Meridian Energy monthly operating report for June 2022

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

Highlights this month include:
 In the month to 14 July 2022, national hydro storage increased from 85% to 94% of historical average
 South Island storage increased to 84% of average and North Island storage increased to 146% of average by 14 July 2022
 Meridian’s June 2022 monthly total inflows were 144% of historical average
 Meridian’s Waitaki catchment water storage at the end of June 2022 was 78% of historical average
 Water storage in Meridian’s Waiau catchment was 119% of average at the end of June 2022
 National electricity demand in June 2022 was 0.2% higher than the same month last year
 June was a warm month with temperatures above average for nearly all the country. Rainfall was above average in western and inland areas, with eastern areas drier than average
 New Zealand Aluminium Smelter’s average load during June 2022 was 575MW
 Meridian’s New Zealand retail sales volumes in June 2022 were 6.5% higher than June 2021
 Compared to June 2021, segment sales increased in residential +6.2%, small medium business +6.5%, agricultural +9.9%, large business +13.4% and corporate +5.2%


Highlights for the fourth quarter include:
 Meridian’s Q4 total inflows were 95% of historical average, 18% lower than Q4 last year
 Meridian’s Waitaki catchment water storage at the end of Q4 was 5% lower than Q4 last year
 Compared to Q4 last year, Meridian’s New Zealand generation was 5.1% higher at a 29.8% lower average price
 Q4 saw decreases in near-term futures prices and increases in longer dated futures prices
 New Zealand Aluminium Smelter’s sales volume in Q4 was 1.5% lower than Q4 last year
 National electricity demand in Q4 was 1.7% lower than Q4 last year
 2022 autumn (Mar-May) was the equal 2nd warmest on record. The north and east of the North Island recorded above average rainfall, while the rest of country experienced below average rainfall
 At the end of Q4, Meridian’s New Zealand customer numbers were 5.3% higher than the same time last year
 Compared to Q4 last year, Meridian’s NZ retail sales volumes were 4.6% higher at a 6.0% higher average price
 Sales increased in most segments, agricultural volumes were lower
 Compared to Q4 last year, total operating costs were 1.8% higher
 Compared to Q4 last year, total capital expenditure was 159.0% higher
 Stay in business capital expenditure was 13.5% higher. Growth capital expenditure was 324.3% higher, reflecting construction of the Harapaki wind farm

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