Meridian Energy monthly operating report for November 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 November 2024
16 December 2024
Attached is Meridian Energy Limited's monthly operating report for the month of November
2024.
Highlights this month include:
▪ In the month to 10 December 2024, national hydro storage decreased from 139% to 134%
of historical average
▪ South Island storage decreased to 137% of average and North Island storage increased to
120% of average by 10 December 2024
▪ Meridian’s November 2024 monthly total inflows were 119% of historical average
▪ Waiau catchment inflows in November 2024 were 89% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of November 2024 was 151% of
historical average
▪ Snow storage in Meridian’s Waitaki catchment was 91% of average in early December
▪ Water storage in Meridian’s Waiau catchment was 88% of average at the end of
November 2024
▪ November 2024 was dry and warm for most of the country, with temperatures above
average for both islands. Rainfall was below normal for the much of the country, apart from
the South Island’s West Coast which had above normal rainfall
▪ National electricity demand in November 2024 was -2.2% lower than the same month last
year
▪ New Zealand Aluminium Smelter’s average load during November 2024 was
451MW

▪ Meridian’s retail sales volumes in November 2024 were
+1.8%
higher than November
2023
▪ Compared to November 2023, segment sales increased in residential +0.6%, agricultural
+11.4% and large business +7.8%, with decreases in small medium business -1.1% and
corporate -1.8%


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
November 2024

November highlights
1 6 D E C 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 N O V E M B E R 2 0 2 4 |2
In the month to 10 December
2024, national hydro storage
decreased from 139% to
134% of historical average
South Island storage
decreased to 137% of average
and North Island storage
increased to 120% of average
by 10 December 2024
Meridian’s November 2024
monthly total inflows were
119% of historical average
Waiau catchment inflows in
November 2024 were 89% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
November 2024 was 151% of
historical average
New Zealand Aluminium
Smelter’s average load during
November 2024 was 451MW
Meridian’s retail sales volumes
in November 2024 were +1.8%
higher than November 2023
Compared to November 2023,
segment sales increased in
residential +0.6%, agricultural
+11.4% and large business
+7.8%, with decreases in small
medium business -1.1% and
corporate -1.8%

Snow storage in Meridian’s
Waitaki catchment was 91%
of average in early December
Water storage in Meridian’s
Waiau catchment was 88% of
average at the end of
November 2024
November 2024 was dry and
warm for most of the
country, with temperatures
above average for both
islands. Rainfall was below
normal for the much of the
country, apart from the South
Island’s West Coast which
had above normal rainfall
National electricity demand
in November 2024 was -2.2%
lower than the same month
last year

Market data
1 6 D E C 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 N O V E M B E R 2 0 2 4 |3
▪National electricity demand in November
2024 was -2.2% lower than the same month
last year
▪New Zealand Aluminium Smelter’s average
load during November 2024 was 451MW
▪November 2024 was dry and warm for most
of the country, with temperatures above
average for both islands. Rainfall was below
normal for the much of the country, apart
from the South Island's West Coast which
had above normal rainfall
▪Demand in the last 12 months was +0.4%
higher than the preceding 12 months
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.9% at the
end of October 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.1% at the end of
October 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Oct 19Apr 20Oct 20Apr 21Oct 21Apr 22Oct 22Apr 23Oct 23Apr 24Oct 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 6 D E C 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 N O V E M B E R 2 0 2 4 |4
▪November 2024 saw decreases in the 2024
and 2025 ASX electricity futures prices
▪National storage decreased from 139% of
average on 11 November 2024 to 134% of
average on 10 December 2024
▪South Island storage decreased to 137% of
historical average by 10 December 2024.
North Island storage increased to 120% 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
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 December 2024)
Average storage (91yr)19922004
200820122019
202220232024
0
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
28 June 202431 July 202430 August 2024
30 September 202431 October 202429 November 2024
0
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
28 June 202431 July 202430 August 2024
30 September 202431 October 202429 November 2024

Wholesale
generation
revenue
Ancilliary
market
revenue
Other
generation
revenue
Spot
electricity
costsTotal
Week ending
10 Nov10.20.118.8-9.519.6
17 Nov10.30.119.3-9.620.1
24 Nov2.10.120.6-2.020.8
01 Dec6.50.123.8-6.723.7
Market data
1 6 D E C 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 N O V E M 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
19.6
20.1
20.8
23.7
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 6 D E C 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 N O V E M B E R 2 0 2 4 |6
▪Meridian’s customer connection numbers
increased +0.9% during November 2024
and have increased +2.5% since November
2023
▪Retail sales volumes in November 2024
were +1.8% higher than November 2023
▪Compared to November 2023, segment
sales increased in residential +0.6%,
agricultural +11.4% and large business
+7.8%, with decreases in small medium
business -1.1% and corporate -1.8%
▪To date this financial year, retail sales
volumes are -1.9% lower than the same
period last year
▪This reflects increased segment sales in
large business +8.4%, with decreases in
residential -0.7%, small medium business
-0.4%, agricultural -1.3% and corporate
-5.2%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
125
127
127
127
128
128
119
121
122
124
126
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
125
159
159
137
133
130
54
80
88
116
167
61
65
57
62
56
303
314
303
321
326
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 6 D E C 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 N O V E M B E R 2 0 2 4 |7
▪November 2024 monthly inflows were
119% of historical average
▪Waiau catchment inflows in November
2024 were 89% of historical average, 39%
higher than the same month last year
▪To date this financial year, inflows are
135.3% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,399GWh to
1,934GWh during November 2024
▪Waitaki water storage at the end of
November 2024 was 151% of historical
average and 57.5% higher than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 91% of average in early
December
▪Water storage in Meridian’s Waiau
catchment was 88% of average at the end
of November 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
7,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Nov 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 6 D E C 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 N O V E M B E R 2 0 2 4 |8
▪Meridian’s generation in November 2024
was +1.9% higher than the same month
last year, reflecting lower hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is 8.7% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in November 2024 was -77.0%
lower than the same month last year
▪The average price Meridian paid to supply
customers in November 2024 was -69.8%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 61.0% higher than the same period last
year and the average price paid to supply
customers is 76.2% 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
30
111
133
111
108
130
171
189
136
205
213
292
264
0
50
100
150
200
250
300
350
400
450
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY25FY24

Monthly operating information
1 6 D E C 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 N O V E M B E R 2 0 2 4 |9
Meridian operating information
See page 11 for footnotes
NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2024
2023
2024
2024
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
125


124


144


158


819


824


Small medium business sales volume (GWh)
130


132


133


137


720


723


Agricultural sales volume (GWh)
167


150


116


88


504


511


Large business sales volume (GWh)
56


52


62


57


301


278


Corporate and industrial sales volume (GWh)
326


332


321


303


1,567


1,652


Retail contracted sales volume (GWh)
805


790


776


743


3,910


3,988


Average retail contracted sales price
1
($NZ/MWh)
$135.2
$130.1
$136.9
$161.6
$151.7
$142.2
NZAS sales volume (GWh)
275


412


265


233


1,360


2,100


Financial contract sales volumes
2
(GWh)
210


250


192


206


1,125


1,551


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$70.9
$61.9
$76.6
$105.2
$103.5
$71.1
Retail customer supply volumes (GWh)
858


838


818


766


4,121


4,229


Cost to supply retail customers ($NZ/MWh)
$36.6
$143.3
$62.8
$93.0
$215.3
$133.1
Cost to supply wholesale customers ($NZ/MWh)
$23.3
$128.5
$49.3
$68.2
$217.3
$117.2
Cost of financial contracts ($NZ/MWh)
$33.8
$127.1
$63.5
$91.1
$229.8
$118.8
Demand response payments ($NZm)
-$13.2
$0.0
-$18.7
-$25.0
-$80.6
$0.0
Total New Zealand customer connections
4
379,348


370,087


376,126


373,670

Monthly operating information
1 6 D E C 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 N O V E M B E R 2 0 2 4 |10
Meridian operating information
See page 11 for footnotes
NOVEMBER
NOVEMBER
OCTOBER
SEPTEMBER
5 MONTHS TO
5 MONTHS TO
2024
2023
2024
2024
NOVEMBER
NOVEMBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
1,030


1,061


929


825


4,482


5,240


Wind generation volume (GWh)
164


111


179


187


851


601


Total generation volume (GWh)
1,194


1,172


1,107


1,012


5,334


5,842


Average generation price
5
($NZ/MWh)
$29.9
$130.4
$49.8
$63.8
$191.1
$119.2
New Zealand hedging
Hedging volume
6
(GWh)
277


404


403


432


2,015


2,402


Hedging cost average price ($NZ/MWh)
$134.2
$105.6
$196.2
$231.4
$197.1
$126.8
Hedging spot revenue average price ($NZ/MWh)
$34.7
$144.7
$61.2
$79.1
$212.7
$127.5
Future contract close outs ($NZm)
$0.4
-$0.9
$6.9
$2.3
-$17.1
$17.0

Monthly operating information
1 6 D E C 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 N O V E M 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
NOVEMBERNOVEMBEROCTOBERSEPTEMBER5 MONTHS TO5 MONTHS TO
2024202320242024NOVEMBERNOVEMBER
MONTHMONTHMONTHMONTH20242023
New Zealand costs
Employee and Operating Costs ($m)23 24 21 30 125 115
Stay in Business Capital Expenditure ($m)8 7 6 4 26 25
Investment Capital Expenditure ($m)8 54 12 11 54 120
Total Capital Expenditure ($m)16 61 18 15 80 145

FY25 operating information
121 6 D E C 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 N O V E M B E R 2 0 2 4 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
New Zealand contracted sales
Residential sales volume (GWh)201 191 158 144 125 550 -5
Small medium business sales volume (GWh)159 159 137 133 130 456 -1
Agricultural sales volume (GWh)54 80 88 116 167 221 -20
Large business sales volume (GWh)61 65 57 62 56 183 +9
Corporate and industrial sales volume (GWh)303 314 303 321 326 920 -69
Retail contracted sales volume (GWh)777 810 743 776 805 2,330 -87
Average retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$162.3+$12.7
NZAS sales volume (GWh)327 261 233 265 275 821 -441
Financial contract sales volumes (GWh)295 222 206 192 210 723 -357
Average wholesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$121.7+$43.9
Retail customer supply volumes (GWh)813 866 766 818 858 2,444 -117
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$329.0+$196.4
Cost to supply wholesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$336.4+$218.7
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$330.9+$211.4
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$48.7-$48.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 373,670 +8,217
New Zealand generation
Hydro generation volume (GWh)927 773 825 929 1,030 2,524 -682
Wind generation volume (GWh)129 192 187 179 164 509 +147
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 3,033 -535
Average generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$306.2+$187.2
New Zealand hedging
Hedging volume (GWh)451 451 432 403 277 1,334 -168
Hedging cost average price ($NZ/MWh)$174.5$226.1$231.4$196.2$134.2$210.4+$72.6
Hedging spot revenue average price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$295.5+$171.5
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4-$24.4-43.0
Meridian Group
Employee and Operating Costs ($NZ m)2625302123$80+11
Stay in Business Capital Expenditure ($NZ m)36468$13-0
Investment Capital Expenditure ($NZ m)13911128$33-17
Total Capital Expenditure ($NZ m)1615151816$46-18

FY24 operating information
131 6 D E C 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 N O V 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
141 6 D E C 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 N O V 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