Meridian Energy monthly operating report for February 2023

Attached is Meridian Energy Limited's monthly operating report for the month of February 2023.

Highlights this month include:

▪ In the month to 13 March 2023, national hydro storage decreased from 111% to 105% of historical average
▪ South Island storage decreased to 94% of average and North Island storage increased to 194% of average by 13 March 2023
▪ Meridian’s February 2023 monthly total inflows were 86% of historical average
▪ Waiau catchment inflows in February 2023 were 71% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of February 2023 was 103% of historical average
▪ Water storage in Meridian’s Waiau catchment was 62% of average at the end of February 2023
▪ National electricity demand in February 2023 was 0.1% lower than the same month last year
▪ February 2023 saw exceptional North Island rainfall from Cyclone Gabrielle. South Island rainfall was variable and below average in inland Canterbury and Fiordland. Above average temperatures were recorded in most parts of the country
▪ New Zealand Aluminium Smelter’s average load during February 2023 was 576MW
▪ Meridian’s retail sales volumes in February 2023 were 9.7% higher than February 2022
▪ Compared to February 2022, segment sales increased in small medium business +5.1%, agricultural +56.1%, large business +7.7% and corporate +2.0%. Residential sales decreased -2.5%

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