Meridian Energy monthly operating report for October 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 October 2024
19 November 2024
Attached is Meridian Energy Limited's monthly operating report for the month of October 2024.
Highlights this month include:
▪ In the month to 11 November 2024, national hydro storage increased from 115% to 139%
of historical average
▪ South Island storage increased to 145% of average and North Island storage increased to
116% of average by 11 November 2024
▪ Meridian’s October 2024 monthly total inflows were 128% of historical average
▪ Waiau catchment inflows in October 2024 were 122% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of October 2024 was 129% of
historical average
▪ Snow storage in Meridian’s Waitaki catchment was 109% of average in late October
▪ Water storage in Meridian’s Waiau catchment was 130% of average at the end of October
2024
▪ October 2024 was a mild month overall, with temperatures above normal or near normal
for both islands. Rainfall was above normal for much of the South Island
▪ National electricity demand in October 2024 was -4.4% lower than the same month last
year
▪ New Zealand Aluminium Smelter’s average load during October 2024 was
417MW

▪ Meridian’s retail sales volumes in October 2024 were
-0.6%
lower than October 2023
▪ Compared to October 2023, segment sales increased in large business +20.5%, with
decreases in residential -0.5%, small medium business -0.4%, agricultural -3.5% and
corporate -3.0%


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
October 2024

October highlights
1 9 N O V E M 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 O C T O B E R 2 0 2 4 |2
In the month to 11 November
2024, national hydro storage
increased from 115% to 139%
of historical average
South Island storage
increased to 145% of average
and North Island storage
increased to 116% of average
by 11 November 2024
Meridian’s October 2024
monthly total inflows were
128% of historical average
Waiau catchment inflows in
October 2024 were 122% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
October 2024 was 129% of
historical average
New Zealand Aluminium
Smelter’s average load during
October 2024 was 417MW
Meridian’s retail sales volumes
in October 2024 were -0.6%
lower than October 2023
Compared to October 2023,
segment sales increased in
large business +20.5%, with
decreases in residential -0.5%,
small medium business -0.4%,
agricultural -3.5% and
corporate -3.0%

Snow storage in Meridian’s
Waitaki catchment was 109%
of average in late October
Water storage in Meridian’s
Waiau catchment was 130%
of average at the end of
October 2024
October 2024 was a mild
month overall, with
temperatures above normal
or near normal for both
islands. Rainfall was above
normal for much of the South
Island
National electricity demand
in October 2024 was -4.4%
lower than the same month
last year

Market data
1 9 N O V E M 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 O C T O B E R 2 0 2 4 |3
▪National electricity demand in October
2024 was -4.4% lower than the same month
last year
▪New Zealand Aluminium Smelter’s average
load during October 2024 was 417MW
▪October 2024 was a mild month overall,
with temperatures above normal or near
normal for both islands. Rainfall was above
normal for much of the South Island
▪Demand in the last 12 months was +0.7%
higher than the preceding 12 months
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.0% at the
end of September 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.2% at the end of
September 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Sep 19Mar 20Sep 20Mar 21Sep 21Mar 22Sep 22Mar 23Sep 23Mar 24Sep 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 9 N O V E M 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 O C T O B E R 2 0 2 4 |4
▪October 2024 saw decreases in the 2024
and 2025 ASX electricity futures prices
▪National storage increased from 115% of
average on 7 October 2024 to 139% of
average on 11 November 2024
▪South Island storage increased to 145% of
historical average by 11 November 2024.
North Island storage increased to 116% 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
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
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202328 June 202431 July 2024
30 August 202430 September 202431 October 2024
50
100
150
200
250
300
350
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
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202328 June 202431 July 2024
30 August 202430 September 202431 October 2024
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (11 November 2024)
Average storage (91yr)19922004
200820122019
202220232024

Wholesale
generation
revenue
Ancilliary
market
revenue
Other
generation
revenue
Spot
electricity
costs
Total
Week ending
06 Oct
16.4
0.1
9.5
-15.1
10.9
13 Oct
7.5
0.1
9.4
-7.2
9.8
20 Oct
23.1
0.1
16.4
-21.3
18.3
27 Oct
7.8
0.1
10.3
-7.1
11.1
Market data
1 9 N O V E M 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 O C T O B E R 2 0 2 4 |5
▪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
10.9
9.8
18.3
11.1
12.1
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

Meridian retail
1 9 N O V E M 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 O C T O B E R 2 0 2 4 |6
▪Meridian’s customer connection numbers
increased +0.7% during October 2024 and
have increased +2.7% since October 2023
▪Retail sales volumes in October 2024 were
-0.6% lower than October 2023
▪Compared to October 2023, segment sales
increased in large business +20.5%, with
decreases in residential -0.5%, small
medium business -0.4%, agricultural -3.5%
and corporate -3.0%
▪To date this financial year, retail sales
volumes are -2.9% lower than the same
period last year
▪This reflects increased segment sales in
large business +8.5%, with decreases in
residential -0.9%, small medium business
-0.3%, agricultural -6.6% and corporate
-6.0%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
127
127
127
128
119
121
122
124
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
144
159
159
137
133
54
80
88
116
61
65
57
62
303
314
303
321
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 9 N O V E M 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 O C T O B E R 2 0 2 4 |7
▪October 2024 monthly inflows were 128%
of historical average
▪Waiau catchment inflows in October 2024
were 122% of historical average, 26%
higher than the same month last year
▪To date this financial year, inflows are
141.0% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,006GWh to
1,399GWh during October 2024
▪Waitaki water storage at the end of
October 2024 was 129% of historical
average and 3% higher than the same time
last year
▪Snow storage in Meridian’s Waitaki
catchment was 109% of average in late
October
▪Water storage in Meridian’s Waiau
catchment was 130% of average at the end
of October 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
1,000
2,000
3,000
4,000
5,000
6,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Oct 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 9 N O V E M 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 O C T O B E R 2 0 2 4 |8
▪Meridian’s generation in October 2024 was
+0.5% higher than the same month last
year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is 11.3% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in October 2024 was -53.8%
lower than the same month last year
▪The average price Meridian paid to supply
customers in October 2024 was -35.2%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 105.1% higher than the same period last
year and the average price paid to supply
customers is 117.6% 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
50
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 9 N O V E M 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 O C T O B E R 2 0 2 4 |9
Meridian operating information
See page 11 for footnotes
OCTOBER
OCTOBER
SEPTEMBER
AUGUST
4 MONTHS TO
4 MONTHS TO
2024
2023
2024
2024
OCTOBER
OCTOBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
144


144


158


191


693


700


Small medium business sales volume (GWh)
133


134


137


159


589


591


Agricultural sales volume (GWh)
116


120


88


80


337


361


Large business sales volume (GWh)
62


51


57


65


245


226


Corporate and industrial sales volume (GWh)
321


331


303


314


1,241


1,320


Retail contracted sales volume (GWh)
776


781


743


810


3,106


3,198


Average retail contracted sales price
1
($NZ/MWh)
$136.9
$131.5
$161.6
$162.9
$156.0
$145.2
NZAS sales volume (GWh)
265


426


233


261


1,086


1,688


Financial contract sales volumes
2
(GWh)
192


221


206


222


915


1,301


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$76.6
$56.2
$105.2
$127.5
$111.4
$73.1
Retail customer supply volumes (GWh)
818


829


766


866


3,263


3,391


Cost to supply retail customers ($NZ/MWh)
$62.8
$124.3
$93.0
$487.4
$262.3
$130.6
Cost to supply wholesale customers ($NZ/MWh)
$49.3
$105.1
$68.2
$509.9
$266.4
$114.5
Cost of financial contracts ($NZ/MWh)
$63.5
$105.8
$91.1
$494.8
$274.9
$117.2
Demand response payments ($NZm)
-$18.7
$0.0
-$25.0
-$19.1
-$67.4
$0.0
Total New Zealand customer connections
4
376,126


366,320


373,670


371,479

Monthly operating information
1 9 N O V E M 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 O C T O B E R 2 0 2 4 |10
Meridian operating information
See page 11 for footnotes
OCTOBER
OCTOBER
SEPTEMBER
AUGUST
4 MONTHS TO
4 MONTHS TO
2024
2023
2024
2024
OCTOBER
OCTOBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
929


974


825


773


3,453


4,179


Wind generation volume (GWh)
179


128


187


192


687


490


Total generation volume (GWh)
1,107


1,102


1,012


965


4,140


4,669


Average generation price
5
($NZ/MWh)
$49.8
$107.8
$63.8
$483.8
$237.6
$116.3
New Zealand hedging
Hedging volume
6
(GWh)
403


496


432


451


1,737


1,998


Hedging cost average price ($NZ/MWh)
$196.2
$110.9
$231.4
$226.1
$207.1
$131.1
Hedging spot revenue average price ($NZ/MWh)
$61.2
$123.7
$79.1
$451.9
$241.2
$124.0
Future contract close outs ($NZm)
$6.9
-$0.7
$2.3
-$13.7
-$17.4
$17.9

Monthly operating information
1 9 N O V E M 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 O C T O B E R 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
OCTOBEROCTOBERSEPTEMBERAUGUST4 MONTHS TO4 MONTHS TO
2024202320242024OCTOBEROCTOBER
MONTHMONTHMONTHMONTH20242023
New Zealand costs
Employee and Operating Costs ($m)21 22 30 25 101 91
Stay in Business Capital Expenditure ($m)6 4 4 6 19 18
Investment Capital Expenditure ($m)12 16 11 9 45 66
Total Capital Expenditure ($m)18 20 15 15 64 84

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
New Zealand contracted sales
Residential sales volume (GWh)201 191 158 144 550 -5
Small medium business sales volume (GWh)159 159 137 133 456 -1
Agricultural sales volume (GWh)54 80 88 116 221 -20
Large business sales volume (GWh)61 65 57 62 183 +9
Corporate and industrial sales volume (GWh)303 314 303 321 920 -69
Retail contracted sales volume (GWh)777 810 743 776 2,330 -87
Average retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$162.3+$12.7
NZAS sales volume (GWh)327 261 233 265 821 -441
Financial contract sales volumes (GWh)295 222 206 192 723 -357
Average wholesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$121.7+$43.9
Retail customer supply volumes (GWh)813 866 766 818 2,444 -117
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$329.0+$196.4
Cost to supply wholesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$336.4+$218.7
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$330.9+$211.4
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$48.7-$48.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 373,670 +8,217
New Zealand generation
Hydro generation volume (GWh)927 773 825 929 2,524 -682
Wind generation volume (GWh)129 192 187 179 509 +147
Total generation volume (GWh)1,056 965 1,012 1,107 3,033 -535
Average generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$306.2+$187.2
New Zealand hedging
Hedging volume (GWh)451 451 432 403 1,334 -168
Hedging cost average price ($NZ/MWh)$174.5$226.1$231.4$196.2$210.4+$72.6
Hedging spot revenue average price ($NZ/MWh)$346.6$451.9$79.1$61.2$295.5+$171.5
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9-$24.4-43.0
Meridian Group
Employee and Operating Costs ($NZ m)26253021$80+11
Stay in Business Capital Expenditure ($NZ m)3646$13-0
Investment Capital Expenditure ($NZ m)1391112$33-17
Total Capital Expenditure ($NZ m)16151518$46-18
FY25 operating information
121 9 N O V E M 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 O C T O B E R 2 0 2 4 |
Meridian operating information

FY24 operating information
131 9 N O V E M 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 O C T O 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
141 9 N O V E M 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 O C T O 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