Attached is Meridian Energy Limited's monthly operating report for the month of September 2022.
Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Friday 14 October at 2pm NZDT (12pm AEDT).
Click on the link below at this time to join the call.
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZWI4YjdjYzQtNDA2Ny00MDk3LWI4N2YtYjljOTBlYWE3ZmQ2%40thread.v2/0?context=%7B%22Tid%22%3A%22e6cf3f80-614d-4939-895c-3d5287c0f245%22%2C%22Oid%22%3A%22c692514d-d11e-44ac-af04-5284be13917f%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a
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 7 October 2022, national hydro storage decreased from 162% to 146% of historical average
South Island storage decreased to 148% of average and North Island storage increased to 141% of average by 7 October 2022
Meridian’s September 2022 monthly total inflows were 80% of historical average
Waiau catchment inflows in September 2022 were lower, at 54% of historical average
Meridian’s Waitaki catchment water storage at the end of September 2022 was 194% of historical average
Water storage in Meridian’s Waiau catchment was 72% of average at the end of September 2022
Waitaki snow storage at the end of September 2022 was 116% of historical average
National electricity demand in September 2022 was 1.6% higher than the same month last year
September 2022 was wet for the eastern North Island and dry for much of the South Island. Temperatures near average for most of the country
New Zealand Aluminium Smelter’s average load during September 2022 was 574MW
Meridian’s New Zealand retail sales volumes in September 2022 were 7.9% higher than September 2021
Compared to September 2021, segment sales increased in small medium business +17.7%, agricultural +4.5% and large business +24.0% and corporate +9.3%. Residential sales decreased -3.9%
Highlights for the third quarter include:
Meridian’s Q1 total inflows were 158% of historical average, 3% lower than Q1 last year
Meridian’s Waitaki catchment water storage at the end of Q1 was 21% higher than Q1 last year
Compared to Q1 last year, Meridian’s New Zealand generation was 3.8% higher at a 49.9% lower average price
Q1 saw increases in longer dated futures prices
Close outs of 2024 and 2025 hedge positions generated $32m of proceeds in Q1
New Zealand Aluminium Smelter’s sales volume in Q1 was 0.1% lower than Q1 last year
National electricity demand in Q1 was 0.8% lower than Q1 last year
2022 winter (June-August) was the warmest and wettest on record. No areas experienced below average temperatures and it was exceptionally wet across most of the country
At the end of Q1, Meridian’s New Zealand customer numbers were 3.2% higher than the same time last year
Compared to Q1 last year, Meridian’s NZ retail sales volumes were 5.3% higher at an 8.8% higher average price
Sales increased in all segments, except residential, where sales were -1.4% lower
Compared to Q1 last year, total operating costs were 16.6% higher
Compared to Q1 last year, total capital expenditure was 10.6% lower, with higher stay in business spend and lower growth spend