Meridian Energy monthly operating report for December 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 December 2024
16 January 2025
Attached is Meridian Energy Limited's monthly operating report for the month of December
2024.
Highlights this month include:
▪ In the month to 13 January 2025, national hydro storage decreased from 134% to 114% of
historical average
▪ South Island storage decreased to 112% of average and North Island storage increased to
126% of average by 13 January 2025
▪ Meridian’s December 2024 monthly total inflows were 97% of historical average
▪ Waiau catchment inflows in December 2024 were 96% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of December 2024 was 135% of
historical average
▪ Snow storage in Meridian’s Waitaki catchment was 62% of average in early January
▪ Water storage in Meridian’s Waiau catchment was 98% of average at the end of
December 2024
▪ December 2024 was the 5
th
warmest December on record, with temperatures above
average for both islands. Rainfall varied across both islands, with above normal rainfall in
the West Coast of the South Island
▪ National electricity demand in December 2024 was -3.2% lower than the same month last
year
▪ New Zealand Aluminium Smelter’s average load during December 2024 was
486MW

▪ Meridian’s retail sales volumes in December 2024 were
+2.6%
higher than December
2023
▪ Compared to December 2023, segment sales increased in small medium business +1.0%,
agricultural +6.5%, large business +8.4% and corporate +1.2%, with decreases in
residential -0.5%



Highlights this quarter include:
▪ Meridian’s Q2 total inflows were
114%
of historical average,
+36%
higher than Q2 last
year
▪ Meridian’s Waitaki catchment water storage at the end of Q2 was
+66%
higher than Q2
last year
▪ Compared to Q2 last year, Meridian’s generation was
+5.2%
higher at a
-76.2%

lower average price
▪ Near term electricity futures prices decreased during Q2
▪ Spring 2024 was warmer than average for much of the country. The southern South Island
recorded significant rainfall, while it was very dry in the east of the North Island
▪ NIWA’s summer 2024/25 outlook includes a La Niña watch. Average to above average

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

temperatures and rainfall are forecast across the country
▪ National electricity demand in Q2 was
-3.3%
lower than Q2 last year
▪ New Zealand Aluminum Smelter’s sales volumes in Q2 were lower than Q2 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 Q2, Meridian’s customer numbers were
+2.9%
higher than the same time
last year
▪ Compared to Q2 last year, Meridian’s retail sales volumes were
+1.3%
higher at a
+4.4%

higher average price
▪ Sales increased in agriculture and large business segments
▪ Compared to Q2 last year, total operating costs were
-4.4%
lower
▪ Compared to Q2 last year, total capital expenditure was
-42.1%
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
December 2024

December highlights
1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |2
In the month to 13 January
2025, national hydro storage
decreased from 134% to
114% of historical average
South Island storage
decreased to 112% of average
and North Island storage
increased to 126% of average
by 13 January 2025
Meridian’s December 2024
monthly total inflows were
97% of historical average
Waiau catchment inflows in
December 2024 were 96% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
December 2024 was 135% of
historical average
New Zealand Aluminium
Smelter’s average load during
December 2024 was 486MW
Meridian’s retail sales volumes
in December 2024 were +2.6%
higher than December 2023
Compared to December 2023,
segment sales increased in
small medium business +1.0%,
agricultural +6.5%, large
business +8.4% and corporate
+1.2%, with decreases in
residential -0.5%

Snow storage in Meridian’s
Waitaki catchment was 62%
of average in early January
2025
Water storage in Meridian’s
Waiau catchment was 98% of
average at the end of
December 2024
December 2024 was the 5
th

warmest December on
record, with temperatures
above average for both
islands. Rainfall varied across
both islands, with above
normal rainfall in the West
Coast of the South Island
National electricity demand
in December 2024 was -3.2%
lower than the same month
last year

Q2 highlights
Meridian’s Q2 total
inflowswere114%of
historicalaverage,+36%
higher than Q2last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ2 was +66%
higher than Q2 lastyear
Compared to Q2 last
year,Meridian’s generation
was+5.2%higher at a -76.2%
loweraverage price
Near term electricity futures
prices​ decreased during Q2
Spring 2024 was warmer than
average for much of the
country. The southern South
Island recorded significant
rainfall, while it was very dry
in the east of the North Island
At the end of Q2, Meridian’s
customer numbers were +2.9%
higher than the same time last
year
Compared to Q2 last year,
Meridian’s retail sales volumes
were +1.3% higher at a+4.4%
higher average price
Sales increased in agriculture
and large business segments
Compared to Q2 last year, total
operating costs were -4.4%
lower
Compared to Q2 last year, total
capital expenditure was -42.1%
lower
NIWA’s summer 2024/25
outlook includes a La Niña
watch. Average to above
average temperatures and
rainfall are forecast across
the country
National electricity demand
in Q2 was -3.3% lower than
Q2 last year
New Zealand Aluminum
Smelter’s sales volumes in Q2
were lower than Q2 last year
During the quarter, Meridian
made calls on volume under
the largest option of the
Demand Response
Agreement with NZAS
1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |3

Market data
1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |4
▪National electricity demand in December
2024 was -3.2% lower than the same month
last year
▪New Zealand Aluminium Smelter’s average
load during December 2024 was 486MW
▪December 2024 was the 5
th
warmest
December on record, with temperatures
above average for both islands. Rainfall
varied across both islands, with above
normal rainfall in the West Coast of the
South Island
▪Demand in the last 12 months was the
same level as the preceding 12 months
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.8% at the
end of November 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.1% at the end of
November 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2014-2023)201920202021202220232024
5%
7%
9%
11%
13%
15%
Nov 19May 20Nov 20May 21Nov 21May 22Nov 22May 23Nov 23May 24Nov 24
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchIndustry Trader Switch

1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |5
▪December 2024 saw little movement in
ASX electricity futures prices
▪National storage decreased from 134% of
average on 10 December 2024 to 114% of
average on 13 January 2025
▪South Island storage decreased to 112% of
historical average by 13 January 2025.
North Island storage increased to 126% 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 (13 January 2025)
Average storage (92yr)19922004
200820122022
202320242025
0
50
100
150
200
250
300
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 202430 August 202430 September 2024
31 October 202429 November 202431 December 2024
0
50
100
150
200
250
300
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 202430 August 202430 September 2024
31 October 202429 November 202431 December 2024

Wholesale
generation
revenue
Ancilliary
market
revenue
Other
generation
revenue
Spot
electricity
costsTotal
Week ending
17 Nov10.30.119.3-9.620.1
24 Nov2.10.120.6-2.020.8
01 Dec6.50.123.8-6.723.7
08 Dec10.60.123.9-10.024.6
Market data
1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |6
▪Since July 2024 the Electricity Authority
has been 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
24.6
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
08
Dec
$M
week ending
MERIDIAN ELECTRICITY AUTHORITY REPORTED MARGIN

Meridian retail
1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |7
▪Meridian’s customer connection numbers
increased +0.9% during December 2024
and have increased +2.9% since December
2023
▪Retail sales volumes in December 2024
were +2.6% higher than December 2023
▪Compared to December 2023, segment
sales increased in small medium business
+1.0%, agricultural +6.5%, large business
+8.4% and corporate +1.2%, with
decreases in residential -0.5%
▪To date this financial year, retail sales
volumes are -1.2% lower than the same
period last year
▪This reflects increased segment sales in
agriculture +0.7 and large business +8.4%,
with decreases in residential -0.6%, small
medium business -0.2% and corporate
-4.1%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
125
126
127
127
127
128
128
129
119
121
122
124
126
128
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
123
159
159
137
133
130
129
54
80
88
116
167
196
61
65
57
62
56
56
303
314
303
321
326
336
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 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |8
▪December 2024 monthly inflows were 97%
of historical average
▪Waiau catchment inflows in December
2024 were 96% of historical average, 15%
higher than the same month last year
▪To date this financial year, inflows are
126% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,934GWh to
2,227GWh during December 2024
▪Waitaki water storage at the end of
December 2024 was 135% of historical
average and 66% higher than the same
time last year
▪Snow storage in Meridian’s Waitaki
catchment was 62% of average in early
January
▪Water storage in Meridian’s Waiau
catchment was 98% of average at the end
of December 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
8,000
9,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Dec YTD92 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 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |9
▪Meridian’s generation in December 2024
was +13.3% higher than the same month
last year, reflecting higher hydro
generation andhigher wind generation
▪To date this financial year, Meridian’s
generation is 5.2% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in December 2024 was -88.5%
lower than the same month last year
▪The average price Meridian paid to supply
customers in December 2024 was -82.9%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 24.9% higher than the same period last
year and the average price paid to supply
customers is 40.3% 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
20
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 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |10
Meridian operating information
See page 12 for footnotes
DECEMBER
DECEMBER
NOVEMBER
OCTOBER
6 MONTHS TO
6 MONTHS TO
2024
2023
2024
2024
DECEMBER
DECEMBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand contracted sales
Residential sales volume (GWh)
123


123


125


144


941


947


Small medium business sales volume (GWh)
129


127


130


133


848


850


Agricultural sales volume (GWh)
196


184


167


116


700


695


Large business sales volume (GWh)
56


51


56


62


357


330


Corporate and industrial sales volume (GWh)
336


332


326


321


1,902


1,984


Retail contracted sales volume (GWh)
839


818


805


776


4,749


4,806


Average retail contracted sales price
1
($NZ/MWh)
$132.3
$125.9
$135.2
$136.9
$148.3
$139.4
NZAS sales volume (GWh)
303


426


275


265


1,663


2,525


Financial contract sales volumes
2
(GWh)
212


212


210


192


1,337


1,763


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$65.0
$57.5
$70.9
$76.6
$96.9
$69.1
Retail customer supply volumes (GWh)
877


879


858


818


4,998


5,108


Cost to supply retail customers ($NZ/MWh)
$27.6
$186.1
$36.6
$62.8
$182.3
$142.2
Cost to supply wholesale customers ($NZ/MWh)
$19.2
$171.4
$23.3
$49.3
$181.2
$126.3
Cost of financial contracts ($NZ/MWh)
$25.8
$166.7
$33.8
$63.5
$197.5
$124.5
Demand response payments ($NZm)
-$8.8
$0.0
-$13.2
-$18.7
-$89.5
$0.0
Total New Zealand customer connections
4
382,708


371,800


379,348


376,126

Monthly operating information
1 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |11
Meridian operating information
See page 12 for footnotes
DECEMBER
DECEMBER
NOVEMBER
OCTOBER
6 MONTHS TO
6 MONTHS TO
2024
2023
2024
2024
DECEMBER
DECEMBER
MONTH
MONTH
MONTH
MONTH
2024
2023
New Zealand generation
Hydro generation volume (GWh)
1,079


987


1,030


929


5,561


6,227


Wind generation volume (GWh)
174


119


164


179


1,026


720


Total generation volume (GWh)
1,253


1,106


1,194


1,107


6,587


6,948


Average generation price
5
($NZ/MWh)
$19.6
$170.8
$29.9
$49.8
$158.4
$127.4
New Zealand hedging
Hedging volume
6
(GWh)
331


458


277


403


2,346


2,860


Hedging cost average price ($NZ/MWh)
$125.3
$110.1
$134.2
$196.2
$186.9
$124.1
Hedging spot revenue average price ($NZ/MWh)
$35.9
$179.4
$34.7
$61.2
$187.8
$135.8
Future contract close outs ($NZm)
$0.1
$1.0
$0.4
$6.9
-$16.9
$18.0

Monthly operating information
1 6 J A N U A R Y 2 0 2 5 | 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 D E C 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
DECEMBERDECEMBERNOVEMBEROCTOBER6 MONTHS TO6 MONTHS TO
2024202320242024DECEMBERDECEMBER
MONTHMONTHMONTHMONTH20242023
New Zealand costs
Employee and Operating Costs ($m)23 24 23 21 148 140
Stay in Business Capital Expenditure ($m)6 5 8 6 32 30
Investment Capital Expenditure ($m)18 64 8 12 72 184
Total Capital Expenditure ($m)24 69 16 18 104 214

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


144


125


123


550


-5
392


-1
Small medium business sales volume (GWh)
159


159


137


133


130


129


456


-1
393


-1
Agricultural sales volume (GWh)
54


80


88


116


167


196


221


-20
479


+25
Large business sales volume (GWh)
61


65


57


62


56


56


183


+9
174


+19
Corporate and industrial sales volume (GWh)
303


314


303


321


326


336


920


-69
983


-12
Retail contracted sales volume (GWh)
777


810


743


776


805


839


2,330


-87
2,419


+31
Average retail contracted sales price ($NZ/MWh)
$162.4
$162.9
$161.6
$136.9
$135.2
$132.3
$162.3
+$12.7
$134.8
+$5.7
NZAS sales volume (GWh)
327


261


233


265


275


303


821


-441
842


-421
Financial contract sales volumes (GWh)
295


222


206


192


210


212


723


-357
614


-70
Average wholesale & financial contracts sales price ($NZ/MWh)
$128.9
$127.5
$105.2
$76.6
$70.9
$65.0
$121.7
+$43.9
$70.6
+$12.1
Retail customer supply volumes (GWh)
813


866


766


818


858


877


2,444


-117
2,554


+7
Cost to supply retail customers ($NZ/MWh)
$382.7
$487.4
$93.0
$62.8
$36.6
$27.6
$329.0
+$196.4
$41.9
-$110.0
Cost to supply wholesale customers ($NZ/MWh)
$388.9
$509.9
$68.2
$49.3
$23.3
$19.2
$336.4
+$218.7
$30.0
-$105.0
Cost of financial contracts ($NZ/MWh)
$375.3
$494.8
$91.1
$63.5
$33.8
$25.8
$330.9
+$211.4
$40.3
-$92.2
Demand response payments ($NZm)
-$4.7
-$19.1
-$25.0
-$18.7
-$13.2
-$8.8
-$48.7
-$48.7
-$40.7
-$40.7
Total New Zealand customer connections
369,376


371,479


373,670


376,126


379,348


382,708


373,670


+8,217
382,708


+10,908
New Zealand generation
Hydro generation volume (GWh)
927


773


825


929


1,030


1,079


2,524


-682
3,037


+15
Wind generation volume (GWh)
129


192


187


179


164


174


509


+147
517


+159
Total generation volume (GWh)
1,056


965


1,012


1,107


1,194


1,253


3,033


-535
3,554


+174
Average generation price ($NZ/MWh)
$376.2
$483.8
$63.8
$49.8
$29.9
$19.6
$306.2
+$187.2
$32.5
-$103.8
New Zealand hedging
Hedging volume (GWh)
451


451


432


403


277


331


1,334


-168
1,011


-347
Hedging cost average price ($NZ/MWh)
$174.5
$226.1
$231.4
$196.2
$134.2
$125.3
$210.4
+$72.6
$156.0
+$46.9
Hedging spot revenue average price ($NZ/MWh)
$346.6
$451.9
$79.1
$61.2
$34.7
$35.9
$295.5
+$171.5
$45.6
-$103.1
Future contract close outs ($NZm)
-$13.0
-$13.7
$2.3
$6.9
$0.4
$0.1
-$24.4
-43.0
$7.4
+8.0
Meridian Group
Employee and Operating Costs ($NZ m)
26
25
30
21
23
23
$80
+$11
$68
-$3
Stay in Business Capital Expenditure ($NZ m)
3
6
4
6
8
6
$13
-$0
$19
+$3
Investment Capital Expenditure ($NZ m)
13
9
11
12
8
18
$33
-$17
$38
-$45
Total Capital Expenditure ($NZ m)
16
15
15
18
16
24
$46
-$18
$57
-$42
FY25 operating information
131 6 J A N U A R Y 2 0 2 5 | 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 D E C E M B E R 2 0 2 4 |
Meridian operating information

FY24 operating information
141 6 J A N U A R Y 2 0 2 5 | 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 D E C 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 6 J A N U A R Y 2 0 2 5 | 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 D E C 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