Meridian Energy monthly operating report for December 2021

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

Highlights this month include:
 In the month to 11 January 2022, national hydro storage decreased from 128% to 115% of historical average
 South Island storage decreased to 112% of average and North Island storage increased to 131% of average by 11 January 2022
 Meridian’s December 2021 monthly total inflows were 113% of historical average
 Meridian’s Waitaki catchment water storage at the end of December 2021 was 132% of historical average
 Water storage in Meridian’s Waiau catchment was slightly below average at the end of December 2021
 Waitaki snow storage in early January 2022 was 95% of historical average
 National electricity demand in December 2021 was 2.0% lower than the same month last year
 December 2021 was another warm month with temperatures above average for most of the country. Except in northern regions, above average rainfall was observed in many parts of New Zealand
 New Zealand Aluminium Smelter’s average load during December 2021 was 569MW
 Meridian’s New Zealand retail sales volumes in December 2021 were 3.3% higher than December 2020
 Compared to December 2020, segment sales increased in residential +12.5%, small medium business +21.9% and corporate +14.1%. Large business volumes were -3.1% lower and agricultural volumes -30.0% lower than December 2020
 Following the Court of Appeal decision in the Metro Glass case, a $6.8m provision in relation to holiday pay has been released, reducing December 2021 operating costs
 $3.3m of MEA transaction costs have been reclassified out of November 2021 YTD operating costs in December 2021

Highlights for the second quarter include:
 Meridian’s Q2 total inflows were 97% of historical average, 6% higher than Q2 last year
 Meridian’s Waitaki catchment water storage at the end of Q2 was 79% higher than Q2 last year
 Compared to Q2 last year, Meridian’s New Zealand generation was 2.2% higher at a 37.8% lower average price
 Q2 saw small changes in NZ futures prices. 2025 commenced trading at lower prices than 2024
 New Zealand Aluminium Smelter’s average load during Q2 was 571MW compared with 565MW in Q2 last year
 National electricity demand in Q2 was 1.7% lower than Q2 last year
 At the end of Q2, Meridian’s New Zealand customer numbers were 7.7% higher than the same time last year
 Compared to Q2 last year, Meridian’s NZ retail sales volumes were 4.7% higher at a 3.7% higher average price
 Sales increased in most segments, large business and agricultural volumes were lower
 Compared to Q2 last year, Meridian’s Australian wind generation was 9.4% lower at a 7.0% lower average price
 Hume water storage rose from 97% of average to 98% of average during Q2
 At the end of Q2, Meridian’s Australian electricity customer numbers were 0.2% lower than the same time last year
 Compared to Q2 last year, Meridian’s Australian retail sales volumes were 7.1% higher at a 16.4% lower average price
 Compared to Q2 last year, total operating costs were 8.7% lower and included a $7m holiday pay provision release
 Compared to Q2 last year, total capital expenditure was 182.9% higher, with commencement of the Harapaki wind farm build

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