Meridian Energy monthly operating report for March 2021

Attached is Meridian Energy Limited's monthly operating report for the month of March 2021.

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 20 April at 11am NZST (9am AEST).
In the attached release is a link to join the call.
Please submit any question 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 ‘?’ speech bubble.

Highlights this month include:
- In the month to 13 April 2021, national hydro storage decreased from 70% to 59% of historical average
- South Island storage decreased to 59% of average and North Island storage decreased to 57% of average by 13 April 2021
- Meridian’s March 2021 monthly total inflows were 69% of historical average
- Meridian’s Waitaki catchment water storage at the end of March 2021 was 58% of historical average
- Water storage in Meridian’s Waiau catchment was below average at the end of March 2021
- National electricity demand in March 2021 was 2.1% higher than the same month last year
- March 2021 saw above average temperatures and lower than average rainfall across much of New Zealand. Soil moisture levels in eastern parts of the country are below average
- Meridian made calls under the Genesis swaption in March and April 2021
- Outages have been confirmed out to December 2021 on the Roxburgh-Livingstone line as part of the Clutha Upper Waitaki Lines Project
- New Zealand Aluminium Smelter’s average load during March 2021 was 569MW
- Meridian’s New Zealand retail sales volumes in March 2021 were 15.4% higher than March 2020
- Compared to March 2020, segment sales increased in: SME +26.8%, agricultural +10.9%, corporate +23.9%. Sales were lower in residential -2.7% and large business -1.6%
- March 2021 capex included the first payment to Siemens Gamesa under the Harapaki wind farm contract

Highlights for the third quarter include:
- Meridian’s Q3 total inflows were 70% of historical average and 31% lower than Q3 last year
- Meridian’s Waitaki catchment water storage at the end of Q3 was 82% lower than Q3 last year
- Compared to Q3 last year, Meridian’s New Zealand generation was 16.5% lower at a 266.0% higher average price
- During Q3, NZ futures prices lifted significantly across all future quarters
- New Zealand Aluminium Smelter’s average load during Q3 was 565MW compared with 590MW in Q3 last year
- National electricity demand in Q3 was 2.2% lower than Q3 last year
- At the end of Q3, Meridian’s New Zealand customer numbers were 5.7% higher than the same time last year
- Compared to Q3 last year, Meridian’s NZ retail sales volumes were 8.2% higher at a 0.1% lower average price
- All segments showed increased sales, except agricultural, which decreased 3.7%
- Compared to Q3 last year, Meridian’s Australian wind generation was 10.5% lower at a 91.7% lower average price
- Hume water storage finished Q3 with more than 200% more storage than Q3 last year
- At the end of Q3, Meridian’s Australian electricity customer numbers were 5.7% higher the same time last year
- Compared to Q3 last year, Meridian’s Australian retail sales volumes were 8.8% higher at an 8.7% lower average price
- Compared to Q3 last year, Meridian Group Operating costs were 1.0% lower and Stay in Business Capital Expenditure was 2.9% lower

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