Meridian Energy monthly operating report for April 2021

PG 1

Meridian Energy monthly operating report for April 2021
18 May 2021
Attached is Meridian Energy Limited's monthly operating report for the month of April 2021.
Highlights this month include:
▪ In the month to 14 May 2021, national hydro storage increased from 59% to 67% of historical
average
▪ South Island storage increased to 71% of average and North Island storage decreased to 35% of
average by 14 May 2021
▪ Meridian’s April 2021 monthly total inflows were 87% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of April 2021 was 54% of historical average
▪ Water storage in Meridian’s Waiau catchment was below average at the end of April 2021
▪ National electricity demand in April 2021 was 15.4% higher than the same month last year
▪ April 2021 was warmer and drier than normal for much of the country. Soil moisture levels are in
severe deficit in eastern parts of both islands
▪ Meridian made calls under the Genesis swaption in April and May 2021
▪ Outages have been confirmed out to December 2021 on the Roxburgh-Livingstone line as part of the
Clutha Upper Waitaki Lines Project
▪ New Zealand Aluminium Smelter’s average load during April 2021 was 567MW
▪ Meridian’s New Zealand retail sales volumes in April 2021 were 36.9% higher than April 2020, when
the country was in Alert Level 4 lockdown
▪ Compared to April 2020, segment sales increased in: SMB +91.7%, agricultural +63.5%, large business
+12.8% and corporate +39.9%. Sales were 2.3% lower in residential

ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Polly Atkins
Senior Communications Specialist

021 174 1715

Monthly Operating Report
April 2021

April highlights
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |2
In the month to 14 May 2021,
national hydro storage
increased from 59%to 67%of
historical average
South Island storage
increased to 71%of average
and North Island storage
decreased to 35%of average
by 14 May 2021
Meridian’s April 2021 monthly
total inflows were 87%of
historical average
Meridian’s Waitaki catchment
water storage at the end of
April 2021 was 54%of
historical average
Water storage in Meridian’s
Waiaucatchment was below
average at the end of April
2021
New Zealand Aluminium
Smelter’s average load during
April 2021 was 567MW
Meridian’s New Zealand retail
sales volumes in April 2021
were 36.9%higher than April
2020, when the country was in
Alert Level 4 lockdown
Compared to April 2020,
segment sales increased in:
SMB +91.7%, agricultural
+63.5%, large business +12.8%
and corporate +39.9%. Sales
were 2.3% lower in residential
National electricity demand in
April 2021 was 15.4%higher
than the same month last
year
April 2021 was warmer and
drier than normal for much of
the country. Soil moisture
levels are in severe deficit in
eastern parts of both islands
Meridian made calls under
the Genesis swaption in April
and May 2021
Outages have been confirmed
out to December 2021 onthe
Roxburgh-Livingstone line as
part ofthe Clutha Upper
Waitaki Lines Project

Market data
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |3
▪National electricity demand in April 2021
was 15.4% higher than the same month
last year
▪April 2021 was warmer and drier than
normal for much of the country. Soil
moisture levels are in severe deficit in
eastern parts of both islands
▪Demand in the last 12 months was 0.2%
higher than the preceding 12 months
▪New Zealand Aluminium Smelter’s average
load during April2021 was 567MW
▪12-month average switching rate of
customers changing retailers but not
moving (“trader” switch) was 6.5% at the
end of April 2021
▪12-month average switching rate of
customers moving and changing retailers
(“move-in” switch) was 13.9% at the end
of April 2021
Source: Electricity Authority (reconcileddemand)
Source: Electricity Authority
2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL DEMAND
Range (2010-2020)201620172018201920202021
5%
7%
9%
11%
13%
15%
Apr 16Oct 16Apr 17Oct 17Apr 18Oct 18Apr 19Oct 19Apr 20Oct 20Apr 21
12 month average
MARKET ICP SWITCHING (ALL RETAILERS)
Industry Move-in SwitchesIndustry Trader Switches

Market data
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |4
▪April 2021 saw little change in ASX prices
▪National storage increased from 59% of
average on 13 April 2021 to 67% of
average on 14 May 2021
▪South Island storage increased to 71% of
historical average by 14 May 2021. North
Island storage decreased to 35% of
average
Source: ASX
Source: ASX
Source: NZX
0
1,000
2,000
3,000
4,000
5,000
6,000
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
NATIONAL HYDRO STORAGE (14 May 2021)
87yr Average199220042008
2012201820202021
60
100
140
180
220
260
300
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
$/MWh
OTAHUHU ASX FUTURES SETTLEMENT PRICE
30 June 202031 December 202029 January 2021
1 March 202131 March 202130 April 2021
60
100
140
180
220
260
300
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
$/MWh
BENMORE ASX FUTURES SETTLEMENT PRICE
30 June 202031 December 202029 January 2021
1 March 202131 March 202130 April 2021

New Zealand retail
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |5
▪Meridian’s New Zealand customer
connection numbers rose 0.6% during
April 2021 and have risen 4.9% since June
2020
▪Retail sales volumes in April 2021 were
36.9% higher than April 2020, when the
country was in Alert Level 4 lockdown
▪Compared to April 2020, segment sales
increased in: SMB +91.7%, agricultural
+63.5%, large business +12.8% and
corporate +39.9%. Sales were 2.3% lower
in residential
▪To date this financial year, retail sales
volumes are 13.1% higher than the same
period last year
▪This reflects increased sales in all
segments: residential +3.8%, small
medium business +19.6%, agricultural
+9.5%, large business +14.3% and
corporate +17.0%
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Meridian operating information
Source: Meridian
Source: Meridian
115
115
116
116
116
116
116
117
117
118
120
121
121
121
121121
121
122
122
122
90
91
92
93
94
96
96
97
99
101
110
112
112
112
113
112
113
113
114
114
114
115
119
119
119
120
120
120
119
120
120
120
120
120
76
77
78
79
80
82
83
85
86
87
88
89
0
100
200
300
400
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
MERIDIAN'S NZ CUSTOMER CONNECTIONS
FY21 Meridian NIFY21 Meridian SIFY21 Powershop
FY20 Meridian NIFY20 Meridian SIFY20 Powershop
186
171
146
127
111
107
101
93
108
121
113
107
105
104
96
99
96
93
111
109
47
72
87
157
142
170
154
177
145
116
55
52
48
46
44
44
44
46
40
37
282
275
272
283
284
287
288
311
334
311
165
166
140
129
101
92
97
92
111
124
151
170
97
99
95
89
85
87
86
87
88
57
84
98
42
65
76
89
138
163
200
163
131
71
65
43
46
45
38
40
39
39
38
39
41
33
40
46
248
254
233
243
247
264
272
264
269
222
255
276
0
100
200
300
400
500
600
700
800
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
MERIDIAN'S RETAIL SALES VOLUME*
FY21 ResidentialFY21 SMBFY21 AgriFY21 Large Bus
FY21 CorporateFY20 ResidentialFY20 SMBFY20 Agri
FY20 Large BusFY20 Corporate

New Zealand storage
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |6
▪April 2021 monthly inflows were 87% of
historical average
▪To date this financial year, inflows are 91%
of historical average
▪Meridian’s Waitaki catchment water
storage moved from 1,098GWh to
974GWh during April 2021
▪Waitaki water storage at the end of April
2021 was 54% of historical average and
86% lower than the same time last year
▪Water storage in Meridian’s Waiau
catchment was below average at the end
of April 2021
Meridian operating information
Source: Meridian
Source: Meridian
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
200720082009201020112012201320142015201620172018201920202021
GWh
Financial
year
MERIDIAN'S COMBINED CATCHMENT INFLOWS
April YTD87 year average
0
500
1,000
1,500
2,000
2,500
3,000
1-Jan1-Mar1-May1-Jul1-Sep1-Nov
GWh
MERIDIAN'S WAITAKI STORAGE
Average 1979-201620172018201920202021

New Zealand generation
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |7
▪Meridian’s New Zealand generation in
April 2021 was 8.5% lower than the same
month last year, reflecting lower hydro and
higher wind generation
▪To date this financial year, Meridian’s New
Zealand generation is 10.1% lower than
the same period last year, reflecting lower
hydro and lower wind generation
▪The average price Meridian received for its
generation in April 2021 was 550.6%
higher than the same month last year
▪The average price Meridian paid to supply
customers in April 2021 was 483.5% higher
than the same month last year
▪To date this financial year, the average
price Meridian received for its generation
is 87.9% higher than the same period last
year and the average price paid to supply
customers is 88.8% higher
Meridian operating information
Source: Meridian
Source: Meridian
*price received for Meridian’s physical generation
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S NEW ZEALAND GENERATION
FY21 HydroFY21 WindFY20 HydroFY20 Wind
145
110
124
108
87
109
135
242
254
273
101
123
122
121
94
51
77
43
52
42
116
136
0
50
100
150
200
250
300
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
MERIDIAN'S AVERAGE GENERATION PRICE*
FY21FY20

Australian retail
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |8
▪Powershop Australia electricity customer
connection numbers rose 0.1% during
April 2021 and have risen 4.3% since June
2020
▪Electricity sales volumes in April 2021 were
3.6% higher than the same month last year
▪To date this financial year, electricity sales
volumes are 16.9% higher than the same
period last year
▪Powershop Australia gas customer
connection numbers rose 0.9% during
April 2021 and have risen 13.8% since June
2020
▪Gas sales volumes in April 2021 were 7.4%
higher than the same month last year
▪To date this financial year, gas sales
volumes are 22.1% higher than the same
period last year
Meridian operating information
Source: Meridian
Source: Meridian
85
83
66
61
55
56
57
53
58
59
63
66
55
49
46
50
51
50
53
57
68
75
0
10
20
30
40
50
60
70
80
90
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
AUSTRALIAN RETAIL ELECTRICITY SALES VOLUMES
FY21FY20
312
280
157
142
52
48
31
31
42
116
176
192
171
119
64
51
22
37
52
108
231
270
0
50
100
150
200
250
300
350
JulAugSepOctNovDecJanFebMarAprMayJun
TJ
AUSTRALIAN RETAIL GAS SALES VOLUMES
FY21FY20

Australian generation
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |9
▪Meridian’s Australian generation in April
2021 was 23.1% higher than the same
month last year, reflecting lower wind
generation and higher hydro generation
▪To date this financial year, Meridian’s
Australian generation is 14.4% higher than
the same period last year, reflecting lower
wind and higher hydro generation
▪Storage at Meridian’s Hume hydro power
station decreased to 43% of capacity by mid
May 2021
▪NEM
1
electricity demand in April 2021 was
1.0% higher than the same month last year
▪Spot prices lifted in April 2021 to be 45%
higher than the same month last year.
Forward prices increased marginally in April
2021
Meridian operating information
Source: Meridian
1
See glossary on page 17 for a definition of Australia’s National Electricity Market
2
February average generation prices include the settlement of forward sold Large Generation
Certificates:
•Forward LGC sales are marked to market monthly through fair value movements
•Sales settle in February each year
•At which point fair value gains or losses on settled sales transfer to generation revenue
•With the FY21 settlement, generation revenue now includes market to market losses of A$3M
•This compares with settlement gains of A$12M in FY20
Source: Meridian
34
60
57
44
41
43
39
31
27
30
0
4
14
12
41
40
41
24
24
28
61
56
44
44
44
41
38
32
39
43
49
37
3
7
19
17
15
16
14
9
8
4
1
0
0
10
20
30
40
50
60
70
80
90
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
MERIDIAN'S AUSTRALIAN GENERATION
FY21 WindFY21 HydroFY20 WindFY20 Hydro
90
90
70
68
75
55
53
-54
59
63
116
125
127
126
110
102
226
78
54
61
79
-100
-50
0
50
100
150
200
250
JulAugSepOctNovDecJanFebMarAprMayJun
$A/MWh
AVERAGE WIND GENERATION PRICE
2
FY21FY20

APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS
10 MONTHS
2021
2020
2021
2021
TO APRIL
TO APRIL
MONTH
MONTH
MONTH
MONTH
2021
2020
New Zealand contracted sales
Residential sales volume (GWh)
121


124


108


93


1,271


1,225


Small medium business sales volume (GWh)
109


57


111


93


1,034


864


Agricultural sales volume (GWh)
116


71


145


177


1,266


1,157


Large business sales volume (GWh)
37


33


40


46


455


398


Corporate and industrial sales volume (GWh)
311


222


334


311


2,928


2,502


Retail contracted sales volume (GWh)
694


507


738


721


6,954


6,147


Average retail contracted sales price ($NZ/MWh)
$114.7
$109.2
$107.5
$108.7
$110.5
$107.0
NZAS sales volume (GWh)
412


416


426


384


4,173


4,521


Financial contract sales volumes (GWh)
167


222


197


126


1,634


1,930


Average wholesale & financial contracts sales price ($NZ/MWh)
$76.8
$64.8
$69.8
$58.0
$70.0
$67.1
Retail customer supply volumes (GWh)
718


537


768


757


7,292


6,446


Cost to supply retail customers ($NZ/MWh)
$285.5
$50.1
$265.1
$256.7
$173.2
$95.6
Cost to supply wholesale customers ($NZ/MWh)
$277.8
$43.4
$260.3
$244.8
$156.4
$80.4
Cost of financial contracts ($NZ/MWh)
$266.4
$52.1
$204.8
$234.0
$154.3
$77.7
Total New Zealand customer connections
340,178


321,051


338,051


335,580


New Zealand
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |10
Meridian operating information

APRIL
APRIL
MARCH
FEBRUARY
10 MONTHS
10 MONTHS
2021
2020
2021
2021
TO APRIL
TO APRIL
MONTH
MONTH
MONTH
MONTH
2021
2020
New Zealand generation
Hydro generation volume (GWh)
867


959


974


868


9,494


10,624


Wind generation volume (GWh)
116


116


87


83


1,168


1,233


Total generation volume (GWh)
983


1,075


1,061


951


10,662


11,857


Average generation price ($NZ/MWh)
$272.5
$41.9
$253.8
$242.1
$155.3
$82.7
New Zealand hedging
Hedging volume (GWh)
348


239


431


345


3,151


2,195


Hedging cost average price ($NZ/MWh)
$110.3
$77.4
$127.0
$115.6
$106.2
$83.9
Hedging spot revenue average price ($NZ/MWh)
$260.2
$51.5
$219.0
$235.0
$163.2
$85.4
Future contract close outs ($NZm)
-$1.6
-$2.0
-$3.6
-$4.5
-$21.4
-$7.3
New Zealand
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |11
Meridian operating information

Australia
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |12
Meridian operating information
APRIL
2021
MONTH
APRIL
2020
MONTH
MARCH
2021
MONTH
FEBRUARY
2021
MONTH
10 MONTHS
TO APRIL
2021
10 MONTHS
TO APRIL
2020
Australian contracted sales
Retail contracted electricity sales volume (GWh)59575853632541
Average electricity contractedsales price
1
($A/MWh)$127.2$121.1$124.1$129.7$136.3$146.7
Retail contracted gas sales volume (TJ)11610842311,211991
Average gas contractedsales price
1
($A/GJ)$13.0$12.5$24.2$28.0$15.3$15.3
Financial contract sales volumes
2
(GWh)1774238349496
Financial contractedsales average price ($A/MWh)$49.8$176.6$86.4$86.4$72.7$94.8
Cost to supplyelectricity customers ($A/MWh)$76.7$56.8$56.8$48.0$65.1$111.8
Cost to supplygas customers ($A/GJ)$10.7$13.4$17.8$17.7$12.7$12.3
Cost of financial contracts ($A/MWh)$52.8$87.4$39.1$30.2$45.2$83.6
Powershop electricity customer connections
7
142,086135,205141,998141,643
Powershop gas customer connections
8
43,09236,07742,72841,884

Australia
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |13
Meridian operating information
APRIL
2021
MONTH
APRIL
2020
MONTH
MARCH
2021
MONTH
FEBRUARY
2021
MONTH
10 MONTHS
TO APRIL
2021
10 MONTHS
TO APRIL
2020
Australian generation
Wind generation volumes (GWh)30432731405442
Average wind generationprice
5
($A/MWh)$63.2$54.2$58.9-$54.4$61.0$142.9
Hydro generation volumes (GWh)2842424230112
Average hydro generationprice
5
($A/MWh)$68.2$39.1$43.7$33.3$57.3$86.7
PPA generation received (GWh)25302524283306
Average PPA generationprice [net of costs] ($A/MWh)$0.6-$14.5-$13.4-$18.2-$8.0$20.0
Australian hedging
Hedging volume
6
(GWh)23361315223419
Hedging costs ($A/MWh)$180.3$79.3$266.6$266.8$141.8$105.3
Hedging spot revenue average price ($A/MWh)$186.2$41.7$50.4$82.2$72.3$82.1
Future contract close outs ($A M)$0.0$0.8$0.0-$0.7-$1.3$2.0

Meridian group
1 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |14
Meridian operating information
APRIL
2021
MONTH
APRIL
2020
MONTH
MARCH
2021
MONTH
FEBRUARY
2021
MONTH
10 MONTHS
TO APRIL
2021
10 MONTHS
TO APRIL
2020
Meridian Group
Employee and Operating Costs
9
($m)22202221210208
Stay in Business Capital Expenditure ($m)43433536
Investment Capital Expenditure ($m)413436414
Total Capital Expenditure ($m)843869950
Footnotes
1.Contracted sales volumes and volume weighted average price received from
contracted customers less distribution costs
2.Derivatives sold excluding the sell-side of virtual asset swaps
3.Average price of both NZAS sales volume and derivative sales volumes
4.Meridian Retail and Powershop New Zealand installation control points (ICPs),
excluding vacants
5.Volume weighted average price received for Meridian’s physical generation
6.Over the counter and ASX contract volumes excluding the buy-side of virtual asset
swaps
7.Financially responsible market participants, excluding vacants
8.Meter installation registration numbers
9.Excludes electricity metering expenses, now reclassified into gross margin

JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202020202020202020202020202120212021202120212021FY21changeFY21changeFY21changeFY21change
New Zealand contracted sales
Residential sales volume (GWh)18617114612711110710193108121503+31345+16302+2
Small medium business sales volume (GWh)11310710510496999693111109325+34299+44300+39
Agricultural sales volume (GWh)477287157142170154177145116205+22469+60476-18
Large business sales volume (GWh)55524846444444464037155+26134+14130+12
Corporate and industrial sales volume (GWh)282275272283284287288311334311829+93855+117933+127
Retail contracted sales volume (GWh)6836776577176787076837217386942,017+2062,102+2522,141+163
Average retail contracted sales price ($NZ/MWh)$120.4$119.3$118.1$106.0$103.1$104.2$104.1$108.7$107.5$114.7$119.3+$6.3$104.5+$3.6$106.8-$0.1
NZAS sales volume (GWh)4264264114264124264263844264121,262-1101,263-1101,236-123
Financial contract sales volumes (GWh)188125201126221140144126197167514+40487+59467-339
Average wholesale & financial contracts sales price ($NZ/MWh)$82.0$70.4$74.2$69.4$69.9$66.8$59.6$58.0$69.8$76.8$75.7+$6.0$68.7+$3.9$62.9-$4.4
Retail customer supply volumes (GWh)7047176967557177437197577687182,117+2292,215+2742,244+163
Cost to supply retail customers ($NZ/MWh)$165.1$120.6$140.3$126.9$101.0$118.8$143.9$256.7$265.1$285.5$141.9+$16.8$115.8+$16.6$223.4+$146.1
Cost to supply wholesale customers ($NZ/MWh)$143.8$109.6$122.2$95.8$76.3$109.2$132.6$244.8$260.3$277.8$125.2+$10.5$94.0+$9.5$211.5+$158.5
Cost of financial contracts ($NZ/MWh)$143.7$113.1$127.8$110.8$92.3$119.1$139.1$234.0$204.8$266.4$130.0+$16.3$104.7+$10.2$192.5+$137.7
Total New Zealand customer connections326,148327,125328,602329,710331,240332,587333,367335,580338,051340,178328,602+19,230332,587+18,988338,051+18,273
New Zealand generation
Hydro generation volume (GWh)9759048791,0661,0541,0348748689748672,758-4743,153-222,716-542
Wind generation volume (GWh)1151131581261251281178387116385+8379-22287-52
Total generation volume (GWh)1,0891,0171,0371,1921,1791,1629919511,0619833,144-4663,533-443,003-593
Average generation price ($NZ/MWh)$144.5$110.1$123.7$107.7$86.5$109.3$134.5$242.1$253.8$272.5$126.5+$11.5$101.2+$13.8$210.7+$153.0
New Zealand hedging
Hedging volume (GWh)318266268241314308312345431348852+436863+3891,088+23
Hedging cost average price ($NZ/MWh)$109.3$104.6$101.2$96.2$93.6$93.2$98.5$115.6$127.0$110.3$105.3+$41.8$94.2+$28.9$115.2+$13.5
Hedging spot revenue average price ($NZ/MWh)$133.4$123.8$132.6$114.4$94.0$121.9$136.8$235.0$219.0$260.2$130.2+$10.9$109.7+$15.6$358.8+$282.9
Future contract close outs ($NZm)-1.6-1.9-2.90.6-2.9-1.3-1.5-4.5-3.6-1.6-6.4-4.2-3.7-1.1-9.7-9.1
Australia contracted sales
Retail contracted electricity sales volume (GWh)85836661555657535859234+49171+26168+13
Average electricity contracted sales price
1
($A/MWh)$142.7$137.7$146.3$140.0$144.9$132.2$131.8$129.7$124.1$127.2$142.2-$1.0$139.0-$28.5$128.5-$12.2
Retail contracted gas sales volume (TJ)3122801571425248313142116749+210242+8104-7
Average gas contracted sales price
1
($A/GJ)$14.7$11.5$12.0$15.5$22.2$23.3$29.8$28.0$24.2$13.0$12.9-$0.8$18.5+$1.9$27.0+$4.2
Financial contract sales volumes
2
(GWh)2633294241404238421788-69124-73121-14
Financial contracted sales average price ($A/MWh)$67.6$65.7$66.5$66.8$66.8$66.4$86.4$86.4$86.4$49.8$66.5-$20.1$66.7-$13.1$86.4-$35.6
Cost to supply electricity customers ($A/MWh)$79.5$85.5$61.3$73.1$77.5$20.8$53.2$48.0$56.8$76.7$76.6-$40.2$57.5-$39.6$52.8-$87.2
Cost to supply gas customers ($A/GJ)$10.1$11.3$14.6$13.4$12.7$19.9$22.8$17.7$17.8$10.7$11.5+$0.5$14.5+$4.2$19.3-$2.0
Cost of financial contracts ($A/MWh)$56.7$53.5$37.0$52.2$54.4$50.0$33.2$30.2$39.1$52.8$49.1-$48.1$52.2-$23.2$34.3-$45.2
Powershop electricity customer connections
7
136,696137,530138,289139,162140,346140,965141,203141,643141,998142,086138,289+23,190140,965+16,297141,998+7,599
Powershop gas customer connections
8
38,54438,97839,25139,54040,38040,81441,24741,88442,72843,09239,251+12,72240,814+10,34942,728+7,336
Australia generation
Wind generation volume (GWh)34605744414339312730151-10127-297-11
Average wind generation price ($A/MWh)$90.3$90.4$69.6$67.8$75.0$54.8$52.7-$54.4$58.9$63.2$82.6-$39.4$65.7-$47.1$20.4-$224.6
Hydro generation volume (GWh)04141241404124242819-1194+4689+58
Average hydro generation price ($A/MWh)-$51.7$39.0$59.0$72.6$86.3$37.6$33.3$43.7$68.2$41.9-$56.3$75.3-$2.4$38.0-$57.3
PPA generation received (GWh)2733343027292824252594-586-478-9
Average PPA generation price [net of costs] ($A/MWh)-$1.6-$3.8-$14.4-$2.2-$1.1-$10.7-$15.8-$18.2-$13.4$0.6-$7.0-$37.0-$4.7-$28.2-$15.8-$32.7
Australia hedging
Hedging volume (GWh)3542371320169151323115+449-9937-88
Hedging costs ($A/MWh)$48.4$78.3$82.6$204.9$176.2$99.7$482.6$266.8$266.6$180.3$70.6-$26.7$157.9+$56.7$319.2+$194.4
Hedging spot revenue average price ($A/MWh)$18.6$55.8$40.6$149.6$71.6$69.7$109.7$82.2$50.4$186.2$39.5-$66.0$91.3+$11.7$77.9-$2.2
Future contract close outs ($A M)-$0.2$0.0$0.0$0.0$0.0$0.0-$0.3-$0.7$0.0$0.0-$0.3-$0.4-$0.1-$0.7-$0.9-$1.2
Meridian Group
Employee and Operating Costs ($NZ m)2121212122211821222263-264+261-1
Stay in Business Capital Expenditure ($NZ m)344433334411+010-210-0
Investment Capital Expenditure ($NZ m)7332232334413+87+339+34
Total Capital Expenditure ($NZ m)10776565638824+817+149+34
FY21 operating information
151 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |
Meridian operating information

JulAugSepOctNovDecJanFebMarAprMayJun
201920192019201920192019202020202020202020202020
New Zealand contracted sales
Residential sales volume (GWh)165166140129101989792111124151170
Small medium business sales volume (GWh)979995898581868788578598
Agricultural sales volume (GWh)42657689138181200163131716543
Large business sales volume (GWh)464538403940383941334046
Corporate and industrial sales volume (GWh)249255233243247248272264269222255277
Retail contracted sales volume (GWh)599630583590610650694646639507596634
Average retail contracted sales price ($NZ/MWh)$113.5$115.4$109.5$102.7$99.8$100.0$103.3$109.5$108.3$109.2$106.8$116.5
NZAS sales volume (GWh)463463447463448463463433463416426485
Financial contract sales volumes (GWh)150176148129135164170283354222318280
Average wholesale & financial contracts sales price ($NZ/MWh)$69.9$70.9$68.4$67.0$65.3$62.3$66.5$68.7$66.7$64.8$65.4$66.5
Retail customer supply volumes (GWh)645662581623650669733682666537624661
Cost to supply retail customers ($NZ/MWh)$110.4$135.6$129.3$130.2$112.7$57.1$95.1$67.9$67.4$50.1$132.3$132.2
Cost to supply wholesale customers ($NZ/MWh)$97.9$120.5$126.1$118.7$89.6$45.4$76.8$36.6$44.7$43.4$113.4$144.3
Cost of financial contracts ($NZ/MWh)$101.9$118.2$120.5$112.6$92.8$81.6$86.7$47.0$45.7$52.1$98.9$130.6
Total New Zealand customer connections304,993307,798309,372311,694313,150313,599315,225317,784319,778321,051322,448324,253
New Zealand generation
Hydro generation volume (GWh)1,1111,1061,0159801,0491,1471,0951,0771,0859591,176958
Wind generation volume (GWh)116135126143133125122108109116106126
Total generation volume (GWh)1,2271,2411,1411,1231,1821,2721,2171,1851,1941,0751,2821,084
Average generation price ($NZ/MWh)$100.7$122.7$121.9$121.4$93.7$51.4$77.1$43.4$52.1$41.9$116.0$126.8
New Zealand hedging
Hedging volume (GWh)145139132145148182296342428239218317
Hedging cost average price ($NZ/MWh)$65.0$63.2$62.2$64.4$67.3$64.4$96.1$100.7$106.4$77.4$70.1$87.6
Hedging spot revenue average price ($NZ/MWh)$104.4$130.5$124.0$122.6$104.1$63.1$100.0$75.1$59.8$51.5$101.9$134.9
Future contract close outs ($NZm)-0.3-0.6-1.4-1.5-0.2-0.9-0.2-0.2-0.1-2.0-4.3-2.3
Australia contracted sales
Retail contracted electricity sales volume (GWh)636655494650515053576875
Average electricity contracted sales price
1
($A/MWh)$149.8$147.0$131.2$168.0$174.0$161.1$130.0$150.4$142.0$121.1$146.5$147.6
Retail contracted gas sales volume (TJ)1761921711196451223752108231270
Average gas contracted sales price
1
($A/GJ)$13.9$14.0$13.4$13.8$18.9$20.0$33.4$22.2$18.7$12.5$15.4$12.5
Financial contract sales volumes
2
(GWh)54436065636846434671922
Financial contracted sales average price ($A/MWh)$83.3$86.1$90.1$80.1$80.1$79.2$122.0$122.0$122.0$176.6$69.5$59.8
Cost to supply electricity customers ($A/MWh)$105.5$126.4$118.0$119.9$89.2$82.2$257.6$111.9$53.6$56.8$67.5$78.1
Cost to supply gas customers ($A/GJ)$11.8$11.4$9.8$8.6$14.0$9.9$41.1$20.4$13.6$13.4$11.2$11.6
Cost of financial contracts ($A/MWh)$86.9$101.0$103.6$100.1$68.3$58.2$138.8$52.2$45.8$87.4$39.8$42.3
Powershop electricity customer connections
7
111,373112,995115,099118,721121,575124,668127,847131,647134,399135,205135,628136,202
Powershop gas customer connections
8
24,09625,24026,52927,85829,18230,46532,38733,42835,39236,07736,95537,878
Australia generation
Wind generation volume (GWh)615644444441383239434937
Average wind generation price ($A/MWh)$115.7$124.7$127.3$125.5$110.3$101.9$225.9$474.6$77.8$54.2$61.4$79.2
Hydro generation volume (GWh)37191715161498410
Average hydro generation price ($A/MWh)$81.0$104.0$99.2$99.4$66.9$64.4$153.1$56.4$43.8$39.1$39.9$58.5
PPA generation received (GWh)353430313029292830303228
Average PPA generation price [net of costs] ($A/MWh)$22.9$30.3$38.4$45.2$16.5$7.8$59.5$1.4-$8.9-$14.5-$13.1-$9.1
Australia hedging
Hedging volume (GWh)363936504850394342364037
Hedging costs ($A/MWh)$87.3$98.6$105.6$102.1$109.8$93.9-$23.1$197.7$185.1$79.3-$49.6$80.6
Hedging spot revenue average price ($A/MWh)$99.6$105.5$111.4$107.7$72.3$58.6$130.3$58.6$43.5$41.7$42.9$55.0
Future contract close outs ($A M)$0.0$0.2-$0.1$0.0$0.7-$0.1$0.0$0.5-$0.1$0.8$0.7$0.0
Meridian Group
Employee and Operating Costs ($NZ m)212122222219192121201931
Stay in Business Capital Expenditure ($NZ m)434444334336
Investment Capital Expenditure ($NZ m)122121122113
Total Capital Expenditure ($NZ m)556565456449
FY20 operating information
161 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |
Meridian operating information

Glossary
171 8 M A Y 2 0 2 1 | M O N T H L Y O P E R A T I N G R E P O R T F O R A R P I L 2 0 2 1 |
Hedging volumesbuy-side electricity derivativesexcludingthe buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers(including NZAS) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
Contracts for Difference (CFDs)an agreement betweenparties to pay the difference between the wholesale electricity price and an agreed fixed price for
a specified volume of electricity. CFDs do not result in the physical supply of electricity
Customer connections (NZ)number of installation control points, excluding vacants
FRMPfinancially responsible market participant
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 85 years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was
initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
NationaldemandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz
NEMAustralia’s national energy market, comprising Queensland, New South Wales (including the Australian Capital Territory),
Victoria, South Australia, and Tasmania
NZASNew Zealand Aluminium SmeltersLimited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding thesell-side of virtual asset swaps
TJTerajoules
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity