Meridian Energy monthly operating report for December 2024

Attached is Meridian Energy Limited's monthly operating report for the month of December 2024.
Highlights this month include:
 In the month to 13 January 2025, national hydro storage decreased from 134% to 114% of historical average
 South Island storage decreased to 112% of average and North Island storage increased to 126% of average by 13 January 2025
 Meridian’s December 2024 monthly total inflows were 97% of historical average
 Waiau catchment inflows in December 2024 were 96% of historical average
 Meridian’s Waitaki catchment water storage at the end of December 2024 was 135% of historical average
 Snow storage in Meridian’s Waitaki catchment was 62% of average in early January
 Water storage in Meridian’s Waiau catchment was 98% of average at the end of December 2024
 December 2024 was the 5th warmest December on record, with temperatures above average for both islands. Rainfall varied across both islands, with above normal rainfall in the West Coast of the South Island
 National electricity demand in December 2024 was -3.2% lower than the same month last year
 New Zealand Aluminium Smelter’s average load during December 2024 was 486MW
 Meridian’s retail sales volumes in December 2024 were +2.6% higher than December 2023
 Compared to December 2023, segment sales increased in small medium business +1.0%, agricultural +6.5%, large business +8.4% and corporate +1.2%, with decreases in residential -0.5%


Highlights this quarter include:
 Meridian’s Q2 total inflows were 114% of historical average, +36% higher than Q2 last year
 Meridian’s Waitaki catchment water storage at the end of Q2 was +66% higher than Q2 last year
 Compared to Q2 last year, Meridian’s generation was +5.2% higher at a -76.2% lower average price
 Near term electricity futures prices decreased during Q2
 Spring 2024 was warmer than average for much of the country. The southern South Island recorded significant rainfall, while it was very dry in the east of the North Island
 NIWA’s summer 2024/25 outlook includes a La Niña watch. Average to above average temperatures and rainfall are forecast across the country
 National electricity demand in Q2 was -3.3% lower than Q2 last year
 New Zealand Aluminum Smelter’s sales volumes in Q2 were lower than Q2 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 Q2, Meridian’s customer numbers were +2.9% higher than the same time last year
 Compared to Q2 last year, Meridian’s retail sales volumes were +1.3% higher at a +4.4% higher average price
 Sales increased in agriculture and large business segments
 Compared to Q2 last year, total operating costs were -4.4% lower
 Compared to Q2 last year, total capital expenditure was -42.1% 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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