Meridian Energy monthly operating report for April 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 April 2024

14 May 2024

Attached is Meridian Energy Limited's monthly operating report for the month of April 2024.
Highlights this month include:
▪ In the month to 8 May 2024, national hydro storage decreased from 102% to 96% of
historical average
▪ South Island storage decreased to 97% of average and North Island storage decreased to
84% of average by 8 May 2024
▪ Meridian’s April 2024 monthly total inflows were 136% of historical average
▪ Waiau catchment inflows in April 2024 were 130% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of April 2024 was 97% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 148% of average at the end of April
2024
▪ National electricity demand in April 2024 was +3.9% higher than the same month last
year
▪ April 2024 was dry in eastern New Zealand but wetter in the west of both islands.
Temperatures were above average for most of the country
▪ New Zealand Aluminium Smelter’s average load during April 2024 was 569MW
▪ Meridian’s retail sales volumes in April 2024 were +5.6% higher than April 2023
▪ Compared to April 2023, segment sales increased in residential +4.7%, small medium
business +3.6%, large business +7.4% and agriculture +38.0% with decreases in
corporate -1.2%
ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

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

Monthly Operating Report
April 2024

April highlights
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |2
In the month to 8 May 2024,
national hydro storage
decreased from 102% to 96%
of historical average
South Island storage
decreased to 97% of average
and North Island storage
decreased to 84% of average
by 8 May 2024
Meridian’s April 2024 monthly
total inflows were 136% of
historical average
Waiau catchment inflows in
April 2024 were 130% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
April 2024 was 97% of
historical average
New Zealand Aluminium
Smelter’s average load during
April 2024 was 569MW
Meridian’s retail sales volumes
in April 2024 were +5.6%
higher than April 2023
Compared to April 2023,
segment sales increased in
residential +4.7%, small
medium business +3.6%, large
business +7.4% and agriculture
+38.0% with decreases in
corporate -1.2%
Water storage in Meridian’s
Waiau catchment was 148%
of average at the end of April
2024
National electricity demand
in April 2024 was +3.9%
higher than the same month
last year
April 2024 was dry in eastern
New Zealand but wetter in
the west of both islands.
Temperatures were above
average for most of the
country

Market data
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |3
▪National electricity demand in April 2024
was +3.9% higher than the same month last
year
▪April 2024 was dry in eastern New Zealand
but wetter in the west of both islands.
Temperatures were above average for most
of the country.
▪Demand in the last 12 months was +1.7%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during April 2024 was 569MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.1% at the
end of March 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.7% at the end of
March 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%
Mar 19Sep 19Mar 20Sep 20Mar 21Sep 21Mar 22Sep 22Mar 23Sep 23Mar 24
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |4
▪2025 ASX electricity futures increased,
with longer dated prices staying steady
during April2024
▪National storage decreased from 102% of
average on 15 April 2024 to 96% of
average on 8 May 2024
▪South Island storage decreased to 97% of
historical average by 8 May 2024. North
Island storage decreased to 84% of
average
Source: ASX
Source: ASX
Source: NZX
60
80
100
120
140
160
180
200
220
240
260
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 202329 December 202331 January 2024
29 February 202428 March 202430 April 2024
60
80
100
120
140
160
180
200
220
240
260
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 202329 December 202331 January 2024
29 February 202428 March 202430 April 2024
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (8 May 2024)
Average storage (91yr)19922004
200820122019
202220232024

Meridian retail
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |5
▪Meridian’s customer connection numbers
decreased -0.1% during April 2024 and
have increased +2.7% since June 2023
▪Retail sales volumes in April 2024 were
+5.6% higher than April 2023
▪Compared to April 2023, segment sales
increased in residential +4.7%, small
medium business +3.6%, large business
+7.4% and agriculture +38.0%, with
decreases in corporate -1.2%
▪To date this financial year, retail sales
volumes are +4.7% higher than the same
period last year
▪This reflects increased segment sales in
residential +0.9%, small medium business
+2.0%, large business +7.9%, agricultural
+19.4% and corporate +1.9%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122
122
123
124124
124124124
125
125
125125
126
127
127
127
127127
117
118
118
119
120
121
122
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
136
154
161
141
134
132
127
129
130
134
127
53
76
112
120
150
184
210
186
158
104
60
61
54
51
52
51
54
53
54
51
334
337
318
331
332
332
331
326
338
317
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 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |6
▪April 2024 monthly inflows were 136% of
historical average
▪Waiau catchment inflows in April 2024
were 130% of historical average, 155%
higher than the same month last year
▪To date this financial year, inflows are 99%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,452GWh to
1,718GWh during April 2024
▪Waitaki water storage at the end of April
2024 was 97% of historical average and
16% lower than the same time last year
▪Water storage in Meridian’s Waiau
catchment was 148% of average at the end
of April 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
Apr YTD90 year average

Meridian generation
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |7
▪Meridian’s generation in April 2024 was
-5.9% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is -0.1% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in April 2024 was +173.2%
higher than the same month last year
▪The average price Meridian paid to supply
customers in April 2024 was +149.0%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is +99.6% higher than the same period last
year and the average price paid to supply
customers is +83.8% 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
213
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 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |8
Meridian operating information
See page 10 for footnotes
APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2024
2023
2024
2024
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
136


130


127


112


1,440


1,427


Small medium business sales volume (GWh)
127


123


134


130


1,371


1,344


Agricultural sales volume (GWh)
104


76


158


186


1,354


1,134


Large business sales volume (GWh)
51


48


54


53


542


502


Corporate and industrial sales volume (GWh)
317


320


338


326


3,295


3,234


Retail contracted sales volume (GWh)
735


696


811


806


8,002


7,642


Average retail contracted sales price
1
($NZ/MWh)
$155.7
$144.5
$139.5
$135.9
$140.2
$130.2
NZAS sales volume (GWh)
412


412


421


398


4,182


4,172


Financial contract sales volumes
2
(GWh)
311


310


272


206


2,827


2,418


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$91.7
$77.5
$74.1
$68.8
$72.5
$62.7
Retail customer supply volumes (GWh)
778


704


850


851


8,470


8,066


Cost to supply retail customers ($NZ/MWh)
$230.0
$97.5
$213.8
$155.1
$164.9
$90.3
Cost to supply wholesale customers ($NZ/MWh)
$212.8
$78.1
$202.5
$136.4
$149.7
$79.6
Cost of financial contracts ($NZ/MWh)
$212.6
$84.4
$202.2
$134.9
$148.0
$81.5
Total New Zealand customer connections
4
373,161


364,537


373,332


373,536

Monthly operating information
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |9
Meridian operating information
See page 10 for footnotes
APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2024
2023
2024
2024
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
948


1,039


972


962


10,118


10,306


Wind generation volume (GWh)
117


92


134


127


1,204


1,024


Total generation volume (GWh)
1,064


1,131


1,106


1,089


11,322


11,330


Average generation price
5
($NZ/MWh)
$212.0
$77.9
$205.0
$136.4
$149.8
$75.1
New Zealand hedging
Hedging volume
6
(GWh)
470


378


504


438


4,776


3,914


Hedging cost average price ($NZ/MWh)
$145.0
$136.6
$139.1
$131.9
$128.8
$120.3
Hedging spot revenue average price ($NZ/MWh)
$219.9
$93.9
$207.6
$156.1
$159.5
$90.0
Future contract close outs ($NZm)
-$1.6
-$1.0
-$1.5
$0.0
$17.0
$44.0

Monthly operating information
1 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |10
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from
contracted customers less distribution costs
2.Derivatives sold excluding the sell-side of virtual asset swaps
3.Average price of both NZAS sales volume and derivative sales volumes
4.Meridian Retail and Powershop New Zealand installation control points (ICPs),
excluding vacants
5.Volume weighted average price received for Meridian’s physical generation
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset
swaps
APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS TO
10 MONTHS TO
2024
2023
2024
2024
APRIL
APRIL
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand costs
Employee and Operating Costs ($m)
22


20


22


24


228


201


Stay in Business Capital Expenditure ($m)
5


3


8


9


58


34


Investment Capital Expenditure ($m)
21


31


36


36


238


270


Total Capital Expenditure ($m)
26


34


44


45


296


304

FY24 operating information
111 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 2 0 2 4 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 119 112 127 136 555 -9392 +2358 +14
Small medium business sales volume (GWh)154 161 141 134 132 127 129 130 134 127 457 +9393 -5393 +18
Agricultural sales volume (GWh)53 76 112 120 150 184 210 186 158 104 241 +27454 +29554 +135
Large business sales volume (GWh)60 61 54 51 52 51 54 53 54 51 175 +2155 +17161 +17
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 331 326 338 317 989 +19995 +45995 +1
Retail contracted sales volume (GWh)800 836 781 781 790 818 843 806 811 735 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$155.7$149.6+$15.5$129.1+$6.4$137.3+$7.9
NZAS sales volume (GWh)426 426 411 426 412 426 426 398 421 412 1,262 +11,263 +11,245 +9
Financial contract sales volumes (GWh)338 371 371 221 250 212 275 206 272 311 1,080 +433683 -101753 +76
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$75.0$68.8$74.1$91.7$77.8+$18.9$58.5+$3.0$72.8+$4.1
Retail customer supply volumes (GWh)845 892 825 829 838 879 884 851 850 778 2,561 +612,546 +822,584 +188
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$201.4$155.1$213.8$230.0$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$212.8$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$212.6$119.5+$41.4$132.5+$89.8$176.3+$48.0
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 373,161 365,453 -3,294371,800 +4,864373,332 +8,072
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 948 3,206 -943,022 -2522,943 +250
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 117 362 +31358 +49367 +76
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 1,064 3,567 -633,380 -2033,311 +326
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$188.6$136.4$205.0$212.0$119.0+$56.8$136.3+$95.7$176.9+$45.7
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 504 438 504 470 1,502 +2971,358 +3041,446 +170
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$127.4$131.9$139.1$145.0$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$219.9$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-$1.6$18.6-13.7-$0.6-19.5$0.6$6.7
Meridian Group
Employee and Operating Costs ($NZ m)23242222242420242222$69+9$71+9$66+$6
Stay in Business Capital Expenditure ($NZ m)3644756985$13+3$16+5$23+$14
Investment Capital Expenditure ($NZ m)16201516541312363521$51+20$83-36$84-$6
Total Capital Expenditure ($NZ m)19261920611818454426$64+23$99-31$107+$8

FY23 operating information
121 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 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
131 4 M A Y 2 0 2 4 | M O N T H L Y O P E R A T I N G R E P O R T F O R A P R I L 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