Meridian Energy monthly operating report for March 2022

Thursday 14th April 2022

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Thursday 14 April at 3pm NZST (1pm 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 ‘?’ speech bubble.

Highlights this month include:

- In the month to 12 April 2022, national hydro storage decreased from 102% to 81% of historical average

- South Island storage decreased to 73% of average and North Island storage increased to 148% of average by 12 April 2022

- Meridian’s March 2022 monthly total inflows were 38% of historical average, the lowest March month inflows on record

- Both Meridian’s Waitaki and Waiau catchments recorded their lowest March inflows on record, with Waiau inflows only 22% of historical average

- Meridian’s Waitaki catchment water storage at the end of March 2022 was 92% of historical average

- Water storage in Meridian’s Waiau catchment was 24% of average at the end of March 2022

- National electricity demand in March 2022 was 1.3% lower than the same month last year

- Meridian made calls under the Genesis swaption in March 2022 and early April 2022

- March was a warm month for most of the country. Rainfall was generally below average, the notable exception was the east of the North Island

- New Zealand Aluminium Smelter’s average load during March 2022 was 572MW

- Meridian’s New Zealand retail sales volumes in March 2022 were 5.9% higher than March 2021

- Compared to March 2021, segment sales increased in residential +9.9%, small medium business +17.5%, large business +10.9% and corporate +10.8%. Agricultural volumes were -18.2% lower than March 2021

Highlights for the first quarter include:

- Meridian’s Q3 total inflows were 64% of historical average, 8% lower than Q3 last year

- Q3 Waiau catchment inflows were the lowest Q3 inflows on record

- Meridian’s Waitaki catchment water storage at the end of Q3 was 55% higher than Q3 last year

- Compared to Q3 last year, Meridian’s New Zealand generation was 9.2% higher at a 27.5% lower average price

- Q3 saw increases in futures prices across the forward curve

- New Zealand Aluminium Smelter’s sales volume in Q3 was the same as Q3 last year

- National electricity demand in Q3 was 0.6% lower than Q3 last year

- 2021-22 summer (Dec-Feb) was the 5th warmest on record with above average rainfall, except for northern New Zealand and far South of the country

- At the end of Q3, Meridian’s New Zealand customer numbers were 7.5% higher than the same time last year

- Compared to Q3 last year, Meridian’s NZ retail sales volumes were 4.9% higher at a 7.1% higher average price

- Sales increased in most segments, large business and agricultural volumes were lower

- Compared to Q3 last year, total operating costs were 15.8% higher, largely reflecting timing of fortnightly payroll implementation

- Compared to Q3 last year, total capital expenditure was 35.6% lower

- Q3 2021 capex included the first payment to Siemens Gamesa under the Harapaki wind farm contract

MEL monthly operating report for March 2022

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