Meridian Energy monthly operating report for May 2026

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 May 2026

15 June 2026


Meridian Energy Limited has released its monthly operating report for the month of May 2026
(attached).

“Consistent inflows and careful management of the southern hydro lakes have removed any risk of
significant drought this winter,” says Meridian CEO Mike Roan.

“These conditions have also allowed Meridian to maintain solid momentum as we close in on the end
of the financial year.”

Key points this month include:

 In the month to 11 May 2026, national hydro storage increased from
106%
to
119%
of historical
average.
 In the month to 8 June 2026, national hydro storage increased from
119%
to
125%
of historical
average.
 South Island storage increased to
120%
of average and North Island storage decreased to
160%

of average by 8 June 2026.
 Meridian’s May 2026 monthly total inflows were
82%
of historical average.
 To date this financial year, total inflows are
118%
of historical average, the highest financial year
to date inflows since 1998.
 Meridian’s Waitaki catchment water storage at the end of May 2026 was
106%
of historical
average.
 Water storage in Meridian’s Waiau catchment was
48%
of average at the end of May 2026.
 May was a record dry month for many regions, dominated by high pressure and settled weather.
This resulted in a warm month with temperatures above average for much of New Zealand.
Rainfall was below normal for much of both islands.
 National electricity demand in May 2026 was
1.7%
higher than May 2025. Excluding New
Zealand Aluminium Smelters Ltd (NZAS), demand is
0.6%
higher than May 2025.
 NZAS average load during May 2026 was
576MW
, compared with 523MW a year ago, when
Meridian and NZAS had agreed a 50MW demand response reduction from March 2025 to August
2025.
 Meridian’s retail sales volumes in May 2026 were
7.8%
higher than May 2025.
 Compared to May 2025, segment sales in residential were 20.4% higher, small medium business
6.7% higher, large business 8.3% higher, agriculture 9.7% higher and corporate 1.2% 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

meridianenergy.co.nz
PG 2

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
May 2026
Monthly operating report
15 JUNE 2026

May key points
In the month to 8 June 2026, national hydro storage increased from 119%to 125%of historical average.
South Island storage increased to 120%of average and North Island storage decreased to 160%of average by 8 June 2026.
Meridian’s May 2026 monthly total inflows were 82%of historical average.
To date this financial year, total inflows are 118%of historical average, the highest financial year to date inflows since 1998.
Meridian’s Waitaki catchment water storage at the end of May 2026 was 106%of historical average.
Water storage in Meridian’s Waiaucatchment was 48%of average at the end of May 2026.
May was a record dry month for many regions, dominated by high pressure and settled weather. This resulted in a warm month with
temperatures above average for much of New Zealand. Rainfall was below normal for much of both islands.
National electricity demand in May 2026 was 1.7%higher than May 2025. Excluding New Zealand Aluminium Smelters Ltd (NZAS),
demand is 0.6%higher than May 2025.
NZAS average load during May 2026 was 576MW, compared with 523MW a year ago, when Meridian and NZAS had agreed a 50MW
demand response reduction from March 2025 to August 2025.
Meridian’s retail sales volumes in May 2026 were 7.8%higher than May 2025.
Compared to May 2025, segment sales in residential were 20.4% higher, small medium business 6.7% higher, large business 8.3% higher,
agriculture 9.7% higher and corporate 1.2% higher.
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
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 (2015-2025)202120222023202420252026
5%
7%
9%
11%
13%
15%
Apr 21Oct 21Apr 22Oct 22Apr 23Oct 23Apr 24Oct 24Apr 25Oct 25Apr 26
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in May 2026 was 1.7% higher than May
2025.
New Zealand Aluminium Smelters Ltd (NZAS) average load during
May 2026 was 576MW, compared with 523MW a year ago, when
Meridian and NZAS had agreed a 50MW demand response
reduction from March 2025 to August 2025.
May was a record dry month for many regions, dominated by high
pressure and settled weather. This resulted in a warm month with
temperatures above average for much of New Zealand. Rainfall
was below normal for much of both islands.
Demand in the last 12 months was 3.7% higher than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.5% at the end of April 2026.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 14.2% at the end of April
2026.
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
PAGE 3
Source: Electricity Authority
Source: Electricity Authority

0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
National hydro storage (8 June 2026)
Average storage (93yr)19922004200820122023202420252026
0
50
100
150
200
250
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
Q1
2029
Q2
2029
Q3
2029
$/MWh
Benmore ASX futures settlement price
11 June 202510 February 20269 March 2026
10 April 202611 May 20269 June 2026
0
50
100
150
200
250
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
Q1
2029
Q2
2029
Q3
2029
Q4
2029
$/MWh
Ōtāhuhu ASX futures settlement price
11 June 202510 February 20269 March 2026
10 April 202611 May 20269 June 2026
Market data
May 2026 saw further decreases in the ASX electricity futures prices.
Since February 2026, futures prices for 2027 to 2029 have fallen more
than 20%, primarily driven by committed new generation buildout.
National storage increased from 119% of average on 11 May 2026
to 125% of average on 8 June 2026.
South Island storage increased to 120% of historical average by 8
June 2026 and North Island storage decreased to 160% of average.
15 JUNE 2026
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 MAY 2026
PAGE 4
Source: NZX
Source: ASXSource: ASX

233
259
208
186
154
155
156
142
163
172
208
173
171
150
152
144
141
144
138
150
145
165
55
82
109
143
197
190
127
106
122
82
74
75
75
66
67
61
63
64
62
67
66
72
315
328
347
342
345
327
318
321
374
334
341
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
266
301
300
300
300
301
299
306
305
301
301
145
149
153
154
155
157
158
160
160
159
156
250
251
252
252
253
254
255
256
259
260
261
263
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 MeridianFY26 PowershopFY25 MeridianFY25 Powershop
Retail
Meridian’s customer connection numbers decreased 0.8% during
May 2026 and have increased 14.3% in the last 12 months.
Retail sales volumes in May 2026 were 7.8% higher than May 2025.
Compared to May 2025, segment sales in residential were 20.4%
higher, small medium business 6.7% higher, large business 8.3%
higher, agriculture 9.7% higher and corporate 1.2% higher.
To date this financial year, retail sales volumes are 9.0% higher than
the same period last year.
Compared to last financial year to date, segment sales in
residential are 26.2% higher, small medium business 9.4% higher,
large business 13.6% higher, agriculture 3.9% higher and corporate
2.0% higher.
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
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-Sep1-Oct1-Nov1-Dec
GWh
Meridian's Waitaki storage
Average 1979-2020202120222023202420252026
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
May YTD93 year average
Inflows and storage
May 2026 monthly total inflows were 82% of historical average.
Waiau catchment inflows in May 2026 were 49% of historical
average, 60% lower than the same month last year.
To date this financial year, total inflows are 118% of historical
average, the highest financial year to date inflows since 1998.
Waitaki catchment water storage moved from 1,888GWh to
1,787GWh during May 2026.
Waitaki water storage at the end of May 2026 was 106% of
historical average and 26% higher than the same time last year.
Water storage in Meridian’s Waiaucatchment was 48% of average
at the end of May 2026.
15 JUNE 2026
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 MAY 2026
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

0
200
400
600
800
1,000
1,200
1,400
1,600
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY26FY25
Generation
Meridian’s generation in May 2026 was 12.0% higher than the same
month last year, reflecting higher hydro generation andlower wind
generation.
To date this financial year, Meridian’s generation is 14.0% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in May 2026
was 61.7% lower than the same month last year.
The average price Meridian paid to supply customers in May 2026
was 62.6% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 60.7% lower than the same period last year and
the average price paid to supply customers is 61.1% lower.
15 JUNE 2026
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR MAY 2026
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
15 JUNE 2026
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR MAY 2026
PAGE 8
Meridian operating information
MAYMAYAPRILMARCH11 MONTHS TO11 MONTHS TO
2026202520262026MAYMAY
MONTHMONTHMONTHMONTH20262025
Retail contracted sales
Residential sales v olume (GWh)208 172 172 163 2,036 1,612
Small medium business sales v olume (GWh)165 154 145 150 1,672 1,529
Agricultural sales v olume (GWh)74 67 82 122 1,287 1,238
Large business sales v olume (GWh)72 67 66 67 738 650
Corporate and industrial sales v olume (GWh)341 337 334 374 3,693 3,619
Retail contracted sales volume (GWh)860 798 799 876 9,425 8,649
Av erage retail contracted sales price
1
($/MWh)$175.1$171.4$169.2$155.4$158.9$150.7
NZAS sales v olume (GWh)280 243 272 280 3,013 2,878
Financial contract sales v olumes
2
(GWh)347 319 343 523 4,064 3,058
Av erage w holesale & financial contracts sales price
3
($/MWh)$111.2$131.8$116.3$92.6$96.5$102.7
Retail customer supply v olumes (GWh)901 825 843 917 9,916 9,089
Cost to supply retail customers ($/MWh)$81.9$214.8$105.2$154.2$85.4$212.3
Cost to supply w holesale customers ($/MWh)$77.3$205.2$105.2$151.7$78.2$210.7
Cost of financial contracts ($/MWh)$71.8$209.0$107.8$111.4$77.4$214.2
BESS supply v olume (GWh)6 2 5 4 37 5
Cost to supply BESS ($/MWh)$76.7$178.2$64.0$118.5$55.4$0.0
Demand response payments ($m)-$1.9-$10.7-$1.9-$2.0-$26.3-$133.4
Total New Zealand customer connections
4
456,098 399,077 459,998 464,985

Monthly operating information
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
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.
MAYMAYAPRILMARCH11 MONTHS TO11 MONTHS TO
2026202520262026MAYMAY
MONTHMONTHMONTHMONTH20262025
Generation
Hydro generation v olume (GWh)1,042 895 868 1,085 11,574 10,018
Wind generation v olume (GWh)143 163 137 124 1,743 1,661
BESS generation v olume (GWh)4 1 4 2 24 2
Total generation volume (GWh)1,189 1,059 1,009 1,211 13,342 11,681
Av erage generation price
5
($/MWh)$74.5$196.0$100.5$146.5$74.3$189.3
Hedging
Hedging v olume
6
(GWh)421 422 424 460 4,895 4,561
Hedging cost av erage price ($/MWh)$185.5$201.7$187.4$139.9$165.5$182.4
Hedging spot rev enue av erage price ($/MWh)$72.7$204.2$107.2$143.5$83.1$212.9
Future contract close outs ($m)-$1.0-$2.0$0.5-$3.6-$9.3-$34.6
Costs
Employee and Operating Costs ($m)24 24 25 25 271 263
Stay in Business Capital Expenditure ($m)5 8 7 7 66 60
I nv estment Capital Expenditure ($m)23 3 20 18 144 97
Total Capital Expenditure ($m)28 11 27 25 210 157

FY26 operating information
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
PAGE 10
Meridian operating information
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Q1
YoY
Q2
YoY
Q3
YoY
Q4
YoY
2025
2025
2025
2025
2025
2025
2026
2026
2026
2026
2026
2026
FY26
change
FY26
change
FY26
change
FY26
change
Retail contracted sales
Residential sales v olume (GWh)
233


259


208


186


154


155


156


142


163


172


208


700


+150
495


+104
461


+100
Small medium business sales v olume (GWh)
173


171


150


152


144


141


144


138


150


145


165


494


+38
436


+44
432


+39
Agricultural sales v olume (GWh)
55


82


109


143


197


190


127


106


122


82


74


246


+25
530


+51
355


-39
Large business sales v olume (GWh)
75


75


66


67


61


63


64


62


67


66


72


215


+32
192


+18
193


+26
Corporate and industrial sales v olume (GWh)
315


328


347


342


345


327


318


321


374


334


341


989


+70
1,015


+33
1,013


-35
Retail contracted sales volume (GWh)
850


913


880


890


902


876


809


770


876


799


860


2,644


+314
2,668


+248
2,455


+91
Av erage retail contracted sales price ($/MWh)
$172.4
$172.5
$171.0
$144.3
$142.3
$143.8
$150.5
$151.2
$155.4
$169.2
$175.1
$171.9
+$9.6
$143.4
+$8.7
$152.5
+$7.5
NZAS sales v olume (GWh)
267


276


271


280


271


280


280


253


280


272


280


814


-8
832


-10
814


+79
Financial contract sales v olumes (GWh)
418


349


291


321


314


432


332


394


523


343


347


1,058


+335
1,067


+453
1,249


+128
Av erage w holesale & financial contracts sales price ($/MWh)
$117.1
$116.4
$111.4
$75.8
$76.7
$71.9
$87.8
$86.6
$92.6
$116.3
$111.2
$115.1
-$6.6
$74.6
+$4.0
$89.3
-$5.4
Retail customer supply v olumes (GWh)
892


949


925


953


958


927


849


801


917


843


901


2,766


+322
2,838


+285
2,568


+77
Cost to supply retail customers ($/MWh)
$113.3
$184.4
$119.3
$36.4
$69.3
$14.0
$3.6
$49.6
$154.2
$105.2
$81.9
$139.7
-$189.3
$40.2
-$1.7
$71.7
-$161.9
Cost to supply w holesale customers ($/MWh)
$102.2
$186.2
$112.2
$26.8
$52.8
$4.9
$1.9
$39.2
$151.7
$105.2
$77.3
$134.0
-$202.4
$27.9
-$2.1
$65.1
-$170.9
Cost of financial contracts ($/MWh)
$105.1
$171.5
$117.5
$32.7
$58.2
$16.5
$13.3
$40.7
$111.4
$107.8
$71.8
$130.4
-$199.9
$33.6
-$6.6
$63.0
-$144.9
BESS supply v olume (GWh)
1


2


3


4


4


3


2


4


4


5


6


5


+5
11


+11
10


+8
Cost to supply BESS ($/MWh)
$86.5
$138.1
$73.7
$11.1
$30.6
$14.3
$0.9
$29.4
$118.5
$64.0
$76.7
$95.1
+$0.0
$19.3
+$0.0
$55.4
-$249.5
Demand response payments ($m)
-$5.4
-$3.1
-$1.9
-$2.5
-$1.9
-$1.9
-$2.0
-$1.9
-$2.0
-$1.9
-$1.9
-$10.4
+$38.3
-$6.3
+$34.5
-$5.3
+$17.2
Total New Zealand customer connections
410,865

450,317

452,970

454,057

455,035

457,336

456,274

465,780

464,985

459,998

456,098

452,970

+79,300
457,336

+74,628
464,985

+70,034
Generation
Hydro generation v olume (GWh)
1,022


1,030


931


1,083


1,072


1,281


1,214


949


1,085


868


1,042


2,982


+458
3,435


+398
3,248


+430
Wind generation v olume (GWh)
135


148


220


217


155


176


158


130


124


137


143


504


-5
548


+30
412


+81
BESS generation v olume (GWh)
0


1


2


2


3


2


1


3


2


4


4


3


+3
7


+7
6


+6
Total generation volume (GWh)
1,157


1,179


1,153


1,302


1,229


1,459


1,373


1,082


1,211


1,008


1,189


3,490


+457
3,990


+436
3,666


+516
Av erage generation price ($/MWh)
$108.1
$176.6
$109.9
$28.0
$57.9
$6.8
$1.1
$41.3
$146.5
$100.5
$74.5
$131.8
-$174.3
$29.5
-$3.0
$61.0
-$150.5
Hedging
Hedging v olume (GWh)
473


472


437


472


440


420


417


460


460


424


421


1,382


+48
1,332


+320
1,336


-5
Hedging cost av erage price ($/MWh)
$215.9
$218.2
$213.7
$127.0
$122.2
$125.0
$139.5
$142.6
$139.9
$187.4
$185.5
$216.0
+$5.6
$124.8
-$31.2
$140.7
-$20.5
Hedging spot rev enue av erage price ($/MWh)
$107.4
$174.2
$115.7
$36.4
$67.3
$18.7
$8.0
$50.3
$143.5
$107.2
$72.7
$132.9
-$162.7
$41.0
-$4.6
$69.2
-$156.5
Future contract close outs ($m)
-$0.7
-$1.0
-$2.3
$0.4
$2.4
-$1.5
-$1.6
-$0.9
-$3.6
$0.5
-$1.0
-$4.0
$21.5
$3.1
-$4.4
-$6.1
$9.9
Costs
Employee and Operating Costs ($m)
24
24
27
26
25
26
22
22
25
25
24
$76
-$4
$77
+$9
$69
+$3
Stay in Business Capital Expenditure ($m)
3
5
9
5
5
5
5
9
7
7
5
$18
+$4
$16
-$5
$20
+$7
I nv estment Capital Expenditure ($m)
11
11
4
6
11
10
13
17
18
20
23
$26
-$7
$27
-$10
$48
+$36
Total Capital Expenditure ($m)
14
16
13
11
16
15
18
25
25
28
29
$43
-$3
$42
-$15
$68
+$44

FY25 operating information
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
PAGE 11
Meridian operating information
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
Retail contracted sales
Residential sales v olume (GWh)
201


191


158


144


125


123


122


111


127


138


172


201


550


-5
392


-1
361


+4
511


+17
Small medium business sales v olume (GWh)
159


159


137


133


130


129


128


127


138


133


154


153


456


-1
393


-1
393


+0
441


+15
Agricultural sales v olume (GWh)
54


80


88


116


167


196


133


167


94


77


67


49


221


-20
479


+25
394


-160
194


-31
Large business sales v olume (GWh)
61


65


57


62


56


56


56


52


59


59


67


68


183


+9
174


+19
167


+5
193


+23
Corporate and industrial sales v olume (GWh)
303


314


303


321


326


336


348


333


367


331


337


302


920


-69
983


-12
1,048


+53
970


+40
Retail contracted sales volume (GWh)
777


810


743


776


805


839


787


791


786


738


798


773


2,330


-87
2,419


+31
2,363


-98
2,309


+65
Av erage retail contracted sales price ($/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


-441
842


-421
735


-510
720


-512
Financial contract sales v olumes (GWh)
295


222


206


192


210


212


396


318


407


281


319


281


723


-357
614


-70
1,121


+368
881


-20
Av erage w holesale & financial contracts sales price ($/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


-117
2,554


+7
2,491


-93
2,409


+51
Cost to supply retail customers ($/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
$225.6
-51
Cost to supply w holesale customers ($/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
$222.9
-33
Cost of financial contracts ($/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


+1
4


+4
Cost to supply BESS ($/MWh)
$304.8
$327.0
$178.2
$133.2
$304.8
$304.8
$235.0
$235.0
Demand response payments ($m)
-$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 connections
369,376

371,479

373,670

376,126

379,348

382,708

386,645

390,314

394,951

397,551

399,077

405,072

373,670

+8,217
382,708

+10,908
394,951

+21,619
405,072

+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


-682
3,037


+15
2,818


-125
2,564


-391
Wind generation v olume (GWh)
129


192


187


179


164


174


113


85


133


141


163


148


509


+147
517


+159
332


-36
452


+99
BESS generation v olume (GWh)
-


-


-


-


-


-


-


-


0


1


1


0


-


+0
-


+0
0


+0
2


+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


-535
3,554


+174
3,149


-161
3,018


-290
Av erage generation price ($/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


-168
1,011


-347
1,341


-105
1,253


-223
Hedging cost av erage price ($/MWh)
$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
+$54.0
Hedging spot rev enue av erage price ($/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
-$37.7
Future contract close outs ($m)
-$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
$4.7
Costs
Employee and Operating Costs ($m)
26
25
30
21
23
23
20
21
25
26
24
26
$80
+$11
$68
-$3
$65
-$1
$76
-$0
Stay in Business Capital Expenditure ($m)
4
6
4
7
8
6
1
4
8
6
8
19
$14
+$0
$20
+$4
$13
-$10
$33
+$13
I nv estment Capital Expenditure ($m)
12
9
11
11
8
18
5
4
1
14
3
17
$32
-$18
$37
-$46
$10
-$74
$33
-$26
Total Capital Expenditure ($m)
16
15
15
18
16
24
7
8
9
20
11
36
$46
-$18
$57
-$42
$24
-$83
$66
-$13

Glossary
Hedging volumesbuy-side electricity derivativesexcludingthe 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 betweenparties 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 connectionsnumber 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
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NZASNew Zealand Aluminium SmeltersLimited
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 thesell-side of virtual asset swaps
15 JUNE 2026MONTHLY OPERATING REPORT FOR MAY 2026
PAGE 12