
repaid
Fair value
adjustments
Foreign
exchange
New lease
recognised
Lease
remeasure-
ment
Lease
liabilities
paid
Lease
derecognition
Unwind of
discounting
Balance at
31 Dec 2022
Unsecured borrowings – NZD 539 – (5) – – – – – – – 534
Unsecured borrowings – USD 624 – (29) (11) – – – – – 584
Lease liabilities 41 – – – – – – (3) (11) 1 28
Total 1,204 – (5) (29) (11) (3) (11) 1 1,146
Audited
30 June 2023
Group ($M)
Balance at
30 Jun 2022
Term
borrowings
drawn
Term
borrowings
repaid
Fair value
adjustments
Foreign
exchange
New lease
recognised
Lease
remeasure-
ment
Lease
liabilities
paid
Lease
derecognition
Unwind of
discounting
Balance at
30 Jun 2023
Unsecured borrowings – NZD 539 255 (160) – – – – – – – 634
Unsecured borrowings – USD 624 – – (34) 12 – – – – – 602
Lease liabilities 41 – – – – – (2) (3) (11) 2 27
Total 1,204 255 (160) (34) 12 (2) (3) (11) 2 1,263
C4 Borrowings continued

22
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
Further information on the Green Finance Programme, including the Programme framework document, opinions from
DNV, Climate Bonds Standard (CBS) Certification and Green Asset and Debt registers are available on Meridian’s website at
meridianenergy.co.nz/about-us/investors/reports/green-finance.
C
To recognise Meridian’s commitment, leadership and investment in renewable energy, Meridian operates a Green Finance
Programme which covers both existing and future issuances of debt instruments (Programme).
Green Debt Instruments under Meridian’s Green Finance Programme
Green Debt allocated to the Hydro Pool
1
UnauditedUnauditedAudited
31 Dec 2023 31 Dec 202230 Jun 2023
Type – Group ($M)
CUSIP/
NZX Code
Currency
borrowed in
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
USPP Series 2014-1 Tranche B
2
Q5995*AB 4USD147147147147147147
USPP Series 2019-1 Tranche A
2
Q5995#AE4USD183183183183183183
USPP Series 2019-1 Tranche B
2
Q5995#AF1USD183183183183183183
USPP Series 2019-1 Tranche C
2
Q5995#AG9USD737373737373
Total USPP586586586586586586
Bank Facilities
3
NZD62524550 – 55015
Commercial Paper
4
NZD200198 – – 4040
Total Green Debt allocated to the Hydro Pool 1,411 808 1,136 586 1,176 641
Green Debt allocated to the Wind Pool
5

UnauditedUnauditedAudited
31 Dec 202331 Dec 202230 Jun 2023
Type – Group ($M)
CUSIP/
NZX Code
Currency
borrowed in
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
Facility
amount
Drawn
facility
amount
Retail Bond (Mar-23)MEL030NZD – – 150150 – –
Retail Bond (Mar-24)MEL040NZD150150150150150150
Retail Bond (Mar-25)MEL050NZD200200200200200200
Retail Bond (Sep-28)MEL060NZD200200 – – 200200
Total Domestic Bonds550550500500550550
EKF Amortising FacilityNZD252535353030
Total Green Debt allocated to the Wind Pool 575 575 535 535 580 580
Total Green Debt 1,986 1,383 1,671 1,121 1,756 1,221
C5 Green Financing
The Programme Framework
(Framework) sets out the process,
criteria and guidelines under which
Meridian intends to issue and/or manage
existing and future bonds and loans
under the Programme which contribute
towards achieving Meridian’s sustainable
objectives.
DNV Business Assurance Australia Pty
Ltd (DNV) has been commissioned by
Meridian to provide an external review
of the Programme through verification
of the Wind Pool and the Green Debt
allocated (directly or notionally) to the
Wind Pool under the CBS; and a second
party opinion of the Hydro Pool and
the Green Debt allocated (directly or
notionally) to the Hydro Pool under the
Green Bond Principles (GBP) and Green
Loan Principles (GLP). The conclusion
of DNV’s external reviews are provided
within the following documents (also
available on Meridian’s website via
link above):
• DNV Periodic Assurance Opinion
2023, Climate Bonds Standard
Project Pool (Wind) 31 July 2023; and
• DNV Periodic Second Party Opinion
2023, Green Bond & Loan Principles
Project Pool (Hydro) 31 July 2023.
The proceeds of Meridian’s debt
instruments, outlined in the above
tables, have been allocated (directly or
notionally) to refinance eligible wind
and hydro assets that meet the market
standards.
At 31 December 2023, Meridian remains
compliant with the requirements of
the Programme.
1 Verified as meeting the criteria established for Meridian by DNV which aligns with the stated definition of Green Bonds and Loans within the Green Bond/
Loan Principles
2 USPP notes are included as the NZD equivalent under the cross currency swaps related to the notes
3 Committed bank facilities are included at the face value of the facilities
4 Commercial Paper is included as the face value on issue. The drawn value of Commercial Paper differs to the facility value due to the discount on issue
5 Climate Bonds Standard Certified

23
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED

Fair value on the balance sheet
Fair value movements
in the income statement
UnauditedUnauditedAuditedUnauditedUnaudited
31 Dec 202331 Dec 202230 Jun 202331 Dec 202331 Dec 2022
Level
Assets
$M
Liabilities
$M
Assets
$M
Liabilities
$M
Assets
$M
Liabilities
$M$M$M
Treasury hedges
Cross currency interest rate swap (CCIRS) –
interest rate risk
2(26)(10)(34)(11)(34)(15)–1
CCIRS – basis and margin risk2–(3)–(4)––––
CCIRS – foreign exchange risk246–44–66–––
Total CC IRS20(13)10(15)32(15)–1
Foreign exchange hedges23–13–7–––
Interest rate swaps (IRS)235(14)51(11)46(12)(13)31
Total treasury hedges58(27)74(26)85(27)(13)32
Energy hedges
Market traded electricity hedges1128(43)278(19)133(48)1(21)
Other electricity hedges3123(94)251(151)102(107)52(13)
Electricity options334–42–34–(9)(7)
Total energy hedges285(137)571(170)269(155)44(41)
Total hedges343(164)645(196)354(182)31(9)
Of which
Current225(63)291(84)141(71)
Non current118(102)354(112)213(111)
Total hedges343(165)645(196)354(182)
D: Financial instruments
In this section
In this section of the summary
notes there is information:
a. analysing financial (hedging)
instruments used to manage risk; and
b. outlining Meridian's fair value
techniques and key inputs.
D1 Financial instruments
Fair value of hedging financial instruments
The recognition and measurement
of hedging financial instruments
requires management estimation and
judgement (this is discussed in further
detail later in this note). These estimates
can have a significant risk of material
adjustment in future periods. Fair value
measurements are grouped within a
three-level fair value hierarchy based
on the observability of valuation
inputs (described below).
• Level 1 Inputs – Quoted prices
(unadjusted) in active markets
for identical assets or liabilities
that the entity can access at the
measurement date.
• Level 2 Inputs – Either directly (i.e.
as prices) or indirectly (i.e. derived
from prices) observable inputs other
than quoted prices included in Level 1.
• Level 3 Inputs – Inputs for the
asset or liability that are not
based on observable market
data (unobservable inputs).

24
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
Analysis of fair value movements on energy hedges
The following table provides an analysis of fair value movements on energy hedges. In Note A1 Segment Performance,
realised movements on energy hedges are presented within Energy Margin and EBITDAF.
UnauditedUnaudited
Six months ended 31 Dec 2023Six months ended 31 Dec 2022
$M
Market
traded
energy
hedges
Other
energy
hedges
Energy
optionsTotal
Market
traded
energy
hedges
Other
energy
hedges
Energy
optionsTotal
Realised movements in energy hedges(6) 38 1 33 (10) (26) –(36)
Unrealised movements in energy hedges 7 14 (10) 11 (11) 13 (7) (5)
Total fair value movements in energy hedges 1 52 (9) 44 (21) (13) (7) (41)
Level 3 financial instrument analysis
The following provides a summary of the movements through EBITDAF and movements in the fair value of Level 3 financial instruments:
UnauditedUnaudited
31 Dec 202331 Dec 2022
$M
Other
Electricity
Hedges
Electricity
Options Total
Other
Electricity
Hedges
Electricity
Options Total
Net change in fair value of energy hedges:
Realised movements 38 1 39(26)–(26)
Unrealised movements 14 (10) 4 13(7)6
Total net change in fair value of energy hedges 52 (9) 43 (13)(7)(20)
Balance at the beginning of the period(5)33288739126
Fair value movements in the Income Statement52(9)43(13)(7)(20)
Remeasurement(18)–(18)26–26
New hedge recognised–1010–1010
Balance at the end of the period29346310042142
D
D1 Financial instruments continued

25
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
Fair value technique and key inputs
In estimating the fair value of an asset
or liability, Meridian uses market-
observable data to the extent that it
is available. The Meridian Audit and
Risk Committee determines the overall
appropriateness of key valuation
techniques and inputs for fair value
measurement. The Chief Financial
Officer explains fair value movements
in their report to the Board.
Where the fair value of a financial
instrument is calculated as the present
value of the estimated future cash flows
of the instrument (DCFs), a number of
inputs and assumptions are used by
the valuation technique.
These are:
• forward price curves referenced to
the ASX for electricity, published
market interest rates and published
forward foreign exchange rates;
• Meridian's best estimate of volumes
called over the life of energy options;
• discount rates based on the market
wholesale interest rate curves,
adjusted for counterparty risk;
• calibration factor applied to forward
price curves as a consequence of
initial recognition differences;
• NZAS continues to operate to
31 December 2024; and
• contracts run their full term.
The table below describes the additional key inputs and techniques used in the valuation of Level 2 and 3 financial instruments:
Financial asset
or liabilityDescription of input
Range of significant
unobservable inputsRelationship of input to fair value
Energy hedges,
valued using DCFs
Price, where quoted prices are not available
or not relevant (i.e. for long dated contracts),
Meridian's best estimate of long-term forward
wholesale electricity price is used. This is based
on a fundamental analysis of expected demand
and the cost of new supply and any other
relevant wholesale market factors.
$29/MWh to $55/MWh (30 June
2023: $29/MWh to $55/MWh)
(in real terms), excludes observable
ASX prices.
An increase in forward wholesale electricity
price increases the fair value of buy hedges
and decreases the fair value of sell hedges.
A decrease in forward wholesale electricity
price has the opposite effect.
D
D1 Financial instruments continued

26
Notes on the group financial statements for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
E: Other
E1 Group structure
Meridian and NZ Windfarms Limited
have agreed to form a 50-50 joint
venture to repower and extend the
Te Rere Hau wind farm. Meridian
has incorporated the new company
"Kōkako SPV Limited" to manage
its ownership in the joint venture.
During the period Meridian
purchased a 19.9% shareholding
in NZ Windfarms Limited at a cost
of $11 million. This investment is an
associate as significant influence
exists and the equity method of
accounting is applied. This is
classified as an other non-current
asset on the Balance Sheet.
Meridian also acquired a 20%
shareholding in Te Arawaru
o Te Waitaki Tāpui Limited for
nil consideration.
No other changes occurred to
Meridian's Group structure in the
six months to 31 December 2023.
E2 Contingent assets
and liabilities
There are no contingent assets or
liabilities as at 31 December 2023
(31 Dec 2022: Nil, 30 Jun 2023: Nil)
In the comparative period, Meridian
noted the following contingent items:
• a swaption and CFD contract with
Contact Energy, for which certain
conditions had not been met and the
transactions were not yet confirmed.
Conditions were confirmed in
November 2023 and the derivatives
are now disclosed as part of the
D1 Financial Instruments disclosure.
• a potential refund of stamp duty
from the Australian Tax Office, in
respect of stamp duty paid on the
acquisition of Green State Power.
A final court decision was made on
this matter in December 2023 and
Meridian has now recognised a
$9 million receivable and income
in the current period.
E3 Subsequent events
The Directors declared an interim
dividend on 27 February 2024.
Refer to Note C3 Dividends for
more information.
E4 Changes in financial
reporting standards
Meridian is not aware of any standards
in issue but not yet effective which
would materially impact on the
amounts recognised or disclosed
in the financial statements.

27
Independent auditor's report
MERIDIAN ENERGY LIMITED
27
To the shareholders of Meridian Energy Limited
Independent auditor’s report
The Auditor-General is the auditor
of Meridian Energy Limited (the
‘Company’) and its subsidiaries (the
‘Group’). The Auditor-General has
appointed me, Mike Hoshek, using
the staff and resources of Deloitte
Limited, to carry out the review of
the condensed consolidated interim
financial statements of the Group
on his behalf.
Conclusion
We have reviewed the condensed
interim financial statements of the
Group on pages 2 to 26, which
comprise the balance sheet as at
31 December 2023, income statement,
comprehensive income statement,
statement of changes in equity and
statement of cash flows for the six
months ended on that date, and notes
to the interim financial statements,
including material accounting
policy information.
Based on our review, nothing has
come to our attention that causes us
to believe that the interim financial
statements of the Group do not
present fairly, in all material respects,
the financial position of the Group as
at 31 December 2023 and its financial
performance and cash flows for the
six months ended on that date in
accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34
Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance
with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the
Independent Auditor of the Entity (‘NZ
SRE 2410 (Revised)’). Our responsibilities
are further described in the Auditor’s
Responsibilities for the Review of the
Interim Financial Statements section
of our report.
We are independent of the Group in
accordance with the independence
requirements of the Auditor-General’s
Auditing Standards, which incorporate
the independence requirements of
Professional and Ethical Standard 1
International Code of Ethics for Assurance
Practitioners issued by the New Zealand
Auditing and Assurance Standards Board.
In addition to this review and the audit of
the Group annual financial statements,
our firm carries out other assurance
assignments for the Group in the areas
of greenhouse gas inventory assurance,
limited assurance of the sustainability
content in the integrated report, audits
of the securities registers, audit of
the fixed rate bond registers, and the
solvency returns of Meridian Energy
Captive Insurance Limited, as well as a
review of the vesting of the executive
long-term incentive plan, and supervisor
reporting. We also carried out non-
assurance assignments for the Group
relating to the Corporate Taxpayers
Group which are compatible with those
independence requirements.
In addition, principals and employees of
our firm deal with the Group on arm’s
length terms within the ordinary course
of trading activities of the Group. These
services and trading activities have not
impaired our independence as auditor
of the Group.
Other than these engagements and arm’s
length transactions, and in our capacity as
auditor acting on behalf of the Auditor-
General, we have no relationship with, or
interests in, the Group.

28
Independent auditor's report
MERIDIAN ENERGY LIMITED
Directors’ responsibilities for
the interim financial statements
The directors are responsible on behalf
of the Company for the preparation and
fair presentation of the interim financial
statements in accordance with NZ IAS
34 Interim Financial Reporting and IAS
34 Interim Financial Reporting and for
such internal control as the directors
determine is necessary to enable the
preparation and fair presentation of
the interim financial statements that
are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibilities for the review
of the interim financial statements
Our responsibility is to express a
conclusion on the interim financial
statements based on our review.
NZ SRE 2410 (Revised) requires us
to conclude whether anything has
come to our attention that causes us
to believe that the interim financial
statements, taken as a whole, are not
prepared, in all material respects, in
accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34
Interim Financial Reporting.
A review of the interim financial
statements in accordance with NZ SRE
2410 (Revised) is a limited assurance
engagement. We perform procedures,
primarily consisting of making enquiries,
primarily of persons responsible for
financial and accounting matters,
and applying analytical and other
review procedures.
The procedures performed in a
review are substantially less than those
performed in an audit conducted
in accordance with International
Standards on Auditing (New Zealand)
and consequently do not enable us
to obtain assurance that we might
identify in an audit. Accordingly, we
do not express an audit opinion on
the interim financial statements.
Mike Hoshek, Partner
for Deloitte Limited
On behalf of the Auditor-General
Christchurch, New Zealand
27 February 2024

meridian.co.nz
Condensed Interim
Financial Statements.
As at and for the six months
to 31 December 2023.

---

28 FEBRUARY 2024
2024 Interim Results Presentation
Turbine construction at Meridian’s Harapaki wind farm

2
Key points
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION
*EBITDAF is a non-GAAP measure of earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges, impairments and gains or losses on sale of assets
Discussions are ongoing with NZAS on a potential contract beyond 2024. These discussions are complex, and outcomes are uncertain.
Meridian will update the market when discussions with NZAS are completed

3
Financial performance
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION
Open Country Dairy's Awarua facility, near Invercargill

Dividends
§Interim ordinary dividend declared of 6.15
cps (80% imputed), 2.5% increase from 1H
FY23
§Dividend reinvestment plan will apply to this
interim dividend at 0% discount
4
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION
Dividend Reinvestment Plan Dates
Ex dividend date
8 MarStrike price announced15 Mar
Record date11 MarDividend paid/shares issued26 Mar
Elections close12 Mar
Source: Meridian
Dividends declared1H FY241H FY23
cents per shareimputationcents per shareimputation
Ordinary dividends6.1580%6.0080%
5.705.70
5.85
6.00
6.15
11.2011.20
11.55
11.90
2.44
19.34
16.90
17.40
17.90
0
5
10
15
20
25
20202021202220232024
CPS
Financial Year ended 30 June
Dividends declared
Interim dividendFinal dividendSpecial dividendsTotal

266
187
225
265
303
338
244
236
244
604
431
461
509
0
200
400
600
20202021202220232024
$M
Financial Year ended 30 June
Operating cash flows
Int er imFinal half-y earTo tal
§EBITDAF of $443M, 4% higher than 1H FY23
§$70M (12%) higher retail contracted sales revenue
§Higher generation revenue and supply costs from
higher wholesale spot prices
§$18M gain on close outs of forward hedge
positions ($51M gain in 1H FY23)
§Operating costs $16M (13%) higher than 1H FY23
§2H FY24 has started with good inflow conditions
5
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION
Source: Meridian
Source: Meridian
443
425
+31
+2
-2
+5
-2
-16
300
350
400
450
500
EBIT DA F
31 D ec 2 2
NZ e ne rgy
margin
Other
revenue
Hosting
expense
Transmis sion
expenses
Me t er in g
expenses
Operating
expenses
EBIT DA F
31 D ec 2 3
$M
EBITDAF movement
EBITDAF

629
598
+41
+29
+514
-606
+321
-268
+1
-1
200
400
600
800
1,000
1,200
En e rgy
Mar gin 31
Dec 22
Mas s
market
sales
C& I s al esNZAS sal esGe ner ati on
spot
re ve nue
Cos t to
supply
customer s
Derivative
sales and
purchases
Cos t of
deri vati ve
sales and
purchases
Net VASOt he rEn e rgy
Mar gin 31
Dec 23
$M
Energy margin movement
Energy margin
1
§+12% growth (+$70M) in retail sales revenue
§Financial contract, spot generation and
hedging revenues all reflected higher
wholesale prices
§Those higher prices increased costs in the
portfolio
§Higher hedging volumes and contract sales
also increased costs in the portfolio
1
Energy margin is a non-GAAP measure that provides a measure of financial performance that, unlike total revenue, accounts for the variability of wholesale energy markets and the broadly offsetting impact of the
wholesale prices on the cost of Meridian's energy purchases and revenue from generation. Refer to pages 33-36 for a further information on energy margin
physical -$22Mfinancial +$54M
6
2024 INTERIM RESULTS PRESENTATION
Source: Meridian
28 FEBRUARY 2024
0

Customer sales
Average
price
2
($/MWh)
Tota l sa les
volume
(GWh)
North Island
sales volume
(GWh)
South Island
sales volume
(GWh)
1H FY24
Residential947530417
Small medium business850521329
Agricultural695212483
Large business330212118
Tota l m a ss m a rket$146 2,8221,4751,347
Corporate$130 1,9841,180804
1H FY23
Residential955521434
Small medium business846519327
Agricultural639212427
Large business310202108
Tota l m a ss m a rket$135 2,7501,4541,296
Corporate$119 1,9201,231689
§Sales volume growth in small medium
business (+1%), agricultural (+9%), large
business (+6%)
§Residential sales volume decreased -1%
§Lift in both mass market and corporate
average pricing
§Mass market revenue increased +$41M (+11%)
§+3% growth in corporate sales volume at a
higher average sales price
§Corporate sales revenue increased +$29M
(+13%)
7
2024 INTERIM RESULTS PRESENTATION
2
Volume weighted average electricity price received from retail customers, less distribution costs
28 FEBRUARY 2024
Retail

101
113
93
51
127
0
20
40
60
80
100
120
140
20192020202120222023
$/MWh
Six Months ended 31 December
Average generation price
86%
84%
160%
107%
66%
80%
118%
0%
50%
100%
150%
200%
Jul-23Aug- 23Sep-23Oct-23Nov -23Dec-23Jan-24
Meridian's monthly inflow averages
Generation
§-4% lower physical generation
§Inflows 95% of average in 1H FY24, following
a relatively dry winter and wet spring
§Waitaki storage has tracked below average
since late November 2023; 93% of average
at 31 January 2024
§Strong El Niño conditions are prevalent and
expected to persist through into autumn,
with more variable rainfall patterns
§Factors outside of hydrology continue to
influence forward wholesale prices
8
2024 INTERIM RESULTS PRESENTATION
Source: Meridian
Source: Meridian
28 FEBRUARY 2024
Monthly average (100%)

Flux
Operating Costs$18M$276M-$282M
Stay in Business$70M-$75M
Grow th$275M-$295M
Total Capital Expenditure$345M-$370M
Tota l Ca sh Costs$95M-$100M
FY24 Cost Guidance
Generat ionTotal
139
123
+4
+3
+2
+2
+2
+2
+1
100
110
120
130
140
Ope x
31 Dec 22
Increased
work force
Remuneration
increase
Rates
increases
Wi n d
components
Contr actorsICT costsInsuranceOpe x
31 Dec 23
$M
Operating expenses movement
9293
101
123
139
94
102
122
126
186
195
223
249
0
100
200
300
20202021202220232024
$M
Financial Year ended 30 June
Operating costs
Int er imFinal half-y earTo tal
§Operating expenses $16M (13%) higher than
1H FY23
§Growth in 1H FY24 from workforce and
remuneration increases, rates uplift, higher
ICT project and contractor spend, insurance
premium increases
§Expecting higher FY24 operating costs of
between $276M and $282M (previously
$268M-$274M)
9
2024 INTERIM RESULTS PRESENTATION
Operating expenses
28 FEBRUARY 2024
282
↑
276
143
↑
137
Source: Meridian
Source: Meridian

31
33
92
171
163
27
53
83
175
58
86
175
346
0
100
200
300
400
500
20202021202220232024
$M
Financial Year ended 30 June
Capital expenditure (NZ operations)
InterimFinal half-yearTotal
§Capital expenditure of $163M in 1H FY24
§Expecting lower FY24 capital expenditure of
between $345M and $370M (previously
$420M-$445M)
§$70M to $75M of stay in business capex
§$275M to $295M of currently approved
investment spend
§Generation cash costs of $48M in 1H FY24,
20% higher than 1H FY23
§Expected FY24 generation cash costs of
$95M to $100M (previously $90M-$95M)
10
2024 INTERIM RESULTS PRESENTATION
Source: Meridian
28 FEBRUARY 2024
370
↑
345
207
↑
182
Capital expenditure

184
149
145
181
175
132
82
88
134
316
231
233
315
0
100
200
300
400
20202021202220232024
$M
Financial Year ended 30 June
Underlying net profit after tax
Int er imFinal half-y earTo tal
191
227
145
201
191
-16
188
306
-106
175
415
451
95
-300
-100
100
300
500
20202021202220232024
$M
Financial Year ended 30 June
Net Profit after tax (continuing operations)
Int er imFinal half-y earTo tal
Below EBITDAF
§$11M increase in NPBT
3
from fair value of energy
hedges from changes in forward electricity prices
($5M decrease in 1H FY23)
§$13M decrease in NPBT from fair value of
treasury instruments from changes in wholesale
interest rates ($32M increase in 1H FY23)
§$2M net impairment gain on reversal of June
2023 NZU writedown
§$9M gain from refund of Australian stamp duty
§Resulted in a $10M (-5%) decrease in NPAT
4
§$6M (-3%) decrease in Underlying NPAT
5
largely
from higher depreciation and amortisation
offsetting higher earnings and lower interest
costs
3
Net profit before tax from continuing operations
4
Net profit after tax from continuing operations
5
Net profit after tax adjusted for the effects of unrealised changes in fair value of hedges, electricity
option premiums and other non-cash items and their tax effects.
A reconciliation of NPAT to Underlying NPAT is on page 39
11
2024 INTERIM RESULTS PRESENTATION
Source: Meridian
Source: Meridian
28 FEBRUARY 2024

31%
1%
28%
30%
10%
Sources of Funding - 31 December 2023
NZ $ bank facilities drawn/ undrawn
EK F - D anish expo rt cred it
Retail Bonds
US pr ivate placement
Commercial paper
160
435
153
200
439
75
125
120
80
0
200
400
600
CY24CY25CY26CY27CY28CY29+
$M
Calendar Year ended 31 December
Debt maturity profile as at 31 December 2023
Drawn debt maturing (face value)Available facilities maturing
Debt and funding
§December 2023 total borrowings of $1,391M
6
§Total funding facilities of $1,986M, of which
$601M were undrawn
§All facilities classified under Meridian’s
Green Finance Programme
§Net debt to EBITDAF at 1.3x (1H FY23: 1.6x)
§Credit rating maintained at BBB+/Stable
§Meridian is currently considering a new
green bond offer. Full offer details are
expected to be released on 11 March 2024
12
2024 INTERIM RESULTS PRESENTATION
Source: Meridian
Source: Meridian
6
Including $10M fair value adjustment
28 FEBRUARY 2024

13
Business update
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION
Construction at the Ruakākā Battery Energy Storage System near Whāngarei

14
Customers
2024 INTERIM RESULTS PRESENTATION
§Developing a new approach to retail
§Energy landscape is evolving quickly
§Technology rapidly creating new options
for customers to interact with energy
§Transformation with accelerated
electrification and a digital first retail
environment
Meridian has built New Zealand's second largest EV charging network with 260 charge points now installed

28 FEBRUARY 2024

15
Process heat electrification
2024 INTERIM RESULTS PRESENTATION
§Process heat volume expanded to 891GWh
of MoU and contracted load
§Partnership with Open Country Dairy to
replace its existing coal boiler with a 13MW
electric boiler at their Awarua facility near
Invercargill
§Includes a 27MW demand flexibility
agreement
§Fonterra has announced it will install a
20MW electrode boiler at its Edendale site in
Southland, partnering with Meridian for
electricity supply
Fonterra’s Edendale site in Southland

28 FEBRUARY 2024

16
Renewable construction
2024 INTERIM RESULTS PRESENTATION
Harapaki wind farm
§20 turbines commissioned
§On track for full power in September 2024,
inside the $448M capital budget
Ruakākā Battery Energy Storage System
§First battery containers arrived last month
§Completion expected in last quarter of 2024,
at the $186M capital budget
Ruakākā battery shipment arriving at Northport near Whāngarei

Completed string of turbines at the Harapaki wind farm in Hawkes Bay
28 FEBRUARY 2024

17
Renewable development pipeline
2024 INTERIM RESULTS PRESENTATION
§Joint venture signed with NZ Windfarms to
repower and extend the Te Rere Hau wind
farm
§Final investment decision expected in Q2
2025, project completion expected in Q4
2027
§Mt Munro wind farm consent in progress,
project completion expected in mid 2027
§Ruakākā solar farm consent application
submitted, project completion expected in
early 2026
§Waitaki reconsenting application submitted
§Consent preparation underway on a large-
scale Taranaki wind farm option
§MoU signed with Parkwind for the
exploration of offshore wind generation
Existing turbines at the Te Rere Hau wind farm in the Tararua Ranges, outside of Palmerston North

28 FEBRUARY 2024

18
Renewable development pipeline
2024 INTERIM RESULTS PRESENTATION
§4.9GW (11TWh) of development options
§2.1GW secured, 2.8GW in advanced prospects
28 FEBRUARY 2024

19
Energy policies from the new coalition government
Energy policy
§Cease work on Onslow pumped hydro
§Repeal offshore oil and gas exploration ban
§Net Zero by 2050 reiterated with doubling of
renewable electricity included
Climate change
§Stop the current review of Emissions Trading
Scheme
§Maintain separate approaches to methane
and carbon dioxide emissions
§Cease further GIDI funding and remove clean
car discounts and the ‘ute tax’
§Accelerate EV infrastructure investment
including a nationwide public charging
network
2024 INTERIM RESULTS PRESENTATION
Lake Benmore in the Waitaki Valley
28 FEBRUARY 2024

20
Energy policies from the new coalition government
Hydrogen and other fuels
§Plan for transitional low carbon fuels
including hydrogen infrastructure
§A Hydrogen National Policy Statement to be
introduced to provide investment certainty
Resource Management Act (RMA) reform
§Repeal Natural and Built Environment and
Spatial Planning Acts
§Establish a streamlined consenting and
permitting process for significant projects
§Replace the RMA with new resource
management laws designed to make new
infrastructure consenting easier
§Establish a National Infrastructure Agency
2024 INTERIM RESULTS PRESENTATION
West Wind farm near Wellington
28 FEBRUARY 2024

21
Transmission costs
§Transpower submitted its next 5-year work
plan proposal (RCP4, 2025-2030) to the
Commerce Commission in November 2023
§In December 2023, the Commerce
Commission made a determination to index
Transpower’s regulatory asset base from the
start of RCP4
§This determination reduces the level of
transmission cost increases originally
proposed by Transpower
§Proposed cost increases are still significant:
annual increases for Meridian +$34M (+50%)
and NZAS +$20M (+44%) by 2030
§Commerce Commission will investigate
Transpower's asset health and network risk
modelling
§Commerce Commission's final determination
is due in November 2024
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
68
66
72
79
86
94
101
0
25
50
75
100
125
PY23/24PY24/25PY25/26PY26/27PY27/28PY28/29PY29/30
$M
Transpower’s proposed annual transmission costs for Meridian
Source: Transpower

PY: 1 April - 30 March

Transpower’s proposed annual transmission costs for Meridian

22
2024 INTERIM RESULTS PRESENTATION
NZAS termination – portfolio response
28 FEBRUARY 2024
14 JAN 20211 JAN 20221 JAN 20231 JAN 202431 DEC 2024
14 JAN 20211 JAN 20221 JAN 20231 JAN 202431 DEC 2024
NZAS contract termination portfolio response
Feb 22 Interim ResultsFeb 23 Interim Results
August 21 Annual Results
May 21 Investor DayAugust 22 Annual ResultsAugust 23 Annual Results
472 GWh
MoUs/contract
300 GWh
MoUs/contract
600 GWh
contracted
171 GWh
MoUs/contract
31 GWh
MoUs
Process heat
292 GWh
MoUs/contract
300 GWh
MoUs/contract
Prior swaption
Options discussionsNova call optionExploring optionsContact swaption
Replacement
complete
NZAS contract
Review of sites
Site acquisition
Construction
Construction
Completion
ConsentedReview of sites
North Island battery (Ruakākā)
Tendering
Clutha Upper Waitaki Lines Project
On scheduleOn schedule1,180 MW capacityCompletion
Datagrid
Site acquisitionNot activeAnchor customerSite acquisitionReview of sites
Southern Green Hydrogen
RFP issued
Project development
FID
Feasibility & ROI
Partner selected
Developers shortlisted
ROI Prework
Security holders
negotiation
Feb 24 Interim Results
887 GWh
MoUs/contract
Security holders
negotiation

23
Closing comments
§Higher customer sales again underpinned
the financial result
§Decarbonisation of agricultural processing
is gaining momentum
§Construction projects progressing on time
and budget
§Waitaki catchment reconsenting
application submitted
§Mt Munro wind and Ruakākā solar consent
lodged
§Investment decision on New Zealand’s first
wind repowering project expected in mid
2025
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
Blade transportation at Meridian’s Harapaki wind farm

24
Questions
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION
Elver trap and transfer in the Waitaki Valley

25
Additional information
28 FEBRUARY 20242024 INTERIM RESULTS PRESENTATION

26
Segment results
§Flux Federation included in ‘other and unallocated’ segment
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
$M
1H FY241H FY231H FY241H FY231H FY241H FY231H FY241H FY231H FY241H FY23
Contracted sales296226670600----966826
Cost to supply customers(1,334)(54 1)(660)(503)--729521(1,265)(523)
Net cost of hedging51(68)------51(68)
Generation spot revenue885371------885371
Inter-segment electricity sales729521----(729)(521)--
Virtual asset swap margins(3)(4 )------(3)(4 )
Other market revenue/(costs)(5)(5)-1----(5)(4 )
Energy margin6195001098----62959 8
Other revenue 21981013(5)(8)1614
Hosting expense----(2)---(2)-
Energy transmission expense(36)(4 1)------(36)(4 1)
Energy metering expense--(25)(23)----(25)(23)
Gross margin585460(6)83813(5)(8)582548
Employee expenses(16)(13)(18)(18)(32)(29)--(66)(60)
Other operating expenses(35)(29)(19)(17 )(23)(20)43(73)(63)
Operating expenses(51)(4 2)(37)(35)(55)(4 9)43(139)(123)
EBITDAF534418(43)48(47)(36)(1)(5)443425
TotalWh olesaleRetailOther & unallocatedInter-segment

Six months ended 31 December202220222022202320222023
Income statementreportedchangerestatedreportedSegment earnings statement
Energy sa les to custom ers1,06301,0631,203Energ y marg in598629
Genera tion revenue452(59)393892Other revenue 1416
Energy rela ted services revenue5055Energy tra nsm ission exp ense(41)(36)
Other revenue90911Hosting expenses(2)(2)
Total operating revenue1,529(59)1,4702,111Energy m etering exp ense(23)(25)
Gross marg in546582
Energy exp enses(570)95(475)(1,136)Em p loyee exp enses(60)(66)
Energy d istrib ution exp enses(347)0(347)(363)Other operating expenses(61)(73)
Energy tra nsm ission exp enses(41)0(41)(36)EBITDA F425443
Hosting expenses0(2)(2)(2)
Electricity m etering exp enses(23)0(23)(25)
Em p loyee exp enses(60)0(60)(66)
Other expenses(63)2(61)(73)
Total operating expenses(1,104)95(1,009)(1,701)
Depreciation and amortisation(144)0(144)(164)
Impairment of assets(6)0(6)2
Ga in on sa le of a ssets a nd investm ents0009
realised energy hedges0(36)(36)33
unrealised energy hedges(5)0(5)11
Net change in fair value of energy hedges(5)(36)(41)44
Net finance costs(23)0(23)(25)
Net change in fair value of treasury hedges32032(13)
Net profit before tax2790279263
Income tax expense(78)0(78)(72)
Net profit after tax2010201191
27
Change in presentation of realised energy hedge balances
§From a change in interpretation of NZ IFRS 9
§Previous income statement treatment was as revenue or expenses (hedge energy sales or purchases)
§Realised energy hedge balances now included in the net change in fair value of energy hedges
§EBITDAF no longer included in the income statement, still included in the segment earnings statement
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024

28
Retail
Customers
§2% increase in customers since June 2023
Residential, business, agri segment
§1% decrease in residential volumes
§1% increase in small business volumes
§9% increase in agri volumes
§6% increase in large business volumes
§8% increase in average sales price
Corporate segment
§3% increase in volumes
§9% increase in average sales price
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
115
119
123
122
124
120
122
126
125
127
89
106
117
117
121
324
347
365
363
372
0
10 0
20 0
300
400
500
Jun-20Jun-21Jun-22Jun-23Dec-23
ICP (000)
New Zealand customer connections
Me r idi an Nor th Is landMe r idi an S outh Isl andPowershopTot al
2,187
2,435
2,569
2,750
2,822
1,474
1,684
1,883
1,920
1,984
3,661
4,119
4,452
4,670
4,806
0
1, 0 00
2, 0 00
3,000
4,000
5,000
20 1 920 2 020 2 120 2 220 2 3
GWH
Six Months ended 31 December
New Zealand retail sales volume
Residential, SMB , AgriCorporateTot al

29
Hydrology
Inflows
§1H FY24 inflows were 95% of average
§January 2024 inflows were 118% of average
Storage
§Meridian’s Waitaki storage at 31 December
2023 was 82% of average
§By 31 January 2024, this position was 93% of
average
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
0
3,000
6,000
9,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
Meridian's combined catchment inflows
Dec YTD90 year average
0
500
1, 0 00
1, 5 00
2, 0 00
2, 5 00
1- Jan1- Feb1- Mar1- Ap r1- May1- Jun1- Jul1- Aug1- Se p1- Oct1- Nov1- Dec
GWh
Meridian’s Waitaki storage
Average 19 79 -2017201820192020202120222023

30
Generation
Volume
§1H FY24 generation was 4% lower than 1H
FY23, with lower hydro and higher wind
generation
Price
§1H FY24 average price Meridian received for
its generation was 148% higher than 1H FY23
§1H FY24 average price Meridian paid to
supply customers was 130% higher than 1H
FY23
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
101
113
93
51
127
0
20
40
60
80
10 0
12 0
140
20 1 920 2 020 2 120 2 220 2 3
$/MWh
Six Months ended 31 December
Average generation price
6,408
5,911
6,402
6,574
6,227
779
765
709
640
720
7,187
6,676
7,111
7,214
6,948
0
2, 0 00
4,000
6,000
8,000
20 1 920 2 020 2 120 2 220 2 3
GWh
Six Months ended 31 December
New Zealand generation
Hyd roWindTot al

443
425
+70
+70
+514
-742
+119
+1
-1
+2
-2
+5
-2
-16
0
100
200
300
400
500
600
700
800
900
1,000
1,100
EBIT DAF 3 1
Dec 2022
Retail
contracted
sal es
Wholesale
contracted
sal es
Generation
spot
revenue
Cost to
supp ly
customers
Net cost of
hedges
Vi rt ual ass et
swap s
Other
market costs
Other
revenue
Hos ti ng
expense
Tr ansmi ssion
expenses
Me t er ing
expenses
Empl oyee &
other
operating
expenses
EBIT DAF 3 1
Dec 2023
$M
Movement in EBITDAF
31
1H FY24 EBITDAF
Energy margin +$31M
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024

32
EBITDAF to NPAT
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
175
191
443
-164
-10
-25
-69
-2
+11
+10
-3
100
150
200
250
300
350
400
450
500
EBITDAFDeprecia tion and
am ortis ation
Premiums paid on
electricity options
net of interest
Net fi nance costsTaxUnderlying
NPAT
Net change in fai r
va lue of hedges
Gain on sale of
as sets /imp airments
Premiums paid on
electricity options
net of interest
TaxNPAT
$M
1H FY24 EBITDAF to NPAT reconciliation

33
Energy margin
§A non-GAAP financial measure
representing energy sales revenue less
energy related expenses and energy
distribution expenses
§Used to measure the vertically integrated
performance of the retail and wholesale
businesses
§Used in place of statutory reporting which
requires gross sales and costs to be
reported separately, therefore not
accounting for the variability of the
wholesale spot market and the broadly
offsetting impact of wholesale prices on
the cost of retail electricity purchases
Defined as
§Revenues received from sales to customers net of distribution
costs (fees to distribution network companies that cover the
costs of distribution of electricity to customers), sales to large
industrial customers and fixed price revenues from financial
contracts sold (contract sales revenue)
§The volume of electricity purchased to cover contracted
customer sales and financial contracts sold (cost to supply
customers)
§The fixed cost of derivatives used to manage market risks, net
of spot revenue received from those derivatives (net cost of
hedging)
§Revenue from the volume of electricity that Meridian
generates (generation spot revenue)
§The net margin position of virtual asset swaps with Genesis
Energy and Mercury New Zealand
§Other associated market revenues and costs including
Electricity Authority levies and ancillary generation revenues,
such as frequency keeping
§Changes in the realised fair value of energy hedges
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024

34
Energy margin
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
629
+412
+258
+296
+885
-1,045
-220
-355
+389
+17
-3
-5
0
250
500
750
1,000
1,250
1,500
1,750
2,000
Mass market
sal es
C&I salesFi nanci al
con tract sales
(incl NZ AS)
Generati on
spot rev enue
Cost to supply
customers
Cost to supply
financial
con tracts
Hedging fixed
costs
Hedging spot
revenue
Contract close
outs
VAS marginsMarket costsEnergy
Margin
$M
1H FY24 energy margin

35
Energy margin
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
629
598
+41
+29
+70
+514
-606
-136
-99
+252
-34
+1
-1
0
200
400
600
800
1,000
1,200
1,400
Energy
Margin 31
Dec 2 2
Mass market
sal es
C&I salesFi nanci al
con tract
sal es ( in cl
NZ AS)
Generati on
spot rev enue
Cost to
su pply
customers
Cost to
su pply
financial
con tracts
Hedging
fixed costs
Hedging
spot rev enue
Contract
close outs
VAS marginsMarket costsEnergy
Margin 31
Dec 2 3
$M
Energy margin movement

1H FY241H FY23
VolumeVWAPNZD MVolumeVWAPNZD M
Res, business, agri sales2, 8 22$1464122, 75 0$135371
Corporate and industrial sales1, 98 4$13025 81, 920$119229
Retail contracted sales4,806$1396704,670$128600
NZAS sales2, 5 252, 5 24
Financial contract sales1, 7631, 43 2
Wholesale contracted sales4,289$692963,956$57226
Cost to supply retail customers5,108-$142(726)4,965-$63(312)
Cost to supply wholesale customers2, 5 25-$126(319)2, 5 25-$50(127)
Cost of financial contracts1, 763-$125(220)1, 5 90-$53(84)
Cost to supply customers9,396-$135(1,265)9,081-$58(523)
Hedging cost s2, 8 60-$124(355)2, 260-$113(256)
Hedging spot r evenue2, 8 60$1363892, 260$6013 7
Close-outs1751
Net cost of hedging51(68)
Hydr o gener at ion6,2276,574
Wind generation720641
Generation revenue6,948$1278857,214$51371
Virt ual asset swap margins(3)(4)
Other(5)(4)
Energy margin629598
36
New Zealand energy margin
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024

37
Fair value movements
§Meridian uses derivative instruments to
manage interest rate, foreign exchange and
electricity price risk
§As forward prices and rates on these
instruments move, non-cash changes to
their carrying value are reflected in NPAT
§$44M increase in NPBT from fair value of
energy hedges from changing forward
electricity prices ($41M decrease in 1H FY23)
§$13M decrease in NPBT from fair value of
treasury hedges ($32M increase in 1H FY23)
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
-161
236
402
-351
31
-500
-250
0
250
500
FY20FY21FY22FY231H FY24
$M
Net changes in fair value of hedges

38
Segment earnings statement
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
Segment earnings statement
Six months ended 31 December20232022
$M
New Zealand energy margin629598
Other revenue1614
Hosting expense(2)-
Energy tra nsm ission exp ense(36)(41)
Electricity m etering exp enses(25)(23)
Em p loyee a nd other op era ting exp enses(139)(123)
EBITDA F443425
Depreciation and amortisation(164)(144)
Impairment of assets2(6)
Ga in/(loss) on sa le of a ssets9-
Net change in fair value of energy hedges11(5)
Net finance costs(25)(23)
Net change in fair value of treasury hedges(13)32
Net profit before tax263279
Income tax expense(72)(78)
Net profit after tax191201

39
Underlying NPAT reconciliation
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
Underlying net profit after tax
Six months ended 31 December20232022
$M
Net profit after tax191201
Underlying adjustments
Hedging instruments
Net change in fair value of energy hedges(11)5
Net change in fair value of treasury hedges13(32)
Premiums paid on electricity options net of interest(10)(9)
Assets
(Gain)/loss on sale of assets(9)-
Impairment of assets(2)6
Tota l a d justm ents b efore ta x(19)(30)
Ta xa tion
Ta x effect of a b ove a d justm ents310
Underlying net profit after tax175181

40
Cash flow statement
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
Cash flow statement
Six months ended 31 December20232022
$M
Receipts from customers2,0441,637
Interest received66
Payments to suppliers and employees(1,605)(1,253)
Interest paid(38)(33)
Income tax paid(104)(92)
Operating cash flows303265
Purchase of property, plant and equipment(143)(136)
Purchase of intangible assets and investments(12)(8)
Purchase of other assets(11)-
Investing cash flows(166)(144)
Borrowings drawn167-
Borrowings repaid(5)(5)
Shares purchased for long term incentive(2)-
Lease liabilities paid(1)(3)
Dividends(287)(278)
Financing cash flows(128)(286)
Net (decrease)/increase in cash and cash equivalents9(165)
Cash and cash equivalents at beginning of the six months212363
Cash and cash equivalents at end of the six months221198

41
Balance sheet
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024
Balance sheet
Six months ended 31 December20232022
$M
Cash and cash equivalents221198
Tra d e receiva b les458259
Customer contract assets1314
Financial instruments225291
Other assets4248
Total current assets959810
Property, plant and equipment9,0318,587
Intangible assets8082
Financial instruments118354
Other assets11-
Total non-current assets9,2409,023
Payables, accruals and employee entitlements514305
Customer contract liabilities1512
Current portion of term borrowings382159
Current portion of lease liabilities33
Financial instruments6384
Current tax payable4436
Total current liabilities1,021599
Borrowings1,009959
Deferred tax2,0712,118
Lease liabilities2825
Financial instruments102112
Term p a ya b les8350
Total non-current liabilities3,2933,264
Net assets5,8855,970

42
Glossary
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 connectionsnumber 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 84 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
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024

43
Disclaimer
The information in this presentation was prepared by Meridian
Energy with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily complete,
and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the company nor
any of its directors, employees, shareholders nor any other person
shall have liability whatsoever to any person for any loss (including,
without limitation, arising from any fault or negligence) arising from
this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based on
what it thinks are reasonable assumptions. Meridian gives no
warranty or representation as to its future financial performance or
any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its
release, even if things change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell or
a solicitation of an offer to buy Meridian Energy securities and may
not be relied upon in connection with any purchase of Meridian
Energy securities.
This presentation contains a number of non-GAAP financial
measures, including Energy Margin, EBITDAF, Underlying NPAT and
gearing. Because they are not defined by GAAP or IFRS, Meridian's
calculation of these measures may differ from similarly titled
measures presented by other companies and they should not be
considered in isolation from, or construed as an alternative to, other
financial measures determined in accordance with GAAP. Although
Meridian believes they provide useful information in measuring the
financial performance and condition of Meridian's business, readers
are cautioned not to place undue reliance on these non-GAAP
financial measures.
The information contained in this presentation should be considered
in conjunction with the company’s condensed financial statements
for the six months ended 31 December 2023, available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.
2024 INTERIM RESULTS PRESENTATION28 FEBRUARY 2024

---

Right.
Now.
Meridian Energy Limited. Investor Letter.
For the six months ended 31 December 2023.
28 FEBRUARY 2024.

Today we are reporting net profit after tax of
$191 million for the six months ended 31 December
2023. This is $10 million (5%) lower than the same
period last year.
Our operating earnings (EBITDAF
1
) of $443 million,
increased by $18 million (4%) over the same period last
year, benefiting from higher retail and wholesale sales.
The Board has announced an interim ordinary dividend of 6.15 cents
per share, 3% higher than last year’s interim dividend. The interim
ordinary dividend will be 80% imputed and Meridian’s Dividend
Reinvestment Plan will apply to this interim ordinary dividend at no
discount to the average market price over a five-day period ending on
14 March 2024. Shareholders are reminded outcomes from discussions
with the owners of the Tiwai Point aluminium smelter on a potential
contract beyond 2024 remain uncertain. The interim dividend will be paid
and new shares issued under the reinvestment plan on 26 March 2024.
Meridian’s balance sheet remains in a strong position, with the company
maintaining a BBB+ credit rating as defined by the agency Standard & Poor’s.
Some key highlights of the first six months of this financial year are outlined
below. If you’d like more information about our financial performance during
this period, the full financial commentary is available at meridianenergy.co.nz
/about-us/investors/reports/interim-results-and-reports
Neal Barclay,
Chief Executive
Mark Verbiest,
Chair
Waitaki reconsenting
In July 2023 we submitted a
reconsenting application to
secure the generation outputs
from the portion of the Waitaki
Power Scheme (WPS) that we
own and will operate for the next
35 years. Meridian and Genesis
are owners and operators of the
power stations making up the
WPS, and the existing consent
conditions for both companies
expire in April 2025.
The scheme accounts for around
18% of Aotearoa’s electricity and,
more importantly, around 67%
of the country’s average hydro-
electricity storage. This means the
continued operation of the scheme
is critical for all electricity users.
The flexibility this scheme provides
will also play a key role in New
Zealand’s continued electrification
to combat the impacts of climate
change, by enabling further growth
of intermittent wind and solar
electricity generation. The more
wind and solar generation that is
built, the more storage in our lakes
can be used for peak or dry periods.
Together with Genesis, we are
building a strong partnership
with Waitaki Rūnaka (Moeraki,
Waihao and Arowhenua), as the
representatives of mana whenua
Ngāi Tahu Whānui, and the
Department of Conservation
for the long-term health of the
catchment. This includes support
for the reconsenting application
and operation of the scheme for
the next 35 years.
The reconsenting process still
needs to run its course and we
are reassured we have strong
endorsement and support from iwi
and the key parties in the region.
Investor letter for the six months ended 31 December 2023MERIDIAN ENERGY LIMITED1
1. EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation, amortisation,
unrealised changes in fair value of hedges, impairments and gains and losses on sale of assets.

Renewable construction
We are now generating power
from our latest wind farm
development, Harapaki, in the
Hawke’s Bay. The first turbine of
the 41-turbine wind farm began
production in November 2023,
with the remaining turbines being
switched on progressively as
we work towards full power
by September 2024.
When completed, the wind farm,
located north of Napier on SH5 in
the Maungaharuru Range, will have
176MW of generation capacity –
enough to power the equivalent of
70,000 households. The progress of
the project has been pleasing given
the devastation local communities
suffered during Cyclone Gabrielle.
Construction is also well underway
at our Ruakākā Battery Energy
Storage System (BESS). The project
will deliver New Zealand’s first
large-scale grid battery storage
system, providing Meridian with
a versatile North Island asset,
situated south of Whangārei.
With a 100MW peak and offering
two hours of energy storage, the
BESS will offer the ability to store
and release energy to the system
between price periods and to
participate in the North Island
reserve electricity market. As
intermittent renewable generation
increases in this country, the
Ruakākā BESS will help manage
supply fluctuations through a low
carbon footprint, further reducing
this country’s reliance on fossil fuels.
The project is on track for
completion late this year.
Renewable development
Meridian is also continuing to
progress its pipeline of renewable
development options.
In May 2023 we lodged consent
for our 90MW Mt Munro wind
farm in the Wairarapa.
We will also expand our operations
at Ruakākā, with plans for a 120MW
grid scale solar farm. Consent
for the solar farm was lodged
in September 2023.
In October 2023, Meridian reached
agreement with NZ Windfarms to
form a joint venture to repower and
extend the Te Rere Hau wind farm,
located near Palmerston North
on the Tararua Ranges. This will
be New Zealand’s first wind farm
repowering project and has the
potential to generate seven times
the annual renewable energy
production of the existing wind
farm. The project involves the
design, construction and operation
of up to 39 new turbines with
generation capacity of up to 170 MW.
Consent preparation work is
underway on a large-scale,
onshore wind development
option in Taranaki. Separately,
in October 2023 Meridian and
Europe-based Parkwind signed a
memorandum of understanding
for the exploration of offshore
wind generation in New Zealand
waters, focused principally off
the Taranaki coast.
▼ Construction at the Ruakākā Battery Energy Storage System, near Whāngarei.
Investor letter for the six months ended 31 December 2023MERIDIAN ENERGY LIMITED2

▲ Open Country Dairy’s Awarua facility, near Invercargill.
Customers
In the six months ended
31 December 2023, Meridian
has seen retail sales volumes
increase by 3%. Sales volumes
in small/medium business,
large business, agricultural and
corporate segments in the six
months to December 2023
grew by 1%, 6%, 9% and 3%
respectively compared to
the same period last year.
Residential volumes were
1% lower than last year.
Meridian’s Process Heat
Electrification Programme has
continued to gain momentum,
supporting customers to switch
from coal or gas boilers to
those utilising electricity. In
October 2023 we announced a
partnership with Open Country
Dairy, supporting replacement
of their existing coal boiler with
a high-pressure electric boiler.
This change will result in a massive
reduction of 41,110 tC02e annually.
In January 2024 we announced
a partnership with Fonterra that
will see the company install a
20-megawatt electrode boiler at
its Edendale site in Southland.
Fonterra’s investment will reduce
the Edendale site’s emissions by
around 20% or 47,500 tonnes of
CO2e per annum – the equivalent
of taking almost 20,000 cars off
New Zealand roads.
Meridian also has a number of
other process heat deals under
negotiation.
Investor letter for the six months ended 31 December 2023MERIDIAN ENERGY LIMITED3

▼ Transmission lines in Southland.
Hydrology
During the six months ended
31 December 2023, hydro inflows
were 95% of average, with
catchment storage levels at the
end of January 2024 remaining
slightly below average. Strong
El Niño climate conditions are
prevalent and expected to persist
through into autumn, albeit with
more variable rainfall patterns.
Transmission costs
The complexity of operating
the power system is expected
to grow, with more diverse,
distributed, and intermittent
sources of both generation
and load in the future.
In late 2023, Transpower
submitted its next five-year
work plan proposal for the period
through to 2030. Transpower’s
plan highlights an ageing
transmission grid, with significant
volumes of assets requiring
replacement or refurbishment
within the next 10 to 15 years.
If approved, the result is potentially
substantial transmission cost
increases in the future, supporting
significant proposed investment
by Transpower. A final decision on
Transpower’s proposed work plan
is expected from the Commerce
Commission in November 2024.
Concluding comments
We continue to focus on
building new renewable
generation to support the
increased electrification needed
to help Aotearoa New Zealand
achieve its climate goals and
reduce reliance on fossil fuels.
We are moving forward on our new
customer approach that focuses on
energy wellbeing and new solutions
in transport, distributed generation
and storage (e.g. rooftop solar with
batteries), process heat and demand
flexibility. A supportive consenting
regime, strong partnerships and
timely investment in transmission
and distribution are critical to this
country’s future success.
On behalf of the Board and the
Executive Team, we would like
to thank our customers, our
partners, our investors and
everyone in our teams for your
commitment to cleaner energy
for a fairer and healthier world.
Investor letter for the six months ended 31 December 2023MERIDIAN ENERGY LIMITED4

► Turbine construction at the Harapaki wind farm in Hawke’s Bay.

---

Financial Commentary for the six months ended 31 December 2023
MERIDIAN ENERGY LIMITED
1
Financial
Commentary.
Five-year performance
1. EBITDAF is a non-GAAP financial measure of earnings before interest, tax, depreciation, amortisation,
unrealised changes in fair value of hedges, impairments and gains and losses on sale of assets.
2. Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity
option premiums and other non-cash items and their tax effects.
175
181
315
134
Interim
Final half-year
Total
145
149
233
231
82
88
184
316
132
Underlying NPAT
2
Financial year ended 30 June
400
300
200
100
0
$M
443
EBITDAF
1
(continuing operations)
Financial year ended 30 June
Interim
Final half-year
Total
1,000
800
600
400
200
0
425
358
783
787
361
426
692
709
297
315
395
394
$M202020212022202320242020202120222023202420202021202220232024
191
Net Profit after Tax (continuing operations)
Financial year ended 30 June
$M
Interim
Final half-year
Total
500
400
300
200
100
0
-100
-200
227
145
415
188
306
451
191
201
-16
-106
175
95
171
175
346
163
Dividend declared
Financial year ended 30 June
25
20
15
10
5
0
Interim dividend
Final dividend
Special dividend
Total
6.15
CPS
Capital expenditure
Financial year ended 30 June
Interim
Final half-year
Total
187
431
244
303
266
604
338
225
461
236
265
509
244
Operating cash flows
Financial year ended 30 June
800
700
600
500
400
300
200
100
0
$M
$M
Interim
Final half-year
Total
400
350
300
250
200
150
100
50
0
35
32
67
102
92
83
175
64
32
11.20
19.34
2.44
11.20
5.705.70
16.90
5.85
11.55
17. 4 0
6.00
11.90
17.9 0
202020212022202320242020202120222023202420202021202220232024