Meridian Energy monthly operating report for December 2022

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

▪ In the month to 10 January 2023, national hydro storage decreased from 138% to 116% of historical average

▪ South Island storage decreased to 111% of average and North Island storage increased to 144% of average by 10 January 2023

▪ Meridian’s December 2022 monthly total inflows were 63% of historical average

▪ Waiau catchment inflows in December 2022 were lower, at 55% of historical average

▪ Meridian’s Waitaki catchment water storage at the end of December was 129% of historical average

▪ Water storage in Meridian’s Waiau catchment was 65% of average at the end of December 2022

▪ Waitaki snow storage in early January 2023 was 65% of historical average

▪ National electricity demand in December 2022 was 0.4% lower than the same month last year

▪ December 2022 was generally a warm month with variable rainfall patterns. Most of Otago and Southland saw rainfall totals well below average

▪ New Zealand Aluminium Smelter’s average load during December 2022 was 577MW

▪ Meridian’s retail sales volumes in December 2022 were 1.4% higher than December 2021

▪ Compared to December 2021, segment sales increased in small medium business +3.7%, agricultural +19.0%, large business +11.7%. Residential decreased -1.2% and corporate -6.2%


Highlights for the second quarter include:

▪ Meridian’s Q2 total inflows were 88% of historical average, 10% lower than Q2 last year

▪ Meridian’s Waitaki catchment water storage at the end of Q2 was 2% lower than Q2 last year

▪ Compared to Q2 last year, Meridian’s generation was 0.8% lower at a 35.6% lower average price

▪ Q2 saw increases in longer dated futures prices

▪ Close outs of 2024 and 2025 hedge positions generated $19m of proceeds in Q2

▪ New Zealand Aluminium Smelter’s sales volume in Q2 was 0.1% lower than Q2 last year

▪ National electricity demand in Q2 was 0.5% higher than Q2 last year

▪ 2022 spring (September-December) was warm with no areas experiencing below average temperatures. Much of the North Island was very wet, South Island rainfall was around normal

▪ At the end of Q2, Meridian’s customer numbers were 2.4% higher than the same time last year

▪ Compared to Q2 last year, Meridian’s retail sales volumes were 4.5% higher at a 13.3% higher average price

▪ Sales increased in all segments, except residential, where sales were flat

▪ Compared to Q2 last year, total operating costs were 33.2% higher

▪ Compared to Q2 last year, total capital expenditure was 185.0% higher and included ex-works payments to Siemens Gamesa in relation to the Harapaki Wind Farm construction

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Announcement PDF