Meridian Energy monthly operating report for September 2024

Attached is Meridian Energy Limited's monthly operating report for the month of September 2024.
Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 15 October at 11.30am NZDT (9.30am AEDT).

Click on the link below at this time to join the call.

https://teams.microsoft.com/l/meetup-join/19%3ameeting_NGE1NDFmMzEtNWYzMi00OWFlLTgxNGUtYTk5OTk1Yjg4NDVk%40thread.v2/0?context=%7b%22Tid%22%3a%22e6cf3f80-614d-4939-895c-3d5287c0f245%22%2c%22Oid%22%3a%22c692514d-d11e-44ac-af04-5284be13917f%22%7d

Please submit any questions using the Q&A panel on the right-hand side of the call window. If the Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech bubble'.

Highlights this month include:
 In the month to 7 October 2024, national hydro storage increased from 99% to 115% of historical average
 South Island storage increased to 119% of average and North Island storage increased to 100% of average by 7 October 2024
 Meridian’s September 2024 monthly total inflows were 223% of historical average
 Waiau catchment inflows in September 2024 were 242% of historical average
 Meridian’s Waitaki catchment water storage at the end of September 2024 was 102% of historical average
 Snow storage in Meridian’s Waitaki catchment was 117% of average in early October
 Water storage in Meridian’s Waiau catchment was 182% of average at the end of September 2024
 September 2024 was warm and dry for northern and eastern parts of both islands. Rainfall was above normal for the lower half of the South Island
 National electricity demand in September 2024 was -5.2% lower than the same month last year
 New Zealand Aluminium Smelter’s average load during September 2024 was 375MW
 During the quarter, Meridian made calls on volume under the largest option of the Demand Response Agreement with NZAS
 Meridian’s retail sales volumes in September 2024 were -4.9% lower than September 2023
 Compared to September 2023, segment sales increased in residential +1.7% and large business +4.6%, with decreases in small medium business -2.8%, agricultural -21.5% and corporate -4.8%

Highlights for the first quarter include:
 Meridian’s Q1 total inflows were 147% of historical average, +30% higher than Q1 last year
 Meridian’s Waitaki catchment water storage at the end of Q1 was -12% lower than Q1 last year
 Compared to Q1 last year, Meridian’s generation was -15.0% lower at a +157.3% higher average price
 Electricity futures prices decreased across the curve during Q1
 Winter 2024 was the 3rd warmest on record for much of New Zealand, with rainfall above average in the Mackenzie Basin and parts of Otago
 NIWA’s spring 2024 outlook includes a La Niña Watch with a 60-70% chance that an event develops by December. Above average temperatures and normal rainfall totals through spring are forecast
 National electricity demand in Q1 was -3.1% lower than Q1 last year
 New Zealand Aluminum Smelter’s sales volumes in Q1 were lower than Q1 last year
 During the quarter, Meridian made calls on volume under the largest option of the Demand Response Agreement with NZAS
 At the end of Q1, Meridian’s customer numbers were +2.2% higher than the same time last year
 Compared to Q1 last year, Meridian’s retail sales volumes were -3.6% lower at a +8.5% higher average price
 Sales decreased in all segments, apart from large business
 Compared to Q1 last year, total operating costs were +16.6% higher
 Compared to Q1 last year, total capital expenditure was -28.1% lower

Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels

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