Meridian Energy monthly operating report for March 2025

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011

meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for March 2025
16 April 2025
Attached is Meridian Energy Limited's monthly operating report for the month of March 2025.
Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly
operating result call via a Microsoft Teams Live event today, Wednesday 16 April at 4.00pm
NZST (2.00pm AEST).

Click on the link below at this time to join the call.

Meridian Energy Quarterly Operating results - Microsoft Teams Live Event
Please submit any questions using the Q&A panel on the right-hand side of the call window. If
the Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech bubble'.

Key points this month include:
 In the month to 14 April 2025, national hydro storage increased from 76% to 77% of
historical average
 South Island storage increased to 76% of average and North Island storage decreased to
84% of average by 14 April 2025
 Meridian’s March 2025 monthly total inflows were 60% of historical average
 Waiau catchment inflows in March 2025 were 62% of historical average
 Meridian’s Waitaki catchment water storage at the end of March 2025 was 71% of
historical average
 Water storage in Meridian’s Waiau catchment was 56% of average at the end of March
2025
 March 2025 was dry for most and warm for the South Island, with temperatures above or
well above average. Rainfall was below normal or well below normal across much of the
North Island and all but the eastern part of the South Island
 National electricity demand in March 2025 was
2.8%
lower than the same month last year
 New Zealand’s Aluminium Smelter’s average load during March 2025 was
524MW

 Meridian’s retail sales volumes in March 2025 were
3.1%
lower than March 2024
 Compared to March 2024, segment sales in residential were 0.3% higher, small medium
business 3.4% higher, large business 7.9% higher, agriculture 40.8% lower and corporate
8.8% higher

meridianenergy.co.nz
PG 2

Key points this quarter include:
 Meridian’s Q3 inflows were a record Q3 low across 92 years of historical inflows
 Q3 total inflows were
48%
of historical average,
50%
lower than Q3 last year
 Meridian’s Waitaki catchment water storage at the end of Q3 was
9%
lower than Q3
last year
 Compared to Q3 last year, Meridian’s generation was
4.9%
lower at a
19.6%
higher average price
 Electricity futures prices increased during Q3
 Summer 2025 was mild and dry, with numerous regions recording record or near record
low rainfall. In contrast, rainfall was abundant in some eastern parts of the country
 NIWA’s autumn 2025 outlook suggests rainfall to be near normal or below normal for the
west of both islands, near normal or above for the east and normal for the top of both
islands
 National electricity demand in Q3 was
4.5%
lower than Q3 last year
 New Zealand’s Aluminium Smelter’s sales volumes in Q3 were lower than Q3 last year
 During the quarter, Meridian made calls on volume under an agreed 50MW smelter
demand response reduction
 At the end of Q3, Meridian’s customer numbers were
5.8%
higher than the same time last
year
 Compared to Q3 last year, Meridian’s retail sales volumes were
4.0%
lower at a
5.5%

higher average price
 Sales increased in all segments except agriculture
 Compared to Q3 last year, total operating costs were
1.0%
lower
 Compared to Q3 last year, total capital expenditure was
77.6%
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
March 2025

March key points
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |2
In the month to 14 April 2025,
national hydro storage
increased from 76% to 77% of
historical average
South Island storage
increased to 76% of average
and North Island storage
decreased to 84% of average
by 14 April 2025
Meridian’s March 2025
monthly total inflows were
60% of historical average
Waiau catchment inflows in
March 2025 were 62% of
historical average
National electricity demand in
March 2025 was 2.8% lower
than the same month last year
New Zealand’s Aluminium
Smelter’s average load during
March 2025 was 524MW
Meridian’s retail sales volumes
in March 2025 were 3.1%
lower than March 2024
Compared to March 2024,
segment sales in residential
were 0.3% higher, small
medium business 3.4% higher,
large business 7.9% higher,
agriculture 40.8% lower and
corporate 8.8% higher

Meridian’s Waitaki catchment
water storage at the end of
March 2025 was 71% of
historical average
Water storage in Meridian’s
Waiau catchment was 56% of
average at the end of March
2025
March 2025 was dry for most
and warm for the South
Island, with temperatures
above or well above average.
Rainfall was below normal or
well below normal across
much of the North Island and
all but the eastern part of the
South Island

Q3 key points
Meridian’s Q3 inflowswere a
record Q3 low across 92 years
of historical inflows
Q3 total inflows were 48%of
historicalaverage,50% lower
than Q3last year
Meridian’s Waitaki
catchmentwater storage at
the end ofQ3 was 9% lower
than Q3 lastyear
Compared to Q3 last
y e a r,Meridian’s generation
was4.9%lower at a 19.6%
higheraverage price
Electricity futures prices
increased during Q3
During the quarter, Meridian
made calls on volume under an
agreed 50MW smelter demand
response reduction
At the end of Q3, Meridian’s
customer numbers were 5.8%
higher than the same time last
year
Compared to Q3 last year,
Meridian’s retail sales volumes
were 4.0% lower at a5.5%
higher average price​
Sales increased in all segments
except agriculture
Compared to Q3 last year, total
operating costs were 1.0%
lower
Compared to Q3 last year, total
capital expenditure was 77.6%
lower
Summer 2025 was mild and
dry, with numerous regions
recording record or near
record low rainfall. In
contrast, rainfall was
abundant in some eastern
parts of the country
NIWA’s autumn 2025 outlook
suggests rainfall to be near
normal or below normal for
the west of both islands, near
normal or above for the east
and normal for the top of
both islands
National electricity demand
in Q3 was 4.5% lower than
Q3 last year
New Zealand’s Aluminium
Smelter’s sales volumes in Q3
were lower than Q3 last year
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |3

Market data
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |4
National electricity demand in March 2025
was 2.8% lower than the same month last
year
New Zealand’s Aluminium Smelter’s
average load during March 2025 was
524MW
March 2025 was dry for most and warm for
the South Island, with temperatures above
or well above average. Rainfall was below
normal or well below normal across much
of the North Island and all but the eastern
part of the South Island
Demand in the last 12 months was 2.1%
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 February 2025
12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.2% at the end of
February 2025
Source: Electricity Authority (reconciled demand)
Source: Electricity Authority
5%
7%
9%
11%
13%
15%
Feb 20Aug 20Feb 21Aug 21Feb 22Aug 22Feb 23Aug 23Feb 24Aug 24Feb 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

16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |5
The first half of April 2025 has seen
in creases in ASX electricity futures prices
National storage increased from 76% of
average on 10 March 2025 to 77% of
average on 14 April 2025
South Island storage increased to 76% of
historical average by 14 April 2025 and
North Island storage decreased to 84% 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
Market data
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (14 April 2025)
Average storage (92yr)19922004
200820122022
202320242025
0
50
100
150
200
250
300
350
400
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 December 202431 January 2025
28 February 202531 March 202511 April 2025
0
50
100
150
200
250
300
350
400
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 December 202431 January 2025
28 February 202531 March 202511 April 2025

Meridian retail
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |6
Meridian’s customer connection numbers
increased 1.2% during March 2025 and
have increased 7.0% since June 2024
Retail sales volumes in March 2025 were
3.1% lower than March 2024
Compared to March 2024, segment sales
in residential were 0.3% higher, small
medium business 3.4% higher, large
business 7.9% higher, agriculture 40.8%
lower and corporate 8.8% higher
To date this financial year, retail sales
volumes are 2.1% lower than the same
period last year
Compared to last financial year, segment
sales in residential are 0.2% lower, small
medium business 0.1% lower, large
business 6.7% higher, agricultural 12.4%
lower and corporate 0.9% lower
*excludes volumes sold to New Zealand’s Aluminium Smelters Limited and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
123
124
124
125
125
126
126
127
128
127
127
127
128
128
129
129
130
131
119
121
122
124
126
128
132
134
136
122
122
122122
123
124
124
124
124
124
123
123
125
125
125
125
126
127
127
127
127
127
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
111
127
159
159
137
133
130
129
128
127
138
54
80
88
116
167
196
133
167
94
61
65
57
62
56
56
56
52
59
303
314
303
321
326
336
348
333
367
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
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |7
March 2025 monthly total inflows were
60% of historical average
Waiau catchment inflows in March 2025
were 62% of historical average, 35% lower
than the same month last year
To date this financial year, total inflows are
97% of historical average
Total inflows for the first three months of
2025 are the lowest recorded start to a
calendar year since records began
Waitaki catchment water storage moved
from 1,546GWh to 1,316GWh during
March 2025
Waitaki water storage at the end of March
2025 was 71% of historical average and 9%
lower than the same time last year
Water storage in Meridian’s Waiau
catchment was 56% of average at the end
of March 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
14,000
2010201120122013201420152016201720182019202020212022202320242025
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
Mar 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
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |8
Meridian’s generation in March 2025 was
16.3% lower than the same month last
year, reflecting lower hydro generation
andlower wind generation
To date this financial year, Meridian’s
generation is 5.1% lower than the same
period last year, reflecting lower hydro
generation and higher wind generation
The average price Meridian received for its
generation in March 2025 was 47.3%
higher than the same month last year
The average price Meridian paid to supply
customers in March 2025 was 45.6%
higher than the same month last year
To date this financial year, the average
price Meridian received for its generation
is 22.5% higher than the same period last
year and the average price paid to supply
customers is 32.4% 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
302
111
133
111
108
130
171
189
136
205
213
292
264
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY25FY24

Monthly operating information
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |9
Meridian operating information
See page 11 for footnotes
MARCHMARCHFEBRUARYJANUARY9 MONTHS TO9 MONTHS TO
2025202420252025MARCHMARCH
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales volume (GWh)127 127 111 122 1,302 1,305
Small medium business sales volume (GWh)138 134 127 128 1,242 1,243
Agricultural sales volume (GWh)94 158 167 133 1,094 1,249
Large business sales volume (GWh)59 54 52 56 524 491
Corporate and industrial sales volume (GWh)367 338 333 348 2,951 2,978
Retail contracted sales volume (GWh)786 811 791 787 7,112 7,267
Average retail contracted sales price
1
( $N Z/ MWh)$149.8$139.5$141.5$143.2$147.1$138.7
NZAS sales volume (GWh)247 421 239 249 2,398 3,770
Financial contract sales volumes
2
(GWh)407 272 318 396 2,457 2,516
Average wholesale & financial contracts sales price
3
( $N Z/ MWh)$103.0$74.1$94.3$86.6$96.1$70.3
Retail customer supply volumes (GWh)821 850 834 835 7,489 7,691
Cost to supply retail customers ($NZ/MWh)$308.7$213.8$269.8$123.8$199.4$158.3
Cost to supply wholesale customers ($NZ/MWh)$324.0$202.5$269.1$117.1$198.0$142.8
Cost of financial contracts ($NZ/MWh)$281.8$202.2$233.2$111.8$202.3$140.0
Demand response payments ($NZm)-$10.3$0.0-$5.0-$7.3-$112.0$0.0
Total New Zealand customer connections
4
394,951 373,332 390,314 386,645

Monthly operating information
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |10
Meridian operating information
See page 11 for footnotes
MARCHMARCHFEBRUARYJANUARY9 MONTHS TO9 MONTHS TO
2025202420252025MARCHMARCH
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation volume (GWh)792 972 940 1,086 8,379 9,171
Wind generation volume (GWh)133 134 85 113 1,357 1,088
Total generation volume (GWh)925 1,106 1,025 1,199 9,736 10,258
Average generation price
5
( $N Z/ MWh)$302.1$205.0$253.1$106.3$175.6$143.4
New Zealand hedging
Hedging volume
6
(GWh)492 504 433 416 3,687 4,306
Hedging cost average price ($NZ/MWh)$169.3$139.1$162.1$150.7$177.6$127.1
Hedging spot revenue average price ($NZ/MWh)$293.4$207.6$245.7$124.8$201.6$152.9
Future contract close outs ($NZm)-$4.4-$1.5-$5.9-$5.7-$32.9$18.6

Monthly operating information
16 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |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
MARCHMARCHFEBRUARYJANUARY9 MONTHS TO9 MONTHS TO
2025202420252025MARCHMARCH
MONTHMONTHMONTHMONTH20252024
New Zealand costs
Employee and Operating Costs ($m)25 22 21 20 213 206
Stay in Business Capital Expenditure ($m)7 9 4 2 48 53
Investment Capital Expenditure ($m)2 35 4 5 80 217
Total Capital Expenditure ($m)9 44 8 7 128 270

FY25 operating information
1216 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
New Zealand contracted sales
Residential sales volume (GWh)201 191 158 144 125 123 122 111 127 550 -5392 -1361 +4
Small medium business sales volume (GWh)159 159 137 133 130 129 128 127 138 456 -1393 -1393 +0
Agricultural sales volume (GWh)54 80 88 116 167 196 133 167 94 221 -20479 +25394 -160
Large business sales volume (GWh)61 65 57 62 56 56 56 52 59 183 +9174 +19167 +5
Corporate and industrial sales volume (GWh)303 314 303 321 326 336 348 333 367 920 -69983 -121,048 +53
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 2,330 -872,419 +312,363 -98
Average retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$141.5$149.8$162.3+$12.7$134.8+$5.7$144.9+$7.6
NZAS sales volume (GWh)327 261 233 265 275 303 249 239 247 821 -441842 -421735 -510
Financial contract sales volumes (GWh)295 222 206 192 210 212 396 318 407 723 -357614 -701,121 +368
Average wholesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$121.7+$43.9$70.6+$12.1$94.7+$21.9
Retail customer supply volumes (GWh)813 866
766 818 858 877 835 834 821 2,444 -1172,554 +72,491 -93
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$329.0+$196.4$41.9-$110.0$233.6+$43.4
Cost to supply wholesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$336.4+$218.7$30.0-$105.0$236.0+$60.0
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$330.9+$211.4$40.3-$92.2$207.9+$31.6
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$5.0-$10.3-$48.7-$48.7-$40.7-$40.7-$22.5-$22.5
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 373,670 +8,217382,708 +10,908394,951 +21,619
New Zealand generation
Hydro generation volume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 2,524 -6823,037 +152,818 -125
Wind generation volume (GWh)129 192 187 179 164 174 113 85 133 509 +147517 +159332 -36
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 3,033 -5353,554 +1743,149 -161
Average generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$306.2+$187.2$32.5-$103.8$211.6+$34.7
New Zealand hedging
Hedging volume (GWh)451 451 432 403 277 331 416 433 492 1,334 -1681,011 -3471,341 -105
Hedging cost average price ($NZ/MWh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$210.4+$72.6$156.0+$46.9$161.2+$28.3
Hedging spot revenue average price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$295.5+$171.5$45.6-$103.1$225.7+$39.0
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4-$24.4-43.0$7.4+8.0-$16.0-$16.6
Meridian Group
Employee and Operating Costs ($NZ m)262530212323202125$80+$11$68-$3$65-$1
Stay in Business Capital Expenditure ($NZ m)464786247$14+$0$21+$4$14-$9
Investment Capital Expenditure ($NZ m)1391111818542$32-$18$37-$46$10-$74
Total Capital Expenditure ($NZ m)161515181624789$46-$18$57-$42$24-$83

FY24 operating information
1316 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |
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$0.0+0
Total New Zealand customer connections364,389 364,631 365,453 366,320 370,087 371,800 372,604 373,536 373,332 373,161 369,980 369,667 365,453 -3,294371,800 +4,864373,332 +8,072369,667 +6,332
New Zealand generation
Hydro generation volume (GWh)1,016 1,170 1,020 974 1,061 987 1,010 962 972 948 1,124 883 3,206 -943,022 -2522,943 +2502,955 -480
Wind generation volume (GWh)118 107 138 128 111 119 106 127 134 117 108 128 362 +31358 +49367 +76
353 +82
Total generation volume (GWh)1,134 1,276 1,157 1,102 1,172 1,106 1,116 1,089 1,106 1,064 1,232 1,011 3,567 -633,380 -2033,311 +3263,308 -397
Average generation price ($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
1416 APRIL 2025 | MONTHLY OPERATING REPORT FOR MARCH 2025 |
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