Meridian Energy monthly operating report for January 2025

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 January 2025
14 February 2025
Attached is Meridian Energy Limited's monthly operating report for the month of January 2025.
Highlights this month include:
▪ In the month to 10 February 2025, national hydro storage decreased from 114% to 91% of
historical average
▪ South Island storage decreased to 88% of average and North Island storage decreased to
117% of average by 10 February 2025
▪ Meridian’s January 2025 monthly total inflows were 43% of historical average
▪ Waiau catchment inflows in January 2025 were 27% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of January 2025 was 104% of
historical average
▪ January 2025 was the 2nd driest January on record, 4th driest January in the Waiau, and
driest in the Waitaki
▪ Water storage in Meridian’s Waiau catchment was 47% of average at the end of January
2025
▪ January 2025 was cold and dry for many parts of the country, with temperatures below
average across most of the country. Rainfall varied across both islands, with below
normal rainfall across most of the South Island
▪ National electricity demand in January 2025 was -5.7% lower than the same month last
year
▪ New Zealand’s Aluminium Smelter’s average load during January 2025 was
513MW

▪ Meridian’s retail sales volumes in January 2025 were
-6.7%
lower than January 2024
▪ Compared to January 2024, segment sales increased in residential +3.2%, large business
+2.7% and corporate +4.9%, with decreases in small medium business -0.9% and
agricultural -36.7%


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
January 2025

January highlights
1 4 F E B R 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 J A N U A R Y 2 0 2 5 |2
In the month to 10 February
2025, national hydro storage
decreased from 114% to 91%
of historical average
South Island storage
decreased to 88% of average
and North Island storage
decreased to 117% of average
by 10 February 2025
Meridian’s January 2025
monthly total inflows were
43% of historical average
Waiau catchment inflows in
January 2025 were 27% of
historical average
Meridian’s Waitaki catchment
water storage at the end of
January 2025 was 104% of
historical average
National electricity demand in
January 2025 was -5.7% lower
than the same month last year
New Zealand’s Aluminium
Smelter’s average load during
January 2025 was 513MW
Meridian’s retail sales volumes
in January 2025 were -6.7%
lower than January 2024
Compared to January 2024,
segment sales increased in
residential +3.2%, large
business +2.7% and corporate
+4.9%, with decreases in small
medium business -0.9% and
agricultural -36.7%


January 2025 was the 2nd
driest January on record, 4th
driest January in the Waiau,
and driest in the Waitaki
Water storage in Meridian’s
Waiau catchment was 47% of
average at the end of January
2025
January 2025 was cold and
dry for many parts of the
country, with temperatures
below average across most of
the country. Rainfall varied
across both islands, with
below normal rainfall across
most of the South Island

Market data
1 4 F E B R 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 J A N U A R Y 2 0 2 5 |3
▪National electricity demand in January 2025
was -5.7% lower than the same month last
year
▪New Zealand’s Aluminium Smelter’s
average load during January 2025 was
513MW
▪January 2025 was cold and dry for many
parts of the country, with temperatures
below average across most of the country.
Rainfall varied across both islands, with
below normal rainfall across most of the
South Island
▪Demand in the last 12 months was -0.7%
lower than the preceding 12 months
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 5.7% at the
end of December 2024
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.0% at the end of
December 2024
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Dec 19Jun 20Dec 20Jun 21Dec 21Jun 22Dec 22Jun 23Dec 23Jun 24Dec 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 (2014-2024)202020212022202320242025

1 4 F E B R 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 J A N U A R Y 2 0 2 5 |4
▪January 2025 saw significant increases in
ASX electricity futures prices across the
quarters
▪National storage decreased from 114% of
average on 13 January 2025 to 91% of
average on 10 February 2025
▪South Island storage decreased to 88% of
historical average by 10 February 2025
and North Island storage decreased to
117% 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
50
100
150
200
250
300
350
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 September 202431 October 2024
29 November 202431 December 202431 January 2025
0
50
100
150
200
250
300
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 September 202431 October 2024
29 November 202431 December 202431 January 2025
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 February 2025)
Average storage (92yr)19922004
200820122022
202320242025

Meridian retail
1 4 F E B R 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 J A N U A R Y 2 0 2 5 |5
▪Meridian’s customer connection numbers
increased +1.0% during January 2025 and
have increased +3.8% since January 2024
▪Retail sales volumes in January 2025 were
-6.7% lower than January 2024
▪Compared to January 2024, segment sales
increased in residential +3.2%, large
business +2.7% and corporate +4.9%, with
decreases in small medium business -0.9%
and agricultural -36.7%
▪To date this financial year, retail sales
volumes are 2.0% lower than the same
period last year
▪This reflects increased segment sales in
large business +7.6%, with decreases in
residential -0.2%, small medium business
-0.3%, agriculture -8.0% and corporate
-2.8%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
125
126
126
127
127
127
128
128
129
129
119
121
122
124
126
128
132
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
122
159
159
137
133
130
129
128
54
80
88
116
167
196
133
61
65
57
62
56
56
56
303
314
303
321
326
336
348
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 4 F E B R 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 J A N U A R Y 2 0 2 5 |6
▪January 2025 monthly inflows were 43% of
historical average
▪Waiau catchment inflows in January 2025
were 27% of historical average, 79% lower
than the same month last year
▪To date this financial year, inflows are
111% of historical average
▪Meridian’s Waitaki catchment water
storage moved from 2,227GWh to
1,944GWh during January 2025
▪Waitaki water storage at the end of
January 2025 was 104% of historical
average and 11% higher than the same
time last year
▪Water storage in Meridian’s Waiau
catchment was 47% of average at the end
of January 2025
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
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sep1-Oct1-Nov1-Dec
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201920202021
2022202320242025
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Jan YTD92 year average

Meridian generation
1 4 F E B R 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 J A N U A R Y 2 0 2 5 |7
▪Meridian’s generation in January 2025 was
7.5% higher than the same month last
year, reflecting higher hydro generation
andhigher wind generation
▪To date this financial year, Meridian’s
generation is 3.4% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in January 2025 was 43.6%
lower than the same month last year
▪The average price Meridian paid to supply
customers in January 2025 was 37.3%
lower than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 11.1% higher than the same period last
year and the average price paid to supply
customers is 24.6% 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
30
20
106
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 4 F E B R 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 J A N U A R Y 2 0 2 5 |8
Meridian operating information
See page 10 for footnotes
JANUARY
JANUARY
DECEMBER
NOVEMBER
7 MONTHS TO
7 MONTHS TO
2025
2024
2024
2024
JANUARY
JANUARY
MONTH
MONTH
MONTH
MONTH
2025
2024
New Zealand contracted sales
Residential sales volume (GWh)
122


119


123


125


1,064


1,066


Small medium business sales volume (GWh)
128


129


129


130


976


979


Agricultural sales volume (GWh)
133


210


196


167


833


905


Large business sales volume (GWh)
56


54


56


56


413


384


Corporate and industrial sales volume (GWh)
348


331


336


326


2,250


2,315


Retail contracted sales volume (GWh)
787


843


839


805


5,536


5,649


Average retail contracted sales price
1
($NZ/MWh)
$143.2
$136.4
$132.3
$135.2
$147.6
$139.0
NZAS sales volume (GWh)
249


426


303


275


1,912


2,951


Financial contract sales volumes
2
(GWh)
396


275


212


210


1,733


2,038


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$86.6
$75.0
$65.0
$70.9
$95.1
$69.9
Retail customer supply volumes (GWh)
835


884


877


858


5,834


5,991


Cost to supply retail customers ($NZ/MWh)
$123.8
$201.4
$27.6
$36.6
$173.9
$150.9
Cost to supply wholesale customers ($NZ/MWh)
$117.1
$187.1
$19.2
$23.3
$172.9
$135.1
Cost of financial contracts ($NZ/MWh)
$111.8
$181.8
$25.8
$33.8
$177.9
$132.3
Demand response payments ($NZm)
-$7.3
$0.0
-$8.8
-$13.2
-$96.8
$0.0
Total New Zealand customer connections
4
386,645


372,604


382,708


379,348

Monthly operating information
1 4 F E B R 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 J A N U A R Y 2 0 2 5 |9
Meridian operating information
See page 10 for footnotes
JANUARY
JANUARY
DECEMBER
NOVEMBER
7 MONTHS TO
7 MONTHS TO
2025
2024
2024
2024
JANUARY
JANUARY
MONTH
MONTH
MONTH
MONTH
2025
2024
New Zealand generation
Hydro generation volume (GWh)
1,086


1,010


1,079


1,030


6,647


7,237


Wind generation volume (GWh)
113


106


174


164


1,139


826


Total generation volume (GWh)
1,199


1,116


1,253


1,194


7,786


8,063


Average generation price
5
($NZ/MWh)
$106.3
$188.6
$19.6
$29.9
$150.4
$135.8
New Zealand hedging
Hedging volume
6
(GWh)
416


504


331


277


2,762


3,364


Hedging cost average price ($NZ/MWh)
$150.7
$127.4
$125.3
$134.2
$181.5
$124.6
Hedging spot revenue average price ($NZ/MWh)
$124.8
$192.6
$35.9
$34.7
$178.3
$144.3
Future contract close outs ($NZm)
-$5.7
$2.1
$0.1
$0.4
-$22.6
$20.1

Monthly operating information
1 4 F E B R 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 J A N U A R Y 2 0 2 5 |10
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
JANUARYJANUARYDECEMBERNOVEMBER7 MONTHS TO7 MONTHS TO
2025202420242024JANUARYJANUARY
MONTHMONTHMONTHMONTH20252024
New Zealand costs
Employee and Operating Costs ($m)20 20 23 23 168 159
Stay in Business Capital Expenditure ($m)2 6 6 8 36 36
Investment Capital Expenditure ($m)5 12 18 8 74 145
Total Capital Expenditure ($m)7 18 24 16 110 181

FY25 operating information
111 4 F E B R 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 J A N U A R Y 2 0 2 5 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
New Zealand contracted sales
Residential sales volume (GWh)201 191 158 144 125 123 122 550 -5392 -1
Small medium business sales volume (GWh)159 159 137 133 130 129 128 456 -1393 -1
Agricultural sales volume (GWh)54 80 88 116 167 196 133 221 -20479 +25
Large business sales volume (GWh)61 65 57 62 56 56 56 183 +9174 +19
Corporate and industrial sales volume (GWh)303 314 303 321 326 336 348 920 -69983 -12
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 2,330 -872,419 +31
Average retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$162.3+$12.7$134.8+$5.7
NZAS sales volume (GWh)327 261 233 265 275 303 249 821 -441842 -421
Financial contract sales volumes (GWh)295 222 206 192 210 212 396 723 -357614 -70
Average wholesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$121.7+$43.9$70.6+$12.1
Retail customer supply volumes (GWh)813 866 766 818 858 877 835 2,444 -1172,554 +7
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$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$117.1$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$111.8$330.9+$211.4$40.3-$92.2
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$48.7-$48.7-$40.7-$40.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 373,670 +8,217382,708 +10,908
New Zealand generation
Hydro generation volume (GWh)927 773 825 929 1,030 1,079 1,086 2,524 -6823,037 +15
Wind generation volume (GWh)129 192 187 179 164 174 113 509 +147517 +159
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 3,033 -5353,554 +174
Average generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$306.2+$187.2$32.5-$103.8
New Zealand hedging
Hedging volume (GWh)451 451 432 403 277 331 416 1,334 -1681,011 -347
Hedging cost average price ($NZ/MWh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$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$124.8$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-$5.7-$24.4-43.0$7.4+8.0
Meridian Group
Employee and Operating Costs ($NZ m)26253021232320$80+$11$68-$3
Stay in Business Capital Expenditure ($NZ m)4647862$14+$0$21+$4
Investment Capital Expenditure ($NZ m)13911118185$32-$18$37-$46
Total Capital Expenditure ($NZ m)1615151816247$46-$18$57-$42

FY24 operating information
121 4 F E B R 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 J A N U A R Y 2 0 2 5 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202320232023202320232023202420242024202420242024FY24changeFY24changeFY24changeFY24change
New Zealand contracted sales
Residential sales volume (GWh)200 201 155 144 124 123 119 112 127 136 180 178 555 -9392 +2358 +14494 +27
Small medium business sales volume (GWh)154 161 141 134 132 127 129 130 134 127 154 144 457 +9393 -5393 +18425 +14
Agricultural sales volume (GWh)53 76 112 120 150 184 210 186 158 104 73 47 241 +27454 +29554 +135225 +34
Large business sales volume (GWh)60 61 54 51 52 51 54 53 54 51 60 59 175 +2155 +17161 +17170 +13
Corporate and industrial sales volume (GWh)334 337 318 331 332 332 331 326 338 317 325 288 989 +19995 +45995 +1930 -74
Retail contracted sales volume (GWh)800 836 781 781 790 818 843 806 811 735 793 717 2,417 +482,389 +882,461 +1862,244 +15
Average retail contracted sales price ($NZ/MWh)$149.2$151.2$148.2$131.5$130.1$125.9$136.4$135.9$139.5$155.7$161.3$157.2$149.6+$15.5$129.1+$6.4$137.3+$7.9$158.1+18
NZAS sales volume (GWh)426 426 411 426 412 426 426 398 421 412 426 394 1,262 +11,263 +11,245 +91,232 -18
Financial contract sales volumes (GWh)338 371 371 221 250 212 275 206 272 311 297 293 1,080 +433683 -101753 +76901 -88
Average wholesale & financial contracts sales price ($NZ/MWh)$78.6$78.4$76.4$56.2$61.9$57.5$75.0$68.8$74.1$91.7$89.7$87.9$77.8+$18.9$58.5+$3.0$72.8+$4.1$89.8+13
Retail customer supply volumes (GWh)845 892 825 829 838 879 884 851 850 778 847 733 2,561 +612,546 +822,584 +1882,359 +46
Cost to supply retail customers ($NZ/MWh)$128.6$144.9$123.3$124.3$143.3$186.1$201.4$155.1$213.8$230.0$312.3$284.0$132.6+$57.9$151.9+$101.1$190.2+$45.1$276.3+191
Cost to supply wholesale customers ($NZ/MWh)$109.2$132.9$110.7$105.1$128.5$171.4$187.1$136.4$202.5$212.8$286.4$269.6$117.7+$55.0$135.0+$97.2$176.1+$36.1$256.4+188
Cost of financial contracts ($NZ/MWh)$109.5$132.6$115.5$105.8$127.1$166.7$181.8$134.9$202.2$212.6$285.6$271.0$119.5+$41.4$132.5+$89.8$176.3+$48.0$255.7+179
Demand response payments ($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$0.0+0
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 373,161 369,980 369,667 365,453 -3,294371,800 +4,864373,332 +8,072369,667 +6,332
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 948 1,124 883 3,206 -943,022 -2522,943 +2502,955 -480
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 117 108 128 362 +31358 +49367 +76353 +82
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 1,064 1,232 1,011 3,567 -633,380 -2033,311 +3263,308 -397
Average generation price ($NZ/MWh)$110.8$133.0$111.4$107.8$130.4$170.8$188.6$136.4$205.0$212.0$291.8$262.6$119.0+$56.8$136.3+$95.7$176.9+$45.7$257.2+$187.5
New Zealand hedging
Hedging volume (GWh)505 539 458 496 404 458 504 438 504 470 490 516 1,502 +2971,358 +3041,446 +1701,476 +244
Hedging cost average price ($NZ/MWh)$142.4$132.3$139.1$110.9$105.6$110.1$127.4$131.9$139.1$145.0$151.2$147.7$137.8+$14.0$109.1+$8.2$132.9+$4.4$148.0+$12.6
Hedging spot revenue average price ($NZ/MWh)$115.7$134.3$121.2$123.7$144.7$179.4$192.6$156.1$207.6$219.9$293.9$258.2$124.1+$51.1$148.8+$102.7$186.8+$45.4$257.8+$174.5
Future contract close outs ($NZm)$14.0$3.2$1.4-$0.7-$0.9$1.0$2.1$0.0-$1.5-$1.6-$3.2-$2.2$18.6-13.7-$0.6-19.5$0.6$6.7-$6.9-$7.9
Meridian Group
Employee and Operating Costs ($NZ m)232422222424202422222330$69+9$71+9$66+$6$76+$8
Stay in Business Capital Expenditure ($NZ m)364475698578$13+3$16+5$23+$14$20+$5
Investment Capital Expenditure ($NZ m)16201516541312363521353$51+20$83-36$84-$6$59-$2
Total Capital Expenditure ($NZ m)192619206118184544264211$64+23$99-31$107+$8$79+$3

Glossary
131 4 F E B R 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 J A N U A R Y 2 0 2 5 |
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’s Aluminium Smelter 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