Meridian Energy monthly operating report for February 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 February 2025
17 March 2025
Attached is Meridian Energy Limited's monthly operating report for the month of February
2025.
Key points this month:
▪ In the month to 10 March 2025, national hydro storage decreased from 91% to 76% of
historical average
▪ South Island storage decreased to 72% of average and North Island storage decreased to
103% of average by 10 March 2025
▪ Meridian’s February 2025 monthly total inflows were 42% of historical average
▪ Total inflows for the first two months of 2025 are the lowest recorded start to a calendar
year since records began
▪ Waiau catchment inflows in February 2025 were 31% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of February 2025 was 81% of
historical average
▪ Water storage in Meridian’s Waiau catchment was 35% of average at the end of February
2025
▪ February 2025 was warm and dry for most regions, with temperatures above average
across most of the country. Rainfall was below normal or well below normal in almost all
regions of the country
▪ National electricity demand in February 2025 was
5.2%
lower than the same month last
year
▪ New Zealand’s Aluminium Smelter’s average load during February 2025 was
545MW

▪ Meridian’s retail sales volumes in February 2025 were
1.9%
lower than February 2024
▪ Compared to February 2024, segment sales in residential were 0.5% lower, small medium
business 2.5% lower, large business 0.6% lower, agricultural 10.1% lower and corporate
2.2% higher

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
February 2025

February key points
1 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |2
In the month to 10 March
2025, national hydro storage
decreased from 91% to 76%
of historical average
South Island storage
decreased to 72% of average
and North Island storage
decreased to 103% of average
by 10 March 2025
Meridian’s February 2025
monthly total inflows were
42% of historical average
Total inflows for the first two
months of 2025 are the
lowest recorded start to a
calendar year since records
began
Waiau catchment inflows in
February 2025 were 31% of
historical average
National electricity demand in
February 2025 was 5.2% lower
than the same month last year
New Zealand’s Aluminium
Smelter’s average load during
February 2025 was 545MW
Meridian’s retail sales volumes
in February 2025 were 1.9%
lower than February 2024
Compared to February 2024,
segment sales in residential
were 0.5% lower, small
medium business 2.5% lower,
large business 0.6% lower,
agricultural 10.1% lower and
corporate 2.2% higher

Meridian’s Waitaki catchment
water storage at the end of
February 2025 was 81% of
historical average
Water storage in Meridian’s
Waiau catchment was 35% of
average at the end of
February 2025
February 2025 was warm and
dry for most regions, with
temperatures above average
across most of the country.
Rainfall was below normal or
well below normal in almost
all regions of the country

Market data
1 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |3
▪National electricity demand in February
2025 was 5.2% lower than the same month
last year
▪New Zealand’s Aluminium Smelter’s
average load during February 2025 was
545MW
▪February 2025 was warm and dry for most
regions, with temperatures above average
across most of the country. Rainfall was
below normal or well below normal in
almost all regions of the country
▪Demand in the last 12 months was 1.6%
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 January 2025
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.1% at the end of
January 2025
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Jan 20Jul 20Jan 21Jul 21Jan 22Jul 22Jan 23Jul 23Jan 24Jul 24Jan 25
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 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |4
▪February 2025 saw significant increases in
the shorter term ASX electricity futures
prices
▪National storage decreased from 91% of
average on 10 February 2025 to 76% of
average on 10 March 2025
▪South Island storage decreased to 72% of
historical average by 10 March 2025 and
North Island storage decreased to 103% of
average
Source: ASXSource: ASX
Source: NZX
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
400
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 October 202429 November 2024
31 December 202431 January 202528 February 2025
0
50
100
150
200
250
300
350
400
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 October 202429 November 2024
31 December 202431 January 202528 February 2025
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (10 March 2025)
Average storage (92yr)19922004
200820122022
202320242025
Market data

Meridian retail
1 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |5
▪Meridian’s customer connection numbers
increased 0.9% during February 2025 and
have increased 5.7% since June 2024
▪Retail sales volumes in February 2025 were
1.9% lower than February 2024
▪Compared to February 2024, segment
sales in residential were 0.5% lower, small
medium business 2.5% lower, large
business 0.6% lower, agricultural 10.1%
lower and corporate 2.2% higher
▪To date this financial year, retail sales
volumes are 2.0% lower than the same
period last year
▪Compared to last financial year, segment
sales in residential are 0.2% lower, small
medium business 0.6% lower, large
business 6.6% higher, agricultural 8.3%
lower and corporate 2.2% lower
*excludes volumes sold to New Zealand’s Aluminium Smelters Limited and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
201
191
158
144
125
123
122
111
159
159
137
133
130
129
128
127
54
80
88
116
167
196
133
167
61
65
57
62
56
56
56
52
303
314
303
321
326
336
348
333
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
123
124
124
125
125
126
126
127
127
127
127
128
128
129
129
130
119
121
122
124
126
128
132
134
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

Meridian inflows and storage
1 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |6
▪February 2025 monthly total inflows were
42% of historical average
▪Waiau catchment inflows in February 2025
were 31% of historical average, 79% lower
than the same month last year
▪To date this financial year, total inflows are
102% of historical average
▪Total inflows for the first two months of
2025 are the lowest recorded start to a
calendar year since records began
▪Waitaki catchment water storage moved
from 1,944GWh to 1,546GWh during
February 2025
▪Waitaki water storage at the end of
February 2025 was 81% of historical
average and 5% lower than the same time
last year
▪Water storage in Meridian’s Waiau
catchment was 35% of average at the end
of February 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
2,000
4,000
6,000
8,000
10,000
12,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Feb 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 1979-201920202021
2022202320242025

Meridian generation
1 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |7
▪Meridian’s generation in February 2025
was 5.9% lower than the same month last
year, reflecting lower hydro generation
andlower wind generation
▪To date this financial year, Meridian’s
generation is 3.7% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
▪The average price Meridian received for its
generation in February 2025 was 85.5%
higher than the same month last year
▪The average price Meridian paid to supply
customers in February 2025 was 77.7%
higher than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 19.8% higher than the same period last
year and the average price paid to supply
customers is 29.1% 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
253
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 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |8
Meridian operating information
See page 10 for footnotes
FEBRUARY
FEBRUARY
JANUARY
DECEMBER
8 MONTHS TO
8 MONTHS TO
2025
2024
2025
2024
FEBRUARY
FEBRUARY
MONTH
MONTH
MONTH
MONTH
2025
2024
New Zealand contracted sales
Residential sales volume (GWh)
111


112


122


123


1,175


1,178


Small medium business sales volume (GWh)
127


130


128


129


1,103


1,109


Agricultural sales volume (GWh)
167


186


133


196


1,000


1,091


Large business sales volume (GWh)
52


53


56


56


465


436


Corporate and industrial sales volume (GWh)
333


326


348


336


2,583


2,641


Retail contracted sales volume (GWh)
791


806


787


839


6,327


6,455


Average retail contracted sales price
1
($NZ/MWh)
$141.5
$135.9
$143.2
$132.3
$146.8
$138.6
NZAS sales volume (GWh)
239


398


249


303


2,151


3,349


Financial contract sales volumes
2
(GWh)
318


206


396


212


2,051


2,244


Average wholesale & financial contracts sales price
3
($NZ/MWh)
$94.3
$68.8
$86.6
$65.0
$95.0
$69.8
Retail customer supply volumes (GWh)
834


851


835


877


6,668


6,842


Cost to supply retail customers ($NZ/MWh)
$269.8
$155.1
$123.8
$27.6
$185.9
$151.5
Cost to supply wholesale customers ($NZ/MWh)
$269.1
$136.4
$117.1
$19.2
$183.6
$135.3
Cost of financial contracts ($NZ/MWh)
$233.2
$134.9
$111.8
$25.8
$186.5
$132.5
Demand response payments ($NZm)
-$5.0
$0.0
-$7.3
-$8.8
-$101.7
$0.0
Total New Zealand customer connections
4
390,314


373,536


386,645


382,708

Monthly operating information
1 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |9
Meridian operating information
See page 10 for footnotes
FEBRUARY
FEBRUARY
JANUARY
DECEMBER
8 MONTHS TO
8 MONTHS TO
2025
2024
2025
2024
FEBRUARY
FEBRUARY
MONTH
MONTH
MONTH
MONTH
2025
2024
New Zealand generation
Hydro generation volume (GWh)
940


962


1,086


1,079


7,586


8,199


Wind generation volume (GWh)
85


127


113


174


1,224


953


Total generation volume (GWh)
1,025


1,089


1,199


1,253


8,811


9,152


Average generation price
5
($NZ/MWh)
$253.1
$136.4
$106.3
$19.6
$162.4
$135.9
New Zealand hedging
Hedging volume
6
(GWh)
433


438


416


331


3,195


3,802


Hedging cost average price ($NZ/MWh)
$162.1
$131.9
$150.7
$125.3
$178.9
$125.5
Hedging spot revenue average price ($NZ/MWh)
$245.7
$156.1
$124.8
$35.9
$187.4
$145.7
Future contract close outs ($NZm)
-$5.9
$0.0
-$5.7
$0.1
-$28.5
$20.1

Monthly operating information
1 7 M A R C H 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 F E B R 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
FEBRUARYFEBRUARYJANUARYDECEMBER8 MONTHS TO8 MONTHS TO
2025202420252024FEBRUARYFEBRUARY
MONTHMONTHMONTHMONTH20252024
New Zealand costs
Employee and Operating Costs ($m)21 24 20 23 189 184
Stay in Business Capital Expenditure ($m)4 9 2 6 40 45
Investment Capital Expenditure ($m)4 36 5 18 78 181
Total Capital Expenditure ($m)8 45 7 24 118 226

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


122


111


550


-5
392


-1
Small medium business sales volume (GWh)
159


159


137


133


130


129


128


127


456


-1
393


-1
Agricultural sales volume (GWh)
54


80


88


116


167


196


133


167


221


-20
479


+25
Large business sales volume (GWh)
61


65


57


62


56


56


56


52


183


+9
174


+19
Corporate and industrial sales volume (GWh)
303


314


303


321


326


336


348


333


920


-69
983


-12
Retail contracted sales volume (GWh)
777


810


743


776


805


839


787


791


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
$143.2
$141.5
$162.3
+$12.7
$134.8
+$5.7
NZAS sales volume (GWh)
327


261


233


265


275


303


249


239


821


-441
842


-421
Financial contract sales volumes (GWh)
295


222


206


192


210


212


396


318


723


-357
614


-70
Average wholesale & financial contracts sales price ($NZ/MWh)
$128.9
$127.5
$105.2
$76.6
$70.9
$65.0
$86.6
$94.3
$121.7
+$43.9
$70.6
+$12.1
Retail customer supply volumes (GWh)
813


866


766


818


858


877


835


834


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
$123.8
$269.8
$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
$269.1
$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
$233.2
$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
-$5.0
-$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


386,645


390,314


373,670


+8,217
382,708


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


773


825


929


1,030


1,079


1,086


940


2,524


-682
3,037


+15
Wind generation volume (GWh)
129


192


187


179


164


174


113


85


509


+147
517


+159
Total generation volume (GWh)
1,056


965


1,012


1,107


1,194


1,253


1,199


1,025


3,033


-535
3,554


+174
Average generation price ($NZ/MWh)
$376.2
$483.8
$63.8
$49.8
$29.9
$19.6
$106.3
$253.1
$306.2
+$187.2
$32.5
-$103.8
New Zealand hedging
Hedging volume (GWh)
451


451


432


403


277


331


416


433


1,334


-168
1,011


-347
Hedging cost average price ($NZ/MWh)
$174.5
$226.1
$231.4
$196.2
$134.2
$125.3
$150.7
$162.1
$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
$245.7
$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
-$5.9
-$24.4
-43.0
$7.4
+8.0
Meridian Group
Employee and Operating Costs ($NZ m)
26
25
30
21
23
23
20
21
$80
+$11
$68
-$3
Stay in Business Capital Expenditure ($NZ m)
4
6
4
7
8
6
2
4
$14
+$0
$21
+$4
Investment Capital Expenditure ($NZ m)
13
9
11
11
8
18
5
4
$32
-$18
$37
-$46
Total Capital Expenditure ($NZ m)
16
15
15
18
16
24
7
8
$46
-$18
$57
-$42
FY25 operating information
111 7 M A R C H 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 F E B R U A R Y 2 0 2 5 |
Meridian operating information

FY24 operating information
121 7 M A R C H 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 F E B R 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 7 M A R C H 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 F E B R 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