Meridian Energy monthly operating report for March 2024

Release






M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
287-2 9 3 D u r h a m S t r e e t N o r t h , C h r i s t c h u r c h 8 0 1 3

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for March 2024

16 April 2024
Attached is Meridian Energy Limited's monthly operating report for the month of March
2024.

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly
operating result call via a Microsoft Teams Live event today, Tuesday 16 April at 11am NZST
(9am AEST).

Click on the link below at this time to join the call.

Meridian Energy Quarterly Operating results - Microsoft Teams Live Event
Please submit any questions using the Q&A panel on the right-hand side of the call window.
If the Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech
bubble'.
Highlights this month include:
▪ In the month to 15 April 2024, national hydro storage increased from 93% to 102% of
historical average
▪ South Island storage increased to 102% of average and North Island storage decreased
to 109% of average by 15 April 2024
▪ Meridian’s March 2024 monthly total inflows were 67% of historical average
▪ Waiau catchment inflows in March 2024 were 95% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of March 2024 was 78% of
historical average
▪ Following significant rainfall in the second week of April 2024, Waitaki storage is now
approaching average
▪ Water storage in Meridian’s Waiau catchment was 113% of average at the end of March
2024
▪ National electricity demand in March 2024 was +3.4% higher than the same month last
year
▪ March 2024 was the coldest March in 12 years with temperatures below average for
most of the country. Below normal rainfall occurred in most regions, with above
average rainfall in Waikato, Fiordland and Southland

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

▪ New Zealand Aluminium Smelter’s average load during March 2024 was 568MW
▪ Meridian’s retail sales volumes in March 2024 were +6.7% higher than March 2023
▪ Compared to March 2023, segment sales increased in residential +3.9%, large business
+7.3% and agriculture +63.0% with decreases in small medium business -0.9% and
corporate -4.9%
Highlights for the third quarter include:
▪ Meridian’s Q3 total inflows were 95% of historical average, +22% higher than Q3 last
year
▪ Meridian’s Waitaki catchment water storage at the end of Q3 was -33% lower than Q3
last year
▪ Compared to Q3 last year, Meridian’s generation was +10.9% higher at a +34.8% higher
average price
▪ Electricity futures prices rose across the curve during Q3
▪ New Zealand Aluminium Smelter’s sales volumes in Q3 were slightly higher than Q3 last
year
▪ National electricity demand in Q3 was +4.3% higher than Q3 last year
▪ Summer 2024 was warm overall and dry for many parts of the country, with above
normal rainfall in the central North Island and western and southern parts of the South
Island
▪ NIWA’s autumn 2024 outlook suggests easing El Niño conditions, with normal or above
normal rainfall likely in the west of the South Island
▪ During the quarter, Meridian made calls on volume under the swaption agreement with
Nova and the 2023-24 demand response agreement with NZAS
▪ At the end of Q3, Meridian’s customer numbers were +2.2% higher than the same time
last year
▪ Compared to Q3 last year, Meridian’s retail sales volumes were +8.2% higher at a +6.1%
higher average price
▪ Sales increased in all segments
▪ Compared to Q3 last year, total operating costs were 9.9% higher
▪ Compared to Q3 last year, total capital expenditure was +8.0% higher. Spend this
quarter largely consisted of Harapaki and Ruakākā BESS construction

ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Philip Clark
Head of Communications
027 838 5710

Monthly Operating Report
March 2024

March highlights
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |2
In the month to 15 April 2024,
national hydro storage
increased from 93% to 102%
of historical average
South Island storage
increased to 102% of average
and North Island storage
decreased to 109% of average
by 15 April 2024
Meridian’s March 2024
monthly total inflows were
67% of historical average
Waiau catchment inflows in
March 2024 were 95% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
March 2024 was 78% of
historical average
New Zealand Aluminium
Smelter’s average load during
March 2024 was 568MW
Meridian’s retail sales volumes
in March 2024 were +6.7%
higher than March 2023
Compared to March 2023,
segment sales increased in
residential +3.9%, large
business +7.3% and agriculture
+63.0% with decreases in small
medium business -0.9% and
corporate -4.9%
Following significant rainfall
in the second week of April
2024, Waitaki storage is now
approaching average
Water storage in Meridian’s
Waiau catchment was 113%
of average at the end of
March 2024
National electricity demand
in March 2024 was +3.4%
higher than the same month
last year
March 2024 was the coldest
March in 12 years with
temperatures below average
for most of the country.
Below normal rainfall
occurred in most regions,
with above average rainfall in
Waikato, Fiordland and
Southland.

Q3 highlights
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |3
Meridian’s Q3 total
inflowswere95%of
historicalaverage,+22%
higher than Q3last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ3 was -33%
lower than Q3 lastyear
Compared to Q3 last
year,Meridian’s generation
was+10.9%higher at a
+34.8% higheraverage price
Electricity futures prices​ rose
across the curve during Q3
New Zealand Aluminum
Smelter’s sales volumes in Q3
were slightly higher than Q3
last year​
At the end of Q3, Meridian’s
customer numbers were +2.2%
higher than the same time last
year
Compared to Q3 last year,
Meridian’s retail sales volumes
were +8.2% higher at a+6.1%
higher average price
Sales increased in all segments
Compared to Q3 last year, total
operating costs were +9.9%
higher​
Compared to Q3 last year, total
capital expenditure was +8.0%
higher. Spend this quarter
largely consisted of Harapaki
and Ruakākā BESS construction
National electricity demand
in Q3 was +4.3% higher than
Q3 last year
Summer 2024 was warm
overall and dry for many
parts of the country, with
above normal rainfall in the
central North Island and
western and southern parts
of the South Island
NIWA’s autumn 2024 outlook
suggests easing El Niño
conditions, with normal or
above normal rainfall likely in
the west of the South Island
During the quarter, Meridian
made calls on volume under
theswaption agreement with
Nova and the 2023-24
demand response agreement
with NZAS

Market data
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |4
▪National electricity demand in March 2024
was +3.4% higher than the same month last
year
▪March 2024 was the coldest March in 12
years with temperatures below average for
most of the country. Below normal rainfall
occurred in most regions, with above
average rainfall in Waikato, Fiordland and
Southland.
▪Demand in the last 12 months was +1.4%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during March 2024 was 568MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.1% at the
end of February 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.8% at the end of
February 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2014-2023)201920202021202220232024
5%
7%
9%
11%
13%
15%
Feb 19Aug 19Feb 20Aug 20Feb 21Aug 21Feb 22Aug 22Feb 23Aug 23Feb 24
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |5
▪Near-term ASX electricity futures
increased, with longer dated prices staying
steady during March2024
▪National storage increased from 93% of
average on 11 March 2024 to 102% of
average on 15 April 2024
▪South Island storage increased to 102% of
historical average by 15 April 2024. North
Island storage decreased to 109% of
average
Source: ASX
Source: ASX
Source: NZX
60
80
100
120
140
160
180
200
220
240
260
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202330 November 202329 December 2023
31 January 202429 February 202428 March 2024
60
80
100
120
140
160
180
200
220
240
260
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202330 November 202329 December 2023
31 January 202429 February 202428 March 2024
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (15 April 2024)
Average storage (91yr)19922004
200820122019
202220232024

Meridian retail
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |6
▪Meridian’s customer connection numbers
decreased -0.1% during March 2024 and
have increased +2.8% since June 2023
▪Retail sales volumes in March 2024 were
+6.7% higher than March 2023
▪Compared to March 2023, segment sales
increased in residential +3.9%, large
business +7.3% and agriculture +63.0%,
with decreases in small medium business
-0.9% and corporate -4.9%
▪To date this financial year, retail sales
volumes are +4.6% higher than the same
period last year
▪This reflects increased segment sales in
residential +0.5%, small medium business
+1.8%, large business +8.0%, agricultural
+18.0% and corporate +2.2%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122
122
123
124124
124124
125
125
125125
126
127
127
127
127
117
118
118
119
120
121
122
122
122
123
123123
123123
123
123
122122
122
122
122
126
126126
126
126
126
126
125
125
125
125
125
117
118
117
117
118
118
118
118
118
117
117
117
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S CUSTOMER CONNECTIONS
FY24 Meridian NIFY24 Meridian SIFY24 Powershop
FY23 Meridian NIFY23 Meridian SIFY23 Powershop
200
201
155
144
124
123
119
112
127
154
161
141
134
132
127
129
130
134
53
76
112
120
150
184
210
186
158
60
61
54
51
52
51
54
53
54
334
337
318
331
332
332
331
326
338
207
192
165
152
119
119
115
106
122
130
157
180
155
152
141
145
128
125
121
119
135
123
141
148
53
75
87
134
150
141
176
146
97
76
68
48
61
59
53
40
50
48
49
45
51
48
54
56
320
326
325
323
319
308
318
320
355
320
356
327
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY24 ResidentialFY24 SMBFY24 AgriFY24 Large Bus
FY24 CorporateFY23 ResidentialFY23 SMBFY23 Agri
FY23 Large BusFY23 Corporate

0
500
1,000
1,500
2,000
2,500
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201820192020
2021202220232024
Meridian inflows and storage
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |7
▪March 2024 monthly inflows were 67% of
historical average
▪Waiau catchment inflows in March 2024
were 95% of historical average, 2% higher
than the same month last year
▪To date this financial year, inflows are 95%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,628GWh to
1,452GWh during March 2024
▪Waitaki water storage at the end of March
2024 was 78% of historical average and
33% lower than the same time last year
▪Following significant rainfall in the second
week of April 2024, Waitaki storage is now
approaching average
▪Water storage in Meridian’s Waiau
catchment was 113% of average at the end
of March 2024
Meridian operating information
Source: Meridian
Source: Meridian
1-Dec
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Mar YTD90 year average

Meridian generation
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |8
▪Meridian’s generation in March 2024 was
+11.9% higher than the same month last
year, reflecting higher hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is +0.6% higher than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in March 2024 was +53.6%
higher than the same month last year
▪The average price Meridian paid to supply
customers in March 2024 was +43.3%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is +91.7% higher than the same period last
year and the average price paid to supply
customers is +76.5% higher
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S GENERATION
FY24 HydroFY24 WindFY23 HydroFY23 Wind
111
133
111
108
130
171
189
136
205
95
40
56
72
33
16
117
146
134
78
58
74
0
50
100
150
200
250
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY24FY23

Monthly operating information
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |9
Meridian operating information
See page 10 for footnotes
MARCH
MARCH
FEBRUARY
JANUARY
9 MONTHS TO
9 MONTHS TO
2024
2023
2024
2024
MARCH
MARCH
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
127


122


112


119


1,305


1,298


Small medium business sales volume (GWh)
134


135


130


129


1,243


1,221


Agricultural sales volume (GWh)
158


97


186


210


1,249


1,058


Large business sales volume (GWh)
54


51


53


54


491


455


Corporate and industrial sales volume (GWh)
338


355


326


331


2,978


2,913


Retail contracted sales volume (GWh)
811


761


806


843


7,267


6,946


Average retail contracted sales price
1
($NZ/MWh)
$139.5
$134.3
$135.9
$136.4
$138.7
$128.8
NZAS sales volume (GWh)
421


426


398


426


3,770


3,759


Financial contract sales volumes
2
(GWh)
272


190


206


275


2,516


2,109


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$74.1
$66.1
$68.8
$75.0
$70.3
$60.9
Retail customer supply volumes (GWh)
850


818


851


884


7,691


7,362


Cost to supply retail customers ($NZ/MWh)
$213.8
$151.5
$155.1
$201.4
$158.3
$89.6
Cost to supply wholesale customers ($NZ/MWh)
$202.5
$143.3
$136.4
$187.1
$142.8
$79.7
Cost of financial contracts ($NZ/MWh)
$202.2
$125.3
$134.9
$181.8
$140.0
$81.0
Total New Zealand customer connections
4
373,332


365,260


373,536


372,604

Monthly operating information
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |10
Meridian operating information
See page 10 for footnotes
MARCH
MARCH
FEBRUARY
JANUARY
9 MONTHS TO
9 MONTHS TO
2024
2023
2024
2024
MARCH
MARCH
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
972


876


962


1,010


9,171


9,267


Wind generation volume (GWh)
134


113


127


106


1,088


932


Total generation volume (GWh)
1,106


988


1,089


1,116


10,258


10,198


Average generation price
5
($NZ/MWh)
$205.0
$133.5
$136.4
$188.6
$143.4
$74.8
New Zealand hedging
Hedging volume
6
(GWh)
504


450


438


504


4,306


3,536


Hedging cost average price ($NZ/MWh)
$139.1
$125.4
$131.9
$127.4
$127.1
$118.6
Hedging spot revenue average price ($NZ/MWh)
$207.6
$136.1
$156.1
$192.6
$152.9
$89.6
Future contract close outs ($NZm)
-$1.5
-$0.9
$0.0
$2.1
$18.6
$45.0

Monthly operating information
1 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |11
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from
contracted customers less distribution costs
2.Derivatives sold excluding the sell-side of virtual asset swaps
3.Average price of both NZAS sales volume and derivative sales volumes
4.Meridian Retail and Powershop New Zealand installation control points (ICPs),
excluding vacants
5.Volume weighted average price received for Meridian’s physical generation
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset
swaps
MARCH
MARCH
FEBRUARY
JANUARY
9 MONTHS TO
9 MONTHS TO
2024
2023
2024
2024
MARCH
MARCH
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand costs
Employee and Operating Costs ($m)
22


23


24


20


206


181


Stay in Business Capital Expenditure ($m)
8


3


9


6


53


31


Investment Capital Expenditure ($m)
36


26


36


12


217


239


Total Capital Expenditure ($m)
44


29


45


18


270


270

FY24 operating information
121 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 119 112 127 555 -9392 +2358 +14
Small medium business sales volume (GWh)154 161 141 134 132 127 129 130 134 457 +9393 -5393 +18
Agricultural sales volume (GWh)53 76 112 120 150 184 210 186 158 241 +27454 +29554 +135
Large business sales volume (GWh)60 61 54 51 52 51 54 53 54 175 +2155 +17161 +17
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 331 326 338 989 +19995 +45995 +1
Retail contracted sales volume (GWh)800 836 781 781 790 818 843 806 811 2,417 +482,389 +882,461 +186
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$130.1$125.9$136.4$135.9$139.5$149.6+$15.5$129.1+$6.4$137.3+$7.9
NZAS sales volume (GWh)426 426 411 426 412 426 426 398 421 1,262 +11,263 +11,245 +9
Financial contract sales volumes (GWh)338 371 371 221 250 212 275 206 272 1,080 +433683 -101753 +76
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$75.0$68.8$74.1$77.8+$18.9$58.5+$3.0$72.8+$4.1
Retail customer supply volumes (GWh)845 892 825 829 838 879 884 851 850 2,561 +612,546 +822,584 +188
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$201.4$155.1$213.8$132.6+$57.9$151.9+$101.1$190.2+$45.1
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$171.4$187.1$136.4$202.5$117.7+$55.0$135.0+$97.2$176.1+$36.1
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$166.7$181.8$134.9$202.2$119.5+$41.4$132.5+$89.8$176.3+$48.0
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 365,453 -3,294371,800 +4,864373,332 +8,072
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 3,206 -943,022 -2522,943 +250
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 362 +31358 +49367 +76
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 3,567 -633,380 -2033,311 +326
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$188.6$136.4$205.0$119.0+$56.8$136.3+$95.7$176.9+$45.7
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 504 438 504 1,502 +2971,358 +3041,446 +170
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$127.4$131.9$139.1$137.8+$14.0$109.1+$8.2$132.9+$4.4
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$179.4$192.6$156.1$207.6$124.1+$51.1$148.8+$102.7$186.8+$45.4
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$1.0$2.1$0.0-$1.5$18.6-13.7-$0.6-19.5$0.6$6.7
Meridian Group
Employee and Operating Costs ($NZ m)232422222424202422$69+9$71+9$66+$6
Stay in Business Capital Expenditure ($NZ m)364475698$13+3$16+5$23+$14
Investment Capital Expenditure ($NZ m)162015165413123635$51+20$83-36$84-$6
Total Capital Expenditure ($NZ m)192619206118184544$64+23$99-31$107+$8

FY23 operating information
131 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |
Meridian operating information
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2022
2022
2022
2022
2022
2022
2023
2023
2023
2023
2023
2023
FY23
change
FY23
change
FY23
change
FY23
change
New Zealand contracted sales
Residential sales volume (GWh)
207
192
165
152
119
119
115
106
122
130
157
180
564
-8
390
-0
343
+2
467
-3
Small medium business sales volume (GWh)
155
152
141
145
128
125
121
119
135
123
141
148
448
+52
398
+44
375
+14
411
+12
Agricultural sales volume (GWh)
53
75
87
134
150
141
176
146
97
76
68
48
214
+12
425
+38
419
+31
191
-25
Large business sales volume (GWh)
61
59
53
40
50
48
49
45
51
48
54
56
173
+33
137
+11
144
+16
157
+17
Corporate and industrial sales volume (GWh)
320
326
325
323
319
308
318
320
355
320
356
327
970
+30
950
+7
993
-33
1,003
-15
Retail contracted sales volume (GWh)
795
804
771
795
766
741
779
736
761
696
775
759
2,369
+119
2,301
+100
2,275
+30
2,230
-14
Average retail contracted sales price ($NZ/MWh)
$133.3
$134.2
$134.9
$124.0
$121.5
$122.5
$126.3
$127.5
$134.3
$144.5
$151.5
$123.6
$134.1
+$10.9
$122.7
+$14.4
$129.3
+$15.0
$139.8
+$13.7
NZAS sales volume (GWh)
426
425
411
426


411
425
426
384
426
412
426
412
1,262
-1
1,262
-1
1,236
+0
1,250
+18
Financial contract sales volumes (GWh)
190
281
176
257


251
277
308
179
190
310
338
342
647
-81
785
-78
677
-96
989
+389
Average wholesale & financial contracts sales price ($NZ/MWh)
$65.4
$60.4
$50.5
$56.5
$55.8
$54.2
$72.4
$66.8
$66.1
$77.5
$78.5
$75.3
$58.9
-$13.5
$55.5
-$4.3
$68.7
+$5.0
$77.1
+$7.1
Retail customer supply volumes (GWh)
835
843
823
847


825
793
804
775
818
704
839
769
2,501
+138
2,465
+127
2,396
+39
2,312
-63
Cost to supply retail customers ($NZ/MWh)
$110.6
$49.1
$64.5
$82.8
$44.2
$23.6
$124.7
$159.5
$151.5
$97.5
$67.2
$95.2
$74.7
-$75.6
$50.8
-$24.1
$145.1
-$25.3
$85.7
-$114.0
Cost to supply wholesale customers ($NZ/MWh)
$97.6
$40.2
$49.7
$70.7
$29.7
$12.7
$123.4
$154.7
$143.3
$78.1
$55.5
$71.3
$62.7
-$51.7
$37.8
-$19.7
$140.0
-$25.9
$68.1
-$129.1
Cost of financial contracts ($NZ/MWh)
$120.6
$58.7
$63.1
$73.7
$33.7
$22.2
$125.8
$135.8
$125.3
$84.4
$72.4
$74.5
$78.1
-$54.9
$42.7
-$28.0
$128.3
-$24.9
$76.9
-$115.7
Total New Zealand customer connections
366,518
366,599
366,285
364,700


365,946
366,936
366,362
365,444
365,260
364,537
364,148
363,335
366,285
+11,475
366,936
+8,586
365,260
+1,830
363,335
-2,011
New Zealand generation
Hydro generation volume (GWh)
1,013
1,187
1,101
1,066


1,086
1,121
1,028
789
876
1,039
1,162
1,233
3,300
+170
3,274
+1
2,693
-321
3,434
+579
Wind generation volume (GWh)
120
122
89
126


103
81
87
92
113
92
97
81
331
-39
310
-30
291
+27
270
-42
Total generation volume (GWh)
1,133
1,308
1,190
1,192


1,190
1,202
1,115
881
988
1,131
1,259
1,314
3,631
+131
3,583
-29
2,984
-293
3,705
+537
Average generation price ($NZ/MWh)
$94.7
$39.9
$55.7
$72.4
$33.1
$16.3
$117.4
$146.1
$133.5
$77.9
$58.0
$73.7
$62.2
-$62.0
$40.6
-$22.4
$131.2
-$21.5
$69.6
-$118.4
New Zealand hedging
Hedging volume (GWh)
428
425
352
350


347
358
396
429
450
378
413
440
1,205
+231
1,054
+51
1,276
-7
1,232
+117
Hedging cost average price ($NZ/MWh)
$131.4
$122.0
$116.7
$103.3
$100.2
$99.1
$117.0
$142.1
$125.4
$136.6
$135.2
$134.7
$123.8
-$0.0
$100.8
+$1.5
$128.4
+$14.4
$135.4
+$2.9
Hedging spot revenue average price ($NZ/MWh)
$113.0
$39.6
$64.7
$77.2
$35.8
$25.5
$142.0
$146.1
$136.1
$93.9
$66.6
$89.9
$73.0
-$70.6
$46.0
-$31.2
$82.0
-$90.1
$83.3
-$109.8
Future contract close outs ($NZm)
-1.1
12.7
20.7
$5.4
13.7
-0.2
-2.5
-2.8
-0.9
-1.0
0.4
1.6
32.4
+32.9
18.9
+19.7
-6.2
-9.5
1.0
-5.8
Meridian Group
Employee and Operating Costs ($NZ m)
19
20
20
21
21
21
18
19
23
20
24
24
60
+8
62
+15
60
+6
68
+3
Stay in Business Capital Expenditure ($NZ m)
3
4
4
3
4
4
2
4
4
3
6
6
11
+1
11
-1
10
+4
15
+3
Investment Capital Expenditure ($NZ m)
9
9
12
11
50
59
20
44
25
31
18
12
30
-6
119
+85
90
+67
61
+20
Total Capital Expenditure ($NZ m)
12
13
16
14
54
62
22
48
29
34
24
17
41
-5
130
+84
99
+70
76
+23

Glossary
141 6 A P R I L 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R M A R C H 2 0 2 4 |
Hedging volumesbuy-side electricity derivatives excluding the buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers (including NZAS) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
Contracts for Difference (CFDs)an agreement between parties to pay the difference between the wholesale electricity price and an agreed fixed price for
a specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections (NZ) number of installation control points, excluding vacants
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 85 years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was
initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
National demandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZASNew Zealand Aluminium Smelters Limited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding the sell-side of virtual asset swaps
Virtual Asset Swaps (VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity