Meridian Energy monthly operating report for November 2022

Attached is Meridian Energy Limited's monthly operating report for the month of November 2022. Highlights this month include:

▪ In the month to 8 December 2022, national hydro storage decreased from 149% to 138% of historical average

▪ South Island storage decreased to 138% of average and North Island storage increased to 137% of average by 8 December 2022

▪ Meridian’s November 2022 monthly total inflows were 131% of historical average

▪ Waiau catchment inflows in November 2022 were lower, at 90% of historical average

▪ Meridian’s Waitaki catchment water storage at the end of November 2022 was 175% of historical average

▪ Water storage in Meridian’s Waiau catchment was 89% of average at the end of November 2022

▪ Waitaki snow storage in late November 2022 was 92% of historical average

▪ National electricity demand in November 2022 was 1.5% lower than the same month last year

▪ November 2022 was the warmest November on record. While rainfall was below average in Fiordland and Eastern Otago, most of the country saw above average rainfall totals

▪ New Zealand Aluminium Smelter’s average load during November 2022 was 578MW

▪ Meridian’s New Zealand retail sales volumes in November 2022 were 1.4% higher than November 2021

▪ Compared to November 2021, segment sales increased in small medium business +10.1%, large business +23.2% and corporate +1.7%. Sales were lower in residential -2.0% and agricultural -8.4%

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