Meridian Energy monthly operating report for November 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 November
2025

16 December 2025


Attached is Meridian Energy Limited's monthly operating report for the month of November 2025.
Key points this month include:
 In the month to 8 December 2025, national hydro storage increased from
143%
to
153%
of
historical average.
 South Island storage increased to
157%
of average and North Island storage increased to
132%

of average by 8 December 2025.
 Meridian’s November 2025 monthly total inflows were
149%
of historical average.
 To date this financial year, total inflows are 150% of historical average, the highest financial year
to date inflows since 1988/89.
 Waiau catchment inflows in November 2025 were
158%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of November 2025 was
172%
of historical
average.
 Snow storage in Meridian’s Waitaki catchment was at
110%
of average in early December 2025.
 Water storage in Meridian’s Waiau catchment was
161%
of average at the end of November
2025.
 November was the warmest November on record, with temperatures above average for almost
the entire country. Rainfall was above average for most parts of the North Island and the west of
the South Island. By contrast, eastern parts of the South Island were comparatively dry.
 National electricity demand in November 2025 was
5.9%
higher than November 2024.
 New Zealand Aluminium Smelters Ltd (NZAS) average load during November 2025 was
569MW
,
compared with 451MW a year ago, when Meridian was exercising call options under the demand
response agreement.
 Meridian’s retail sales volumes in November 2025 were
12.1%
higher than November 2024.
 Compared to November 2024, segment sales in residential were 23.2% higher (including Flick
customers), small medium business 10.2% higher, large business 8.5% higher, agriculture 18.4%
higher and corporate 6.0% 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
Authorised for release by:
Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Lachlan Forsyth
Media & Content Manager
021 243 5342

7 cm
November 2025
Monthly operating report
16 DECEMBER 2025

November key points
In the month to 8 December 2025, national hydro storage increased from 143% to 153% of historical average.
South Island storage increased to 157% of average and North Island storage increased to 132% of average by 8 December 2025.
Meridian’s November 2025 monthly total inflows were 149% of historical average.
To date this financial year, total inflows are 150% of historical average, the highest financial year to date inflows since 1988/89.
Waiau catchment inflows in November 2025 were 158% of historical average.
Meridian’s Waitaki catchment water storage at the end of November 2025 was 172% of historical average.
Snow storage in Meridian’s Waitaki catchment was at 110% of average in early December 2025.
Water storage in Meridian’s Waiau catchment was 161% of average at the end of November 2025.
November was the warmest November on record, with temperatures above average for almost the entire country. Rainfall was above
average for most parts of the North Island and the west of the South Island. By contrast, eastern parts of the South Island were
comparatively dry.
National electricity demand in November 2025 was 5.9% higher than November 2024.
New Zealand Aluminium Smelters Ltd (NZAS) average load during November 2025 was 569MW, compared with 451MW a year ago,
when Meridian was exercising call options under the demand response agreement.
Meridian’s retail sales volumes in November 2025 were 12.1% higher than November 2024.
Compared to November 2024, segment sales in residential were 23.2% higher (including Flick customers), small medium business 10.2%
higher, large business 8.5% higher, agriculture 18.4% higher and corporate 6.0% higher.
16 DECEMBER 2025MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 2

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
5%
7%
9%
11%
13%
15%
Oct 20Apr 21Oct 21Apr 22Oct 22Apr 23Oct 23Apr 24Oct 24Apr 25Oct 25
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in November 2025 was 5.9% higher
than November 2024.
NZAS average load during November 2025 was 569MW,
compared with 451MW a year ago, when Meridian was exercising
call options under the demand response agreement.
November was the warmest November on record, with
temperatures above average for almost the entire country. Rainfall
was above average for most parts of the North Island and the west
of the South Island. By contrast, eastern parts of the South Island
were comparatively dry.
Demand in the last 12 months was 0.2% higher than 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 October
2025.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.1% at the end of
October 2025.
16 DECEMBER 2025MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 3
Source: Electricity Authority
Source: Electricity Authority

0
50
100
150
200
250
300
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 202413 August 20258 September 2025
8 October 202510 November 20259 December 2025
0
50
100
150
200
250
300
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 202413 August 20258 September 2025
8 October 202510 November 20259 December 2025
0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (8 December 2025)
Average storage (92yr)19922004200820122022202320242025
Market data
November 2025 saw decreases in short term ASX electricity futures
prices.
National storage increased from 143% of average on 10 November
2025 to 153% of average on 8 December 2025.
South Island storage increased to 157% of historical average by 8
December 2025 and North Island storage increased to 132% of
average.
16 DECEMBER 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 4
Source: NZX
Source: ASXSource: ASX

233
259
208
186
154
173
171
150
152
144
55
82
109
143
197
75
75
66
67
61
315
328
347
342
345
201
191
158
144
125
123
122
111
127
138
172
201
159
159
137
133
130
129
128
127
138
133
154
153
54
80
88
116
167
196
133
167
94
77
67
49
61
65
57
62
56
56
56
52
59
59
67
68
303
314
303
321
326
336
348
333
367
331
337
302
0
250
500
750
1,000
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large BusFY25 Corporate
131
149
148
148
148
134
152
152
152
152
145
149
153
154
155
123
124
124
125
125
126
126
127
128
129
129
130
127
127
127
128
128
129
129
130
131
132
132
133
119
121
122
124
126
128
132
134
136
137
139
142
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY26 Meridian NIFY26 Meridian SIFY26 Powershop
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
Retail
Meridian’s customer connection numbers increased 0.2% during
November 2025 and have increased 20.0% since November 2024.
Retail sales volumes in November 2025 were 12.1% higher than
November 2024.
Compared to November 2024, segment sales in residential were
23.2% higher, small medium business 10.2% higher, large business
8.5% higher, agriculture 18.4% higher and corporate 6.0% higher.
Agricultural volumes this month were the highest November month
volumes in the last 10 years, with strong, dry winds driving increased
irrigation load.
To date this financial year, retail sales volumes are 13.4% higher
than the same period last year.
Compared to last financial year, segment sales in residential are
27.0% higher, small medium business 9.6% higher, large business
14.1% higher, agricultural 16.3% higher and corporate 7.0% higher.
Residential sales from August 2025 include Flick customers.
16 DECEMBER 2025
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 5
Meridian operating information
Source: Meridian
Source: Meridian

0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sept1-Oct1-Nov1-Dec
GWh
Meridian's Waitaki storage
Average 1979-2019202020212022202320242025
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Nov YTD93 year average
Inflows and storage
November 2025 monthly total inflows were 149% of historical
average.
Waiau catchment inflows in November 2025 were 158% of
historical average, 80% higher than the same month last year.
To date this financial year, total inflows are 150% of historical
average, the highest financial year to date inflows since 1988/89.
Waitaki catchment water storage moved from 1,641GWh to
2,200GWh during November 2025.
Waitaki water storage at the end of November 2025 was 172% of
historical average and 14% higher than the same time last year.
Snow storage in Meridian’s Waitaki catchment is at 110% of
average in early December 2025.
Water storage in Meridian’s Waiau catchment was 161% of
average at the end of November 2025.
16 DECEMBER 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY26FY25
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
Generation
Meridian’s generation in November 2025 was 2.7% higher than the
same month last year, reflecting higher hydro generation
andlower wind generation.
To date this financial year, Meridian’s generation is 12.7% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in
November 2025 was 93.3% higher than the same month last year.
The average price Meridian paid to supply customers in November
2025 was 95.5% higher than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 50.6% lower than the same period last year and
the average price paid to supply customers is 53.6% lower.
16 DECEMBER 2025
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
16 DECEMBER 2025
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 8
Meridian operating information
NOVEMBERNOVEMBEROCTOBERSEPTEMBER5 MONTHS TO5 MONTHS TO
2025202420252025NOVEMBERNOVEMBER
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales v olume (GWh)154 125 186 208 1,040 819
Small medium business sales v olume (GWh)144 130 152 150 789 720
Agricultural sales v olume (GWh)197 167 143 109 586 504
Large business sales v olume (GWh)61 56 67 66 344 301
Corporate and industrial sales v olume (GWh)345 326 342 347 1,677 1,567
Retail contracted sales volume (GWh)902 805 890 880 4,436 3,910
Av erage retail contracted sales price
1
( $N Z/ MWh)$142.3$135.2$144.3$171.0$160.4$151.7
NZAS sales v olume (GWh)271 275 280 271 1,365 1,360
Financial contract sales v olumes
2
(GWh)314 210 321 291 1,693 1,125
Av erage w holesale & financial contracts sales price
3
( $N Z/ MWh)$76.7$70.9$75.8$111.4$100.0$103.5
Retail customer supply v olumes (GWh)958 858 953 925 4,677 4,121
Cost to supply retail customers ($NZ/MWh)$69.3$36.6$36.4$119.3$104.2$215.3
Cost to supply w holesale customers ($NZ/MWh)$52.8$23.3$26.8$112.2$95.8$217.3
Cost of financial contracts ($NZ/MWh)$58.2$33.8$32.7$117.5$98.5$229.4
BESS supply v olume (GWh)4 - 4 3 13 -
Cost to supply BESS ($NZ/MWh)$30.6$0.0$11.1$73.7$52.5$0.0
Demand response payments ($NZm)-$1.9-$13.2-$2.5-$1.9-$14.8-$80.6
Total New Zealand customer connections
4
455,035 379,348 454,057 452,970

Monthly operating information
16 DECEMBER 2025MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 9
Meridian operating information
Footnotes
1.Contracted sales volumes and volume weighted average price received from contracted
customers less distribution costs.
2.Derivatives sold excluding the sell-side of virtual asset swaps.
3.Average price of both NZAS sales volume and derivative sales volumes.
4.Meridian Retail and Powershop New Zealand installation control points (ICPs), excluding vacants.
5.Volume weighted average price received for Meridian’s physical generation.
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset swaps.
NOVEMBERNOVEMBEROCTOBERSEPTEMBER5 MONTHS TO5 MONTHS TO
2025202420252025NOVEMBERNOVEMBER
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation v olume (GWh)1,072 1,030 1,083 931 5,137 4,482
Wind generation v olume (GWh)155 164 217 220 875 851
BESS generation v olume (GWh)3 - 2 2 8 -
Total generation volume (GWh)1,229 1,194 1,302 1,153 6,021 5,334
Av erage generation price
5
($NZ/M Wh)$57.9$29.9$28.0$109.9$94.3$191.1
New Zealand hedging
Hedging v olume
6
(GWh)440 277 472 437 2,293 2,015
Hedging cost av erage price ($NZ/M Wh)$122.2$134.2$127.0$213.7$179.7$197.1
Hedging spot rev enue av erage price ($NZ/MWh)$67.3$34.7$36.4$115.7$100.4$212.7
Future contract close outs ($NZm)$2.4$0.4$0.4-$2.3-$1.2-$17.1
New Zealand costs
Employee and Operating Costs ($m)25 23 26 27 127 125
Stay in Business Capital Expenditure ($m)5 8 5 9 28 28
I nv estment Capital Expenditure ($m)11 8 6 4 43 52
Total Capital Expenditure ($m)16 16 11 13 70 80

FY26 operating information
16 DECEMBER 2025MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 10
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 154 700 +150
Small medium business sales v olume (GWh)173 171 150 152 144 494 +38
Agricultural sales v olume (GWh)55 82 109 143 197 246 +25
Large business sales v olume (GWh)75 75 66 67 61 215 +32
Corporate and industrial sales v olume (GWh)315 328 347 342 345 989 +70
Retail contracted sales volume (GWh)850 913 880 890 902 2,644 +314
Av erage retail contracted sales price ($NZ/MWh)$172.4$172.5$171.0$144.3$142.3$171.9+$9.6
NZAS sales v olume (GWh)267 276 271 280 271 814 -8
Financial contract sales v olumes (GWh)418 349 291 321 314 1,058 +335
Av erage w holesale & financial contracts sales price ($NZ/MWh)$117.1$116.4$111.4$75.8$76.7$115.1-$6.6
Retail customer supply v olumes (GWh)892 949 925 953 958 2,766 +322
Cost to supply retail customers ($NZ/MWh)$113.3$184.4$119.3$36.4$69.3$139.7-$189.3
Cost to supply w holesale customers ($NZ/MWh)$102.2$186.2$112.2$26.8$52.8$134.0-$202.4
Cost of financial contracts ($NZ/MWh)$105.1$171.5$117.5$32.7$58.2$130.4-$199.9
BESS supply v olume (GWh)1 2 3 4 4 5 +5
Cost to supply BESS ($NZ/MWh)$86.5$138.1$73.7$11.1$30.6$95.1+$0.0
Demand response payments ($NZm)-$5.4-$3.1-$1.9-$2.5-$1.9-$10.4+$38.3
Total New Zealand customer connections410,865 450,317 452,970 454,057 455,035 452,970 +79,300
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 1,072 2,982 +458
Wind generation v olume (GWh)135 148 220 217 155 504 -5
BESS generation v olume (GWh)0 1 2 2 3 3 +3
Total generation volume (GWh)1,157 1,179 1,153 1,302 1,229 3,490 +457
Av erage generation price ($NZ/MWh)$108.1$176.6$109.9$28.0$57.9$131.8-$174.3
Hedging
Hedging v olume (GWh)473 472 437 472 440 1,382 +48
Hedging cost av erage price ($NZ/M Wh)$215.9$218.2$213.7$127.0$122.2$216.0+$5.6
Hedging spot rev enue av erage price ($NZ/MWh)$107.4$174.2$115.7$36.4$67.3$132.9-$162.7
Future contract close outs ($NZm)-$0.7-$1.0-$2.3$0.4$2.4-$4.0+21.5
Other
Employee and Operating Costs ($NZ m)2424272625$76-$4
Stay in Business Capital Expenditure ($NZ m)35955$18+$4
I nv estment Capital Expenditure ($NZ m)11114611$26-$7
Total Capital Expenditure ($NZ m)1416131116$43-$3

FY25 operating information
16 DECEMBER 2025MONTHLY OPERATING REPORT FOR NOVEMBER 2025
PAGE 11
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
Retail contracted sales
Residential sales v olume (GWh)201 191 158 144 125 123 122 111 127 138 172 201 550 -5392 -1361 +4511 +17
Small medium business sales v olume (GWh)159 159 137 133 130 129 128 127 138 133 154 153 456 -1393 -1393 +0441 +15
Agricultural sales v olume (GWh)54 80 88 116 167 196 133 167 94 77 67 49 221 -20479 +25394 -160194 -31
Large business sales v olume (GWh)61 65 57 62 56 56 56 52 59 59 67 68 183 +9174 +19167 +5193 +23
Corporate and industrial sales v olume (GWh)303 314 303 321 326 336 348 333 367 331 337 302 920 -69983 -121,048 +53970 +40
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 738 798 773 2,330 -872,419 +312,363 -982,309 +65
Av erage retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$141.5$149.8$161.6$171.4$165.6$162.3+$12.7$134.8+$5.7$144.9+$7.6$166.3+8
NZAS sales v olume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales v olumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Av erage w holesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$132.7$131.8$119.5$121.7+$43.9$70.6+$12.1$94.7+$21.9$128.1+38
Retail customer supply v olumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$334.8$214.8$131.8$329.0+$196.4$41.9-$110.0$233.6+$43.4$225.6-51
Cost to supply w holesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$345.1$205.2$121.2$336.4+$218.7$30.0-$105.0$236.0+$60.0$222.9-33
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$326.1$209.0$126.6$330.9+$211.4$40.3-$92.2$207.9+$31.6$220.1-36
BESS supply v olume (GWh)1 2 2 1 1 +14 +4
Cost to supply BESS ($NZ/MWh)$304.8$327.0$178.2$133.2$304.8$304.8$235.0$235.0
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$5.0-$10.3-$10.7-$10.7-$18.3-$48.7-$48.7-$40.7-$40.7-$22.5-$22.5-$39.7-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
Generation
Hydro generation v olume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation v olume (GWh)129 192 187 179 164 174 113 85 133 141 163 148
509 +147517 +159332 -36452 +99
BESS generation v olume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Av erage generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$332.4$196.0$121.0$306.2+$187.2$32.5-$103.8$211.6+$34.7$209.4-$47.7
Hedging
Hedging v olume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost av erage price ($NZ/M Wh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$203.4$201.7$200.6$210.4+$72.6$156.0+$46.9$161.2+$28.3$202.0+$54.0
Hedging spot rev enue av erage price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$313.0$204.2$126.8$295.5+$171.5$45.6-$103.1$225.7+$39.0$220.1-$37.7
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4$0.3-$2.0-$0.6-$24.4-43.0$7.4+8.0-$16.0-$16.6-$2.2$4.7
Other
Employee and Operating Costs ($NZ m)262530212323202125262426$80+$11$68-$3$65-$1$76-$0
Stay in Business Capital Expenditure ($NZ m)4647861486819$14+$0$20+$4$13-$10$33+$13
I nv estment Capital Expenditure ($NZ m)129111181854114317$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($NZ m)161515181624789201136$46-$18$57-$42$24-$83$66-$13

Glossary
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
16 DECEMBER 2025MONTHLY OPERATING REPORT FOR NOVEMBER 2025
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