Meridian Energy monthly operating report for September 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
L e v e l 2 , 9 8 C u s t o m h o u s e Q u a y , W e l l i n g t o n 6 0 1 1

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 September 2024
15 October 2024
Attached is Meridian Energy Limited's monthly operating report for the month of September
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 15 October at 11.30am
NZDT (9.30am AEDT).

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 7 October 2024, national hydro storage increased from 99% to 115% of
historical average
▪ South Island storage increased to 119% of average and North Island storage increased to
100% of average by 7 October 2024
▪ Meridian’s September 2024 monthly total inflows were 223% of historical average
▪ Waiau catchment inflows in September 2024 were 242% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of September 2024 was 102% of
historical average
▪ Snow storage in Meridian’s Waitaki catchment was 117% of average in early October
▪ Water storage in Meridian’s Waiau catchment was 182% of average at the end of
September 2024
▪ September 2024 was warm and dry for northern and eastern parts of both islands. Rainfall
was above normal for the lower half of the South Island
▪ National electricity demand in September 2024 was -5.2% lower than the same month last
year
▪ New Zealand Aluminium Smelter’s average load during September 2024 was
375MW

▪ During the quarter, Meridian made calls on volume under the largest option of the Demand
Response Agreement with NZAS
▪ Meridian’s retail sales volumes in September 2024 were
-4.9%
lower than September
2023
▪ Compared to September 2023, segment sales increased in residential +1.7% and large
business +4.6%, with decreases in small medium business -2.8%, agricultural -21.5% and
corporate -4.8%

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


Highlights for the first quarter include:
▪ Meridian’s Q1 total inflows were 147% of historical average, +30% higher than Q1 last
year
▪ Meridian’s Waitaki catchment water storage at the end of Q1 was -12% lower than Q1
last year
▪ Compared to Q1 last year, Meridian’s generation was -15.0% lower at a +157.3%
higher average price
▪ Electricity futures prices decreased across the curve during Q1
▪ Winter 2024 was the 3
rd
warmest on record for much of New Zealand, with rainfall above
average in the Mackenzie Basin and parts of Otago
▪ NIWA’s spring 2024 outlook includes a La Niña Watch with a 60-70% chance that an event
develops by December. Above average temperatures and normal rainfall totals through
spring are forecast
▪ National electricity demand in Q1 was
-3.1%
lower than Q1 last year
▪ New Zealand Aluminum Smelter’s sales volumes in Q1 were lower than Q1 last year
▪ During the quarter, Meridian made calls on volume under the largest option of the Demand
Response Agreement with NZAS
▪ At the end of Q1, Meridian’s customer numbers were
+2.2%
higher than the same time
last year
▪ Compared to Q1 last year, Meridian’s retail sales volumes were
-3.6%
lower at a
+8.5%

higher average price
▪ Sales decreased in all segments, apart from large business
▪ Compared to Q1 last year, total operating costs were
+16.6%
higher
▪ Compared to Q1 last year, total capital expenditure was
-28.1%
lower

Weekly lake storage updates are available on Meridian’s website. See comparative lake levels
at: www.meridianenergy.co.nz/power-stations/lake-levels


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

Monthly Operating Report
September 2024

September highlights
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |2
In the month to 7 October
2024, national hydro storage
increased from 99% to 115%
of historical average
South Island storage
increased to 119% of average
and North Island storage
increased to 100% of average
by 7 October 2024
Meridian’s September 2024
monthly total inflows were
223% of historical average
Waiau catchment inflows in
September 2024 were 242%
of historical average
Meridian’s Waitaki catchment
water storage at the end of
September 2024 was 102% of
historical average
New Zealand Aluminium
Smelter’s average load during
September 2024 was 375MW
During the quarter, Meridian
made calls on volume under
the largest option of the
Demand Response Agreement
with NZAS
Meridian’s retail sales volumes
in September 2024 were -4.9%
lower than September 2023
Compared to September 2023,
segment sales increased in
residential +1.7% and large
business +4.6%, with
decreases in small medium
business -2.8%, agricultural
-21.5% and corporate -4.8%

Snow storage in Meridian’s
Waitaki catchment was 117%
of average in early October
Water storage in Meridian’s
Waiau catchment was 182%
of average at the end of
September 2024
September 2024 was warm
and dry for northern and
eastern parts of both islands.
Rainfall was above normal for
the lower half of the South
Island
National electricity demand
in September 2024 was -5.2%
lower than the same month
last year

Q1 highlights
Meridian’s Q1 total
inflowswere147%of
historicalaverage,+30%
higher than Q1last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ1 was -12% lower
than Q1 lastyear
Compared to Q1 last
year,Meridian’s generation
was-15.0%lower at a
+157.3% higheraverage price
Electricity futures prices
decreased across the curve
during Q1
Winter 2024 was the 3
rd

warmest on record for much
of New Zealand, with rainfall
above average in the
Mackenzie Basin and parts of
Otago
At the end of Q1, Meridian’s
customer numbers were +2.2%
higher than the same time last
year
Compared to Q1 last year,
Meridian’s retail sales volumes
were -3.6% lower at a+8.5%
higher average price
Sales decreased in all
segments, apart from large
business
Compared to Q1 last year, total
operating costs were +16.6%
higher
Compared to Q1 last year, total
capital expenditure was -28.1%
lower
NIWA’s spring 2024 outlook
includes a La Niña Watch
with a 60-70% chance that an
event develops by December.
Above average temperatures
and normal rainfall totals
through spring are forecast
National electricity demand
in Q1 was -3.1% lower than
Q1 last year
New Zealand Aluminum
Smelter’s sales volumes in Q1
were lower than Q1 last year
During the quarter, Meridian
made calls on volume under
the largest option of the
Demand Response
Agreement with NZAS
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |3

Market data
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |4
▪National electricity demand in September
2024 was -5.2% lower than the same month
last year
▪New Zealand Aluminium Smelter’s average
load during September 2024 was 375MW
▪During the quarter, Meridian made calls on
volume under the largest option of the
Demand Response Agreement with NZAS
▪September 2024 was warm and dry for
northern and eastern parts of both islands.
Rainfall was above normal for the lower
half of the South Island
▪Demand in the last 12 months was +0.9%
higher than the preceding 12 months
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.1% at the
end of August 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.1% at the end of
August 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Aug 19Feb 20Aug 20Feb 21Aug 21Feb 22Aug 22Feb 23Aug 23Feb 24Aug 24
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchIndustry Trader Switch
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

1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |5
▪September 2024 saw slight decreases in
the 2024 and 2025 ASX electricity futures
prices
▪National storage increased from 99% of
average on 9 September 2024 to 115% of
average on 7 October 2024
▪South Island storage increased to 119% of
historical average by 7 October 2024.
North Island storage increased to 100% of
average
Source: ASXSource: ASX
Source: NZX
Market data
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
50
100
150
200
250
300
350
400
450
500
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202331 May 202428 June 2024
31 July 202430 August 202430 September 2024
50
100
150
200
250
300
350
400
450
500
Q3
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202331 May 202428 June 2024
31 July 202430 August 202430 September 2024
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (7 October 2024)
Average storage (91yr)19922004
200820122019
202220232024

Market data
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |6
▪Since July 2024 the Electricity Authority
has begun reporting “Energy Margin”
from information provided by six
generators
▪This excludes operational costs such as
staffing, maintenance, debt servicing,
depreciation and levies
▪Information provided by Meridian has
not been assured or audited by the
company’s auditors and is different to
and not intended to replace information
Meridian reports in its financial
statements and operating reports
Source: Meridian, Electricity Authority
Source: Meridian, Electricity Authority
See: https://public.tableau.com/app/profile/electricity.authority/viz/Energymargin/Energymargin
Meridian Electricity Authority Reported Margin
25.1
25.2
25.3
19.8
24.6
15.2
9.7
5.6
5.2
3.1
8.5
14.5
12.8
0
5
10
15
20
25
30
07
Jul
14
Jul
21
Jul
28
Jul
04
Aug
11
Aug
18
Aug
25
Aug
01
Sep
08
Sep
15
Sep
22
Sep
29
Sep
06
Oct
13
Oct
20
Oct
27
Oct
03
Nov
10
Nov
17
Nov
24
Nov
01
Dec
$M
week ending
MERIDIAN ELECTRICITY AUTHORITY REPORTED MARGIN
Wholesale
generation
revenue
Ancilliary
market
revenue
Other
generation
revenue
Spot
electricity
costsTotal
Week ending
08 Sep4.60.12.1-3.73.1
15 Sep17.40.17.3-16.38.5
22 Sep26.00.113.0-24.614.5
29 Sep16.20.112.0-15.512.8

Meridian retail
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |7
▪Meridian’s customer connection numbers
increased +0.6% during September 2024
and have increased +2.2% since
September 2023
▪Retail sales volumes in September 2024
were -4.9% lower than September 2023
▪Compared to September 2023, segment
sales increased in residential +1.7% and
large business +4.6%, with decreases in
small medium business -2.8%, agricultural
-21.5% and corporate -4.8%
▪To date this financial year, retail sales
volumes are -3.6% lower than the same
period last year
▪This reflects increased segment sales in
large business +5.0%, with decreases in
residential -1.0%, small medium business
-0.3%, agricultural -8.2% and corporate
-7.0%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
127
127
127
119
121
122
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
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S CUSTOMER CONNECTIONS
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
FY24 Meridian NIFY24 Meridian SIFY24 Powershop
201
191
158
159
159
137
54
80
88
61
65
57
303
314
303
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
0
300
600
900
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large Bus
FY25 CorporateFY24 ResidentialFY24 SMBFY24 Agri
FY24 Large BusFY24 Corporate

Meridian inflows and storage
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |8
▪September 2024 monthly inflows were
223% of historical average
▪Waiau catchment inflows in September
2024 were 242% of historical average, 41%
higher than the same month last year
▪To date this financial year, inflows are
147.4% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 546GWh to 1006Wh
during September 2024
▪Waitaki water storage at the end of
September 2024 was 102% of historical
average and 12% lower than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 117% of average in early
October
▪Water storage in Meridian’s Waiau
catchment was 182% of average at the end
of September 2024
Meridian operating information
Source: Meridian
Source: Meridian
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Sep YTD91 year average
0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sep1-Oct1-Nov1-Dec
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201820192020
2021202220232024

Meridian generation
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |9
▪Meridian’s generation in September 2024
was -12.6% lower than the same month
last year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is 15.0% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in September 2024 was -42.2%
lower than the same month last year
▪The average price Meridian paid to supply
customers in September 2024 was -15.6%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 158.4% higher than the same period last
year and the average price paid to supply
customers is 159.9% 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
FY25 HydroFY25 WindFY24 HydroFY24 Wind
378
485
64
111
133
111
108
130
171
189
136
205
213
292
264
0
100
200
300
400
500
600
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY25FY24

Monthly operating information
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |10
Meridian operating information
See page 11 for footnotes
SEPTEMBER
SEPTEMBER
AUGUST
JULY
3 MONTHS TO
3 MONTHS TO
2024
2023
2024
2024
SEPTEMBER
SEPTEMBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
158


155


191


201


550


555


Small medium business sales volume (GWh)
137


141


159


159


456


457


Agricultural sales volume (GWh)
88


112


80


54


221


241


Large business sales volume (GWh)
57


54


65


61


183


175


Corporate and industrial sales volume (GWh)
303


318


314


303


920


989


Retail contracted sales volume (GWh)
743


781


810


777


2,330


2,417


Average retail contracted sales price
1
($NZ/MWh)
$161.6
$148.2
$162.9
$162.4
$162.3
$149.6
NZAS sales volume (GWh)
233


411


261


327


821


1,262


Financial contract sales volumes
2
(GWh)
206


371


222


295


723


1,080


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$105.2
$76.4
$127.5
$128.9
$121.7
$77.8
Retail customer supply volumes (GWh)
766


825


866


813


2,444


2,561


Cost to supply retail customers ($NZ/MWh)
$93.0
$123.3
$487.4
$382.7
$329.0
$132.6
Cost to supply wholesale customers ($NZ/MWh)
$68.2
$110.7
$509.9
$388.9
$336.4
$117.7
Cost of financial contracts ($NZ/MWh)
$91.1
$115.5
$494.8
$375.3
$330.9
$119.5
Demand response payments ($NZm)
-$25.0
$0.0
-$19.1
-$4.7
-$48.7
$0.0
Total New Zealand customer connections
4
373,670


365,453


371,479


369,376

Monthly operating information
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |11
Meridian operating information
See page 12 for footnotes
SEPTEMBER
SEPTEMBER
AUGUST
JULY
3 MONTHS TO
3 MONTHS TO
2024
2023
2024
2024
SEPTEMBER
SEPTEMBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
825


1,020


773


927


2,524


3,206


Wind generation volume (GWh)
187


138


192


129


509


362


Total generation volume (GWh)
1,012


1,157


965


1,056


3,033


3,567


Average generation price
5
($NZ/MWh)
$63.8
$111.4
$483.8
$376.2
$306.2
$119.0
New Zealand hedging
Hedging volume
6
(GWh)
432


458


451


451


1,334


1,502


Hedging cost average price ($NZ/MWh)
$231.4
$139.1
$226.1
$174.5
$210.4
$137.8
Hedging spot revenue average price ($NZ/MWh)
$79.1
$121.2
$451.9
$346.6
$295.5
$124.1
Future contract close outs ($NZm)
$2.3
$1.4
-$13.7
-$13.0
-$24.4
$18.6

Monthly operating information
1 5 O C T O B E R 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 S E P T E M B E R 2 0 2 4 |12
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
SEPTEMBERSEPTEMBERAUGUSTJULY3 MONTHS TO3 MONTHS TO
2024202320242024SEPTEMBERSEPTEMBER
MONTHMONTHMONTHMONTH20242023
New Zealand costs
Employee and Operating Costs ($m)30 22 25 26 80 69
Stay in Business Capital Expenditure ($m)4 4 6 3 13 13
Investment Capital Expenditure ($m)11 15 9 13 33 51
Total Capital Expenditure ($m)15 19 15 16 46 64

FY25 operating information
131 5 O C T O B E R 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 S E P T E M B E R 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
2024
2024
2024
2024
2024
2024
2025
2025
2025
2025
2025
2025
FY25
change
FY25
change
FY25
change
FY25
change
New Zealand contracted sales
Residential sales volume (GWh)
201


191


158


550


-5
Small medium business sales volume (GWh)
159


159


137


456


-1
Agricultural sales volume (GWh)
54


80


88


221


-20
Large business sales volume (GWh)
61


65


57


183


+9
Corporate and industrial sales volume (GWh)
303


314


303


920


-69
Retail contracted sales volume (GWh)
777


810


743


2,330


-87
Average retail contracted sales price ($NZ/MWh)
$162.4
$162.9
$161.6
$162.3
+$12.7
NZAS sales volume (GWh)
327


261


233


821


-441
Financial contract sales volumes (GWh)
295


222


206


723


-357
Average wholesale & financial contracts sales price ($NZ/MWh)
$128.9
$127.5
$105.2
$121.7
+$43.9
Retail customer supply volumes (GWh)
813


866


766


2,444


-117
Cost to supply retail customers ($NZ/MWh)
$382.7
$487.4
$93.0
$329.0
+$196.4
Cost to supply wholesale customers ($NZ/MWh)
$388.9
$509.9
$68.2
$336.4
+$218.7
Cost of financial contracts ($NZ/MWh)
$375.3
$494.8
$91.1
$330.9
+$211.4
Demand response payments ($NZm)
-$4.7
-$19.1
-$25.0
-$48.7
-$48.7
Total New Zealand customer connections
369,376


371,479


373,670


373,670


+8,217
New Zealand generation
Hydro generation volume (GWh)
927


773


825


2,524


-682
Wind generation volume (GWh)
129


192


187


509


+147
Total generation volume (GWh)
1,056


965


1,012


3,033


-535
Average generation price ($NZ/MWh)
$376.2
$483.8
$63.8
$306.2
+$187.2
New Zealand hedging
Hedging volume (GWh)
451


451


432


1,334


-168
Hedging cost average price ($NZ/MWh)
$174.5
$226.1
$231.4
$210.4
+$72.6
Hedging spot revenue average price ($NZ/MWh)
$346.6
$451.9
$79.1
$295.5
+$171.5
Future contract close outs ($NZm)
-$13.0
-$13.7
$2.3
-$24.4
-43.0
Meridian Group
Employee and Operating Costs ($NZ m)
26
25
30
$80
+11
Stay in Business Capital Expenditure ($NZ m)
3
6
4
$13
-0
Investment Capital Expenditure ($NZ m)
13
9
11
$33
-17
Total Capital Expenditure ($NZ m)
16
15
15
$46
-18

FY24 operating information
141 5 O C T O B E R 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 S E P T E M B E R 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
2023
2023
2023
2023
2023
2023
2024
2024
2024
2024
2024
2024
FY24
change
FY24
change
FY24
change
FY24
change
New Zealand contracted sales
Residential sales volume (GWh)
200


201


155


144


124


123


119


112


127


136


180


178


555


-9
392


+2
358


+14
494


+27
Small medium business sales volume (GWh)
154


161


141


134


132


127


129


130


134


127


154


144


457


+9
393


-5
393


+18
425


+14
Agricultural sales volume (GWh)
53


76


112


120


150


184


210


186


158


104


73


47


241


+27
454


+29
554


+135
225


+34
Large business sales volume (GWh)
60


61


54


51


52


51


54


53


54


51


60


59


175


+2
155


+17
161


+17
170


+13
Corporate and industrial sales volume (GWh)
334


337


318


331


332


332


331


326


338


317


325


288


989


+19
995


+45
995


+1
930


-74
Retail contracted sales volume (GWh)
800


836


781


781


790


818


843


806


811


735


793


717


2,417


+48
2,389


+88
2,461


+186
2,244


+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


+1
1,263


+1
1,245


+9
1,232


-18
Financial contract sales volumes (GWh)
338


371


371


221


250


212


275


206


272


311


297


293


1,080


+433
683


-101
753


+76
901


-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


+61
2,546


+82
2,584


+188
2,359


+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
$255.7
+179
Demand response payments ($NZm)
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
+$0.0
$0.0
+$0.0
$0.0
+$0.0
$0.0
+0
Total New Zealand customer connections
364,389


364,631


365,453


366,320


370,087


371,800


372,604


373,536


373,332


373,161


369,980


369,667


365,453


-3,294
371,800


+4,864
373,332


+8,072
369,667


+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


-94
3,022


-252
2,943


+250
2,955


-480
Wind generation volume (GWh)
118


107


138


128


111


119


106


127


134


117


108


128


362


+31
358


+49
367


+76
353


+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


-63
3,380


-203
3,311


+326
3,308


-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


+297
1,358


+304
1,446


+170
1,476


+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)
23
24
22
22
24
24
20
24
22
22
23
30
$69
+9
$71
+9
$66
+$6
$76
+$8
Stay in Business Capital Expenditure ($NZ m)
3
6
4
4
7
5
6
9
8
5
7
8
$13
+3
$16
+5
$23
+$14
$20
+$5
Investment Capital Expenditure ($NZ m)
16
20
15
16
54
13
12
36
35
21
35
3
$51
+20
$83
-36
$84
-$6
$59
-$2
Total Capital Expenditure ($NZ m)
19
26
19
20
61
18
18
45
44
26
42
11
$64
+23
$99
-31
$107
+$8
$79
+$3

Glossary
151 5 O C T O B E R 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 S E P T E M B E R 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 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, 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