Meridian Energy monthly operating report for March 2025

Attached is Meridian Energy Limited's monthly operating report for the month of March 2025.

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Wednesday 16 April at 4.00pm NZST (2.00pm AEST).

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'.

Key points this month include:

- In the month to 14 April 2025, national hydro storage increased from 76% to 77% of historical average
- South Island storage increased to 76% of average and North Island storage decreased to 84% of average by 14 April 2025
- Meridian’s March 2025 monthly total inflows were 60% of historical average
- Waiau catchment inflows in March 2025 were 62% of historical average
- Meridian’s Waitaki catchment water storage at the end of March 2025 was 71% of historical average
- Water storage in Meridian’s Waiau catchment was 56% of average at the end of March 2025
- March 2025 was dry for most and warm for the South Island, with temperatures above or well above average. Rainfall was below normal or well below normal across much of the North Island and all but the eastern part of the South Island
- National electricity demand in March 2025 was 2.8% lower than the same month last year
- New Zealand’s Aluminium Smelter’s average load during March 2025 was 524MW
- Meridian’s retail sales volumes in March 2025 were 3.1% lower than March 2024
- Compared to March 2024, segment sales in residential were 0.3% higher, small medium business 3.4% higher, large business 7.9% higher, agriculture 40.8% lower and corporate 8.8% higher

Key points this quarter include:

- Meridian’s Q3 inflows were a record Q3 low across 92 years of historical inflows
- Q3 total inflows were 48% of historical average, 50% lower than Q3 last year
- Meridian’s Waitaki catchment water storage at the end of Q3 was 9% lower than Q3 last year
- Compared to Q3 last year, Meridian’s generation was 4.9% lower at a 19.6% higher average price
- Electricity futures prices increased during Q3
- Summer 2025 was mild and dry, with numerous regions recording record or near record low rainfall. In contrast, rainfall was abundant in some eastern parts of the country
- NIWA’s autumn 2025 outlook suggests rainfall to be near normal or below normal for the west of both islands, near normal or above for the east and normal for the top of both islands
- National electricity demand in Q3 was 4.5% lower than Q3 last year
- New Zealand’s Aluminium Smelter’s sales volumes in Q3 were lower than Q3 last year
- During the quarter, Meridian made calls on volume under an agreed 50MW smelter demand response reduction
- At the end of Q3, Meridian’s customer numbers were 5.8% higher than the same time last year
- Compared to Q3 last year, Meridian’s retail sales volumes were 4.0% lower at a 5.5% higher average price
- Sales increased in all segments except agriculture
- Compared to Q3 last year, total operating costs were 1.0% lower
- Compared to Q3 last year, total capital expenditure was 77.6% lower

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

---

Announcement PDF