Meridian Energy monthly operating report for December 2023

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

Highlights this month include:
 In the month to 12 January 2024, national hydro storage decreased from 88% to 84% of historical average
 South Island storage decreased to 75% of average and North Island storage increased to 132% of average by 12 January 2024
 Meridian’s December 2023 monthly total inflows were 80% of historical average
 Waiau catchment inflows in December 2023 were 84% of historical average
 Meridian’s Waitaki catchment water storage at the end of December 2023 was 82% of historical average
 Snow storage in Meridian’s Waitaki catchment was 64% of average in mid-January 2024
 Water storage in Meridian’s Waiau catchment was 85% of average at the end of December 2023
 National electricity demand in December 2023 was 2.4% higher than the same month last year
 December 2023 was a warm month with variable rainfall patterns. Much of the country experienced normal or below normal rainfall, except for parts of the Upper North and the East Coast of the North Island
 New Zealand Aluminium Smelter’s average load during December 2023 was 577MW
 Meridian’s retail sales volumes in December 2023 were 10.3% higher than December 2022
 Compared to December 2022, segment sales increased in residential +3.6%, small medium business +1.6%, large business +8.2%, agriculture +30.1% and corporate +7.7%

Highlights for the second quarter include:
 Meridian’s Q2 total inflows were 83% of historical average, 5% lower than Q2 last year
 Meridian’s Waitaki catchment water storage at the end of Q2 was 36% lower than Q2 last year
 Compared to Q2 last year, Meridian’s generation was -5.7% lower at a +235.2% higher average price
 Near-term electricity futures prices rose during Q2, while longer dated prices fell
 New Zealand Aluminium Smelter’s sales volumes in Q2 were the same as Q2 last year
 National electricity demand in Q2 was 0.3% higher than Q2 last year
 Spring 2023 was mild and very wet for parts of the North Island. Elsewhere rainfall was generally near normal
 NIWA’s summer 2024 outlook suggests a very high probability of current El Nino conditions persisting through to March, with more variable rainfall patterns
 During the quarter, Meridian made calls on volume under the swaption agreement with Nova
 At the end of Q2, Meridian’s customer numbers were 1.3% higher than the same time last year
 Compared to Q2 last year, Meridian’s retail sales volumes were 3.8% higher at an 5.2% higher average price
 Sales increased in all segments, except small medium business
 Compared to Q2 last year, total operating costs were 14.3% higher
 Compared to Q2 last year, total capital expenditure was 23.5% lower, largely reflecting timing of spend at the Harapaki Wind Farm

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