Meridian Energy monthly operating report for June 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 June 2024

12 July 2024

Attached is Meridian Energy Limited's monthly operating report for the month of June 2024.
Highlights this month include:
▪ In the month to 10 July 2024, national hydro storage decreased from 72% to 65% of
historical average
▪ South Island storage decreased to 64% of average and North Island storage increased to
72% of average by 10 July 2024
▪ Meridian’s June 2024 monthly total inflows were 73% of historical average
▪ Waiau catchment inflows in June 2024 were 78% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of June 2024 was 63% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 70% of average at the end of June
2024
▪ National electricity demand in June 2024 was -1.9% lower than the same month last
year
▪ June 2024 was warm and dry for much of the country, however it was wet for northern
and eastern parts of both Islands. Rainfall was below normal for most other parts of the
South Island
▪ New Zealand Aluminium Smelter’s average load during June 2024 was 548MW
▪ Meridian’s retail sales volumes in June 2024 were -5.5% lower than June 2023
▪ Compared to June 2023, segment sales increased in large business +4.9% with decreases
in residential -0.9%, small medium business -2.4%, agriculture -1.5% and corporate
-11.9%
Highlights for the fourth quarter include:
▪ Meridian’s Q4 total inflows were 86% of historical average, -33% lower than Q4 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q4 was -52% lower than Q4
last year
▪ Compared to Q4 last year, Meridian’s generation was -10.7% lower at a +269.3% higher
average price
▪ Electricity futures prices rose across the curve during Q4

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

▪ New Zealand Aluminium Smelter’s sales volumes in Q4 were slightly lower than Q4 last
year
▪ National electricity demand in Q4 was +2.7% higher than Q4 last year
▪ Autumn 2024 was dry for much of New Zealand and the coolest Autumn since 2012
▪ NIWA’s winter 2024 outlook suggests near normal rainfall and temperatures likely in
most regions
▪ During the quarter, Meridian made calls on volume under the swaption agreement with
Nova and Contract and the demand response agreement with NZAS
▪ At the end of Q4, Meridian’s customer numbers were +1.7% higher than the same time
last year
▪ Compared to Q4 last year, Meridian’s retail sales volumes were +0.7% higher at a
+13.1% higher average price
▪ Sales increased in all segments, apart from corporate
▪ Compared to Q4 last year, total operating costs were +11.6% higher
▪ Compared to Q4 last year, total capital expenditure was +4.2% higher. Spend this
quarter included 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
June 2024

June highlights
1 2 J U L 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 J U N E 2 0 2 4 |2
In the month to 10 July 2024,
national hydro storage
decreased from 72% to 65%
of historical average
South Island storage
decreased to 64% of average
and North Island storage
increased to 72% of average
by 10 July 2024
Meridian’s June 2024 monthly
total inflows were 73% of
historical average
Waiau catchment inflows in
June 2024 were 78% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
June 2024 was 63% of
historical average
New Zealand Aluminium
Smelter’s average load during
June 2024 was 548MW
Meridian’s retail sales volumes
in June 2024 were -5.5% lower
than June 2023
Compared to June 2023,
segment sales increased in
large business +4.9% with
decreases in residential -0.9%,
small medium business -2.4%,
agriculture -1.5% and
corporate -11.9%
Water storage in Meridian’s
Waiau catchment was 70% of
average at the end of June
2024
National electricity demand
in June 2024 was -1.9% lower
than the same month last
year
June 2024 was warm and dry
for much of the country,
however it was wet for
northern and eastern parts of
both Islands. Rainfall was
below normal for most other
parts of the South Island

Q4 highlights
Meridian’s Q4 total
inflowswere86%of
historicalaverage,-33%
lower than Q4last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ4 was -52%
lower than Q4 lastyear
Compared to Q4 last
year,Meridian’s generation
was-10.7%lower at a
+269.3% higheraverage price
Electricity futures prices​ rose
across the curve during Q4
New Zealand Aluminum
Smelter’s sales volumes in Q4
were slightly lower than Q4
last year​
At the end of Q4, Meridian’s
customer numbers were +1.7%
higher than the same time last
year
Compared to Q4 last year,
Meridian’s retail sales volumes
were +0.7% higher at a+13.1%
higher average price
Sales increased in all
segments, apart from
corporate
Compared to Q4 last year, total
operating costs were +11.6%
higher
Compared to Q4 last year, total
capital expenditure was +4.2%
higher. Spend this quarter
included Harapaki and Ruakākā
BESS construction
National electricity demand
in Q4 was +2.7% higher than
Q4 last year
Autumn 2024 was dry for
much of New Zealand and
the coolest Autumn since
2012
NIWA’s winter 2024 outlook
suggests near normal rainfall
and temperatures likely in
most regions
During the quarter, Meridian
made calls on volume under
theswaption agreements
with Nova and Contact and
the demand response
agreement with NZAS
1 2 J U L 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 J U N E 2 0 2 4 |3

Market data
1 2 J U L 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 J U N E 2 0 2 4 |4
▪National electricity demand in June 2024
was -1.9% lower than the same month last
year
▪June 2024 was warm and dry for many,
however wet for northern and eastern parts
of both Islands. Rainfall was below normal
for most other parts of the South Island
▪Demand in the last 12 months was +1.9%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during June 2024 was 548MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.3% at the
end of May 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 12.9% at the end of
May 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
May 19Nov 19May 20Nov 20May 21Nov 21May 22Nov 22May 23Nov 23May 24
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2014-2023)201920202021202220232024

Market data
1 2 J U L 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 J U N E 2 0 2 4 |5
▪2025 and 2026 ASX electricity futures
increased during June2024
▪National storage decreased from 72% of
average on 7 June 2024 to 65% of average
on 10 July 2024
▪South Island storage decreased to 64% of
historical average by 10 July 2024. North
Island storage increased to 72% of average
Source: ASXSource: ASX
Source: NZX
60
80
100
120
140
160
180
200
220
240
260
280
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 February 202428 March 2024
30 April 202431 May 202428 June 2024
60
80
100
120
140
160
180
200
220
240
260
280
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 February 202428 March 2024
30 April 202431 May 202428 June 2024
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 July 2024)
Average storage (91yr)19922004
200820122019
202220232024

Meridian retail
1 2 J U L 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 J U N E 2 0 2 4 |6
▪Meridian’s customer connection numbers
decreased -0.1% during June 2024 and
have increased +1.7% since June 2023
▪Retail sales volumes in June 2024 were
-5.5% lower than June 2023
▪Compared to June 2023, segment sales
increased in large business +4.9% with
decreases in residential -0.9%, small
medium business -2.4%, agriculture -1.5%
and corporate -11.9%
▪This financial year, retail sales volumes are
+3.7% higher than the same period last
year
▪This reflects increased segment sales in
residential +1.9%, small medium business
+2.2%, large business +8.0% and
agricultural +18.0% with decreases in
corporate -0.2%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
122
122
122
122
123
124124
124124124
123
123
125
125
125125
126
127
127
127
127127
126
127
117
118
118
119
120
121
122
122
122
122
121
120
123
123123
123123
123
123
122122
122
122
122
126
126126
126
126
126
126
125
125
125
125
125
117
118
117
117
118
118
118
118
118
117
117
117
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S CUSTOMER CONNECTIONS
FY24 Meridian NIFY24 Meridian SIFY24 Powershop
FY23 Meridian NIFY23 Meridian SIFY23 Powershop
200
201
155
144
124
123
119
112
127
136
180
178
154
161
141
134
132
127
129
130
134
127
154
144
53
76
112
120
150
184
210
186
158
104
73
47
60
61
54
51
52
51
54
53
54
51
60
59
334
337
318
331
332
332
331
326
338
317
325
288
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 2 J U L 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 J U N E 2 0 2 4 |7
▪June 2024 monthly inflows were 73% of
historical average
▪Waiau catchment inflows in June 2024
were 78% of historical average, 30% lower
than the same month last year
▪This financial year, inflows are 93% of
historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,304GWh to
999GWh during June 2024
▪Waitaki water storage at the end of June
2024 was 63% of historical average and
52% lower than the same time last year
▪Water storage in Meridian’s Waiau
catchment was 70% of average at the end
of June 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
16,000
2009201020112012201320142015201620172018201920202021202220232024
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Jun YTD90 year average

Meridian generation
1 2 J U L 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 J U N E 2 0 2 4 |8
▪Meridian’s generation in June 2024 was
-23.0% lower than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪This financial year, Meridian’s generation is
-2.4% lower than the same period last
year, reflecting lower hydro generation and
higher wind generation
▪The average price Meridian received for its
generation in June 2024 was +258.4%
higher than the same month last year
▪The average price Meridian paid to supply
customers in June 2024 was +229.8%
higher than the same month last year
▪This financial year, the average price
Meridian received for its generation is
+133.3% higher than the same period last
year and the average price paid to supply
customers is +113.7% higher
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S GENERATION
FY24 HydroFY24 WindFY23 HydroFY23 Wind
111
133
111
108
130
171
189
136
205
213
292
264
95
40
56
72
33
16
117
146
134
78
58
74
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY24FY23

Monthly operating information
1 2 J U L 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 J U N E 2 0 2 4 |9
Meridian operating information
See page 11 for footnotes
JUNE
JUNE
MAY
APRIL
12 MONTHS TO
12 MONTHS TO
2024
2023
2024
2024
JUNE
JUNE
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
178


180


180


136


1,799


1,765


Small medium business sales volume (GWh)
144


148


154


127


1,669


1,632


Agricultural sales volume (GWh)
47


48


73


104


1,474


1,249


Large business sales volume (GWh)
59


56


60


51


661


612


Corporate and industrial sales volume (GWh)
288


327


325


317


3,908


3,917


Retail contracted sales volume (GWh)
717


759


793


735


9,511


9,175


Average retail contracted sales price
1
($NZ/MWh)
$157.2
$123.6
$161.3
$155.7
$143.3
$131.5
NZAS sales volume (GWh)
394


412


426


412


5,002


5,009


Financial contract sales volumes
2
(GWh)
293


342


297


311


3,417


3,098


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$87.9
$75.3
$89.7
$91.7
$75.2
$65.4
Retail customer supply volumes (GWh)
733


769


847


778


10,050


9,674


Cost to supply retail customers ($NZ/MWh)
$284.0
$95.2
$312.3
$230.0
$186.0
$88.7
Cost to supply wholesale customers ($NZ/MWh)
$269.6
$71.3
$286.4
$212.8
$170.8
$76.8
Cost of financial contracts ($NZ/MWh)
$271.0
$74.5
$285.6
$212.6
$170.5
$79.7
Total New Zealand customer connections
4
369,667


363,335


369,980


373,161

Monthly operating information
1 2 J U L 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 J U N E 2 0 2 4 |10
Meridian operating information
See page 11 for footnotes
JUNE
JUNE
MAY
APRIL
12 MONTHS TO
12 MONTHS TO
2024
2023
2024
2024
JUNE
JUNE
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
883


1,233


1,124


948


12,125


12,701


Wind generation volume (GWh)
128


81


108


117


1,440


1,202


Total generation volume (GWh)
1,011


1,314


1,232


1,064


13,566


13,903


Average generation price
5
($NZ/MWh)
$262.6
$73.7
$291.8
$212.0
$171.1
$73.4
New Zealand hedging
Hedging volume
6
(GWh)
516


440


490


470


5,782


4,767


Hedging cost average price ($NZ/MWh)
$147.7
$134.7
$151.2
$145.0
$132.4
$123.0
Hedging spot revenue average price ($NZ/MWh)
$258.2
$89.9
$293.9
$219.9
$179.7
$88.0
Future contract close outs ($NZm)
-$2.2
$1.6
-$3.2
-$1.6
$11.7
$46.0

Monthly operating information
1 2 J U L 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 J U N E 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
JUNE
JUNE
MAY
APRIL
12 MONTHS TO
12 MONTHS TO
2024
2023
2024
2024
JUNE
JUNE
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand costs
Employee and Operating Costs ($m)
30


24


23


22


281


249


Stay in Business Capital Expenditure ($m)
8


6


7


5


72


46


Investment Capital Expenditure ($m)
3


11


35


21


277


300


Total Capital Expenditure ($m)
11


17


42


26


349


346

FY24 operating information
121 2 J U L 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 J U N E 2 0 2 4 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 119 112 127 136 180 178 555 -9392 +2358 +14494 +27
Small medium business sales volume (GWh)154 161 141 134 132 127 129 130 134 127 154 144 457 +9393 -5393 +18425 +14
Agricultural sales volume (GWh)53 76 112 120 150 184 210 186 158 104 73 47 241 +27454 +29554 +135225 +34
Large business sales volume (GWh)60 61 54 51 52 51 54 53 54 51 60 59 175 +2155 +17161 +17170 +13
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 331 326 338 317 325 288 989 +19995 +45995 +1930 -74
Retail contracted sales volume (GWh)800 836 781 781 790 818 843 806 811 735 793 717 2,417 +482,389 +882,461 +1862,244 +15
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$161.3$157.2$149.6+$15.5$129.1+$6.4$137.3+$7.9$158.1+18
NZAS sales volume (GWh)426 426 411 426 412 426 426 398 421 412 426 394 1,262 +11,263 +11,245 +91,232 -18
Financial contract sales volumes (GWh)338 371 371 221 250 212 275 206 272 311 297 293 1,080 +433683 -101753 +76901 -88
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$75.0$68.8$74.1$91.7$89.7$87.9$77.8+$18.9$58.5+$3.0$72.8+$4.1$89.8+13
Retail customer supply volumes (GWh)845 892 825 829 838 879 884 851 850 778 847 733 2,561 +612,546 +822,584 +1882,359 +46
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$201.4$155.1$213.8$230.0$312.3$284.0$132.6+$57.9$151.9+$101.1$190.2+$45.1$276.3+191
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$171.4$187.1$136.4$202.5$212.8$286.4$269.6$117.7+$55.0$135.0+$97.2$176.1+$36.1$256.4+188
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$166.7$181.8$134.9$202.2$212.6$285.6$271.0$119.5+$41.4$132.5+$89.8$176.3+$48.0$255.7+179
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 373,161 369,980 369,667 365,453 -3,294371,800 +4,864373,332 +8,072369,667 +6,332
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 948 1,124 883 3,206 -943,022 -2522,943 +2502,955 -480
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 117 108 128 362 +31358 +49367 +76353 +82
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 1,064 1,232 1,011 3,567 -633,380 -2033,311 +3263,308 -397
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$188.6$136.4$205.0$212.0$291.8$262.6$119.0+$56.8$136.3+$95.7$176.9+$45.7$257.2+$187.5
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 504 438 504 470 490 516 1,502 +2971,358 +3041,446 +1701,476 +244
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$127.4$131.9$139.1$145.0$151.2$147.7$137.8+$14.0$109.1+$8.2$132.9+$4.4$148.0+$12.6
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$179.4$192.6$156.1$207.6$219.9$293.9$258.2$124.1+$51.1$148.8+$102.7$186.8+$45.4$257.8+$174.5
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$1.0$2.1$0.0-$1.5-$1.6-$3.2-$2.2$18.6-13.7-$0.6-19.5$0.6$6.7-$6.9-$7.9
Meridian Group
Employee and Operating Costs ($NZ m)232422222424202422222330$69+9$71+9$66+$6$76+$8
Stay in Business Capital Expenditure ($NZ m)364475698578$13+3$16+5$23+$14$20+$5
Investment Capital Expenditure ($NZ m)16201516541312363521353$51+20$83-36$84-$6$59-$2
Total Capital Expenditure ($NZ m)192619206118184544264211$64+23$99-31$107+$8$79+$3

FY23 operating information
131 2 J U L 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 J U N E 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 2 J U L 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 J U N E 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