Meridian Energy monthly operating report for March 2022

Attached is Meridian Energy Limited's monthly operating report for the month of March 2022.

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Thursday 14 April at 3pm NZST (1pm AEST).

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 ‘?’ speech bubble.

Highlights this month include:
- In the month to 12 April 2022, national hydro storage decreased from 102% to 81% of historical average
- South Island storage decreased to 73% of average and North Island storage increased to 148% of average by 12 April 2022
- Meridian’s March 2022 monthly total inflows were 38% of historical average, the lowest March month inflows on record
- Both Meridian’s Waitaki and Waiau catchments recorded their lowest March inflows on record, with Waiau inflows only 22% of historical average
- Meridian’s Waitaki catchment water storage at the end of March 2022 was 92% of historical average
- Water storage in Meridian’s Waiau catchment was 24% of average at the end of March 2022
- National electricity demand in March 2022 was 1.3% lower than the same month last year
- Meridian made calls under the Genesis swaption in March 2022 and early April 2022
- March was a warm month for most of the country. Rainfall was generally below average, the notable exception was the east of the North Island
- New Zealand Aluminium Smelter’s average load during March 2022 was 572MW
- Meridian’s New Zealand retail sales volumes in March 2022 were 5.9% higher than March 2021
- Compared to March 2021, segment sales increased in residential +9.9%, small medium business +17.5%, large business +10.9% and corporate +10.8%. Agricultural volumes were -18.2% lower than March 2021

Highlights for the first quarter include:
- Meridian’s Q3 total inflows were 64% of historical average, 8% lower than Q3 last year
- Q3 Waiau catchment inflows were the lowest Q3 inflows on record
- Meridian’s Waitaki catchment water storage at the end of Q3 was 55% higher than Q3 last year
- Compared to Q3 last year, Meridian’s New Zealand generation was 9.2% higher at a 27.5% lower average price
- Q3 saw increases in futures prices across the forward curve
- New Zealand Aluminium Smelter’s sales volume in Q3 was the same as Q3 last year
- National electricity demand in Q3 was 0.6% lower than Q3 last year
- 2021-22 summer (Dec-Feb) was the 5th warmest on record with above average rainfall, except for northern New Zealand and far South of the country
- At the end of Q3, Meridian’s New Zealand customer numbers were 7.5% higher than the same time last year
- Compared to Q3 last year, Meridian’s NZ retail sales volumes were 4.9% higher at a 7.1% higher average price
- Sales increased in most segments, large business and agricultural volumes were lower
- Compared to Q3 last year, total operating costs were 15.8% higher, largely reflecting timing of fortnightly payroll implementation
- Compared to Q3 last year, total capital expenditure was 35.6% lower
- Q3 2021 capex included the first payment to Siemens Gamesa under the Harapaki wind farm contract

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