Meridian Energy monthly operating report for June 2024

Attached is Meridian Energy Limited's monthly operating report for the month of June 2024.
Highlights this month include:
 In the month to 10 July 2024, national hydro storage decreased from 72% to 65% of historical average
 South Island storage decreased to 64% of average and North Island storage increased to 72% of average by 10 July 2024
 Meridian’s June 2024 monthly total inflows were 73% of historical average
 Waiau catchment inflows in June 2024 were 78% of historical average
 Meridian’s Waitaki catchment water storage at the end of June 2024 was 63% of historical average
 Water storage in Meridian’s Waiau catchment was 70% of average at the end of June 2024
 National electricity demand in June 2024 was -1.9% lower than the same month last year
 June 2024 was warm and dry for much of the country, however it was wet for northern and eastern parts of both Islands. Rainfall was below normal for most other parts of the South Island
 New Zealand Aluminium Smelter’s average load during June 2024 was 548MW
 Meridian’s retail sales volumes in June 2024 were -5.5% lower than June 2023
 Compared to June 2023, segment sales increased in large business +4.9% with decreases in residential -0.9%, small medium business -2.4%, agriculture -1.5% and corporate -11.9%

Highlights for the fourth quarter include:
 Meridian’s Q4 total inflows were 86% of historical average, -33% lower than Q4 last year
 Meridian’s Waitaki catchment water storage at the end of Q4 was -52% lower than Q4 last year
 Compared to Q4 last year, Meridian’s generation was -10.7% lower at a +269.3% higher average price
 Electricity futures prices rose across the curve during Q4
 New Zealand Aluminium Smelter’s sales volumes in Q4 were slightly lower than Q4 last year
 National electricity demand in Q4 was +2.7% higher than Q4 last year
 Autumn 2024 was dry for much of New Zealand and the coolest Autumn since 2012
 NIWA’s winter 2024 outlook suggests near normal rainfall and temperatures likely in most regions
 During the quarter, Meridian made calls on volume under the swaption agreement with Nova and Contact and the demand response agreement with NZAS
 At the end of Q4, Meridian’s customer numbers were +1.7% higher than the same time last year
 Compared to Q4 last year, Meridian’s retail sales volumes were +0.7% higher at a +13.1% higher average price
 Sales increased in all segments, apart from corporate
 Compared to Q4 last year, total operating costs were +11.6% higher
 Compared to Q4 last year, total capital expenditure was +4.2% higher. Spend this quarter included Harapaki and Ruakākā BESS construction

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