Meridian Energy monthly operating report for October 2025

Release






Meridian Energy Limited (ARBN 151 800 396) A company incorporated in New Zealand
Level 2, 98 Customhouse Quay, Wellington 6011
meridianenergy.co.nz
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy monthly operating report for October 2025

13 November 2025


Attached is Meridian Energy Limited's monthly operating report for the month of October 2025.
Key points this month include:
 In the month to 10 November 2025, national hydro storage increased from
110%
to
143%
of
historical average.
 South Island storage increased to
148%
of average and North Island storage increased to
121%

of average by 10 November 2025.
 Meridian’s October 2025 monthly total inflows were
212%
of historical average.
 Waiau catchment inflows in October 2025 were
218%
of historical average.
 Meridian’s Waitaki catchment water storage at the end of October 2025 was
151%
of historical
average.
 Snow storage in Meridian’s Waitaki catchment continues to lift, at
131%
of average in early
November 2025.
 Water storage in Meridian’s Waiau catchment was
205%
of average at the end of October 2025.
 October was a windy and wet month, with temperatures above or near average for most parts of
the country. Rainfall was above average for the West Coast, and most parts of the North Island.
Multiple severe gale wind events were recorded in the east and south of both islands.
 National electricity demand in October 2025 was
6.6%
higher than October 2024.
 New Zealand Aluminium Smelters Ltd (NZAS) average load during October 2025 was
567MW
,
compared with 417MW a year ago, when Meridian was exercising call options under the demand
response agreement.
 Meridian’s retail sales volumes in October 2025 were
14.6%
higher than October 2024.
 Compared to October 2024, segment sales in residential were 29.4% higher (including Flick
customers), small medium business 13.5% higher, large business 9.1% higher, agriculture 22.7%
higher and corporate 6.5% higher.

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

ENDS

Authorised for release by:


Jason Woolley
General Counsel and Company Secretary
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Lachlan Forsyth
Media & Content Manager
021 243 5342

7 cm
October 2025
Monthly operating report
13 NOVEMBER 2025

October key points
In the month to 10 November 2025, national hydro storage increased from 110% to 143% of historical average.
South Island storage increased to 148% of average and North Island storage increased to 121% of average by 10 November 2025.
Meridian’s October 2025 monthly total inflows were 212% of historical average.
Waiau catchment inflows in October 2025 were 218% of historical average.
Meridian’s Waitaki catchment water storage at the end of October 2025 was 151% of historical average.
Snow storage in Meridian’s Waitaki catchment continues to lift, at 131% of average in early November 2025.
Water storage in Meridian’s Waiau catchment was 205% of average at the end of October 2025.
October was a windy and wet month, with temperatures above or near average for most parts of the country. Rainfall was above
average for the West Coast, and most parts of the North Island. Multiple severe gale wind events were recorded in the east and south
of both islands.
National electricity demand in October 2025 was 6.6% higher than October 2024.
New Zealand Aluminium Smelters Ltd (NZAS) average load during October 2025 was 567MW, compared with 417MW a year ago, when
Meridian was exercising call options under the demand response agreement.
Meridian’s retail sales volumes in October 2025 were 14.6% higher than October 2024.
Compared to October 2024, segment sales in residential were 29.4% higher (including Flick customers), small medium business 13.5%
higher, large business 9.1% higher, agriculture 22.7% higher and corporate 6.5% higher.
13 NOVEMBER 2025MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 2

2,600
2,800
3,000
3,200
3,400
3,600
3,800
4,000
4,200
JanFebMarAprMayJunJulAugSepOctNovDec
GWh
National demand
Range (2014-2024)202020212022202320242025
5%
7%
9%
11%
13%
15%
Sept 20Mar 21Sept 21Mar 22Sept 22Mar 23Sept 23Mar 24Sept 24Mar 25Sept 25
12 month average
Market ICP switching (all retailers)
Industry Move-in SwitchIndustry Trader Switch
Market data
National electricity demand in October 2025 was 6.6% higher than
October 2024.
NZAS average load during October 2025 was 567MW, compared
with 417MW a year ago, when Meridian was exercising call options
under the demand response agreement.
October was a windy and wet month, with temperatures above or
near average for most parts of the country. Rainfall was above
average for the West Coast, and most parts of the North Island.
Multiple severe gale wind events were recorded in the east and
south of both islands.
Demand in the last 12 months was 0.5% lower than the preceding
12 months.
12-month average switching rate of customers changing retailers
but not moving (“trader” switch) was 5.8% at the end of
September 2025.
12-month average switching rate of customers moving and
changing retailers (“move-in” switch) was 13.9% at the end of
September 2025.
13 NOVEMBER 2025MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 3
Source: Electricity Authority
Source: Electricity Authority

0
1,000
2,000
3,000
4,000
5,000
JanFebMarAprMayJunJulAugSeptOctNovDec
GWh
National hydro storage (10 November 2025)
Average storage (92yr)19922004200820122022202320242025
0
50
100
150
200
250
300
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
Benmore ASX futures settlement price
28 June 202410 July 202513 August 2025
8 September 20258 October 202510 November 2025
0
50
100
150
200
250
300
Q4
2025
Q1
2026
Q2
2026
Q3
2026
Q4
2026
Q1
2027
Q2
2027
Q3
2027
Q4
2027
Q1
2028
Q2
2028
Q3
2028
Q4
2028
$/MWh
Otahuhu ASX futures settlement price
28 June 202410 July 202513 August 2025
8 September 20258 October 202510 November 2025
Market data
October 2025 saw small decreases in ASX electricity futures prices
across the curve.
National storage increased from 110% of average on 6 October
2025 to 143% of average on 10 November 2025.
South Island storage increased to 148% of historical average by 10
November 2025 and North Island storage increased to 121% of
average.
13 NOVEMBER 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 4
Source: NZX
Source: ASXSource: ASX

131
149
148
148
134
152
152
152
145
149
153
154
123
124
124
125
125
126
126
127
128
129
129
130
127
127
127
128
128
129
129
130
131
132
132
133
119
121
122
124
126
128
132
134
136
137
139
142
0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJune
ICPs ('000)
Meridian's customer connections
FY26 Meridian NIFY26 Meridian SIFY26 Powershop
FY25 Meridian NIFY25 Meridian SIFY25 Powershop
233
259
208
186
173
171
150
152
55
82
109
143
75
75
66
67
315
328
347
342
201
191
158
144
125
123
122
111
127
138
172
201
159
159
137
133
130
129
128
127
138
133
154
153
54
80
88
116
167
196
133
167
94
77
67
49
61
65
57
62
56
56
56
52
59
59
67
68
303
314
303
321
326
336
348
333
367
331
337
302
0
250
500
750
1,000
JulAugSepOctNovDecJanFebMarAprMayJune
GWh
Meridian's retail sales volume*
FY26 ResidentialFY26 SMBFY26 AgriFY26 Large BusFY26 Corporate
FY25 ResidentialFY25 SMBFY25 AgriFY25 Large BusFY25 Corporate
Retail
Meridian’s customer connection numbers increased 0.2% during
October 2025 and have increased 20.7% since October 2024.
Retail sales volumes in October 2025 were 14.6% higher than
October 2024.
Compared to October 2024, segment sales in residential were
29.4% higher, small medium business 13.5% higher, large business
9.1% higher, agriculture 22.7% higher and corporate 6.5% higher.
Agricultural volumes this month were the highest October month
volumes in 5 years, with strong, dry winds driving increased
irrigation load.
To date this financial year, retail sales volumes are 13.8% higher
than the same period last year.
Compared to last financial year, segment sales in residential are
27.7% higher, small medium business 9.5% higher, large business
15.4% higher, agricultural 15.2% higher and corporate 7.3% higher.
Residential sales from August 2025 include Flick customers.
13 NOVEMBER 2025
*excludes volumes sold to New Zealand Aluminium Smelters Limited and CFDs
MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 5
Meridian operating information
Source: Meridian
Source: Meridian

0
500
1,000
1,500
2,000
2,500
1-Jan1-Feb1-Mar1-Apr1-May1-Jun1-Jul1-Aug1-Sept1-Oct1-Nov1-Dec
GWh
Meridian's Waitaki storage
Average 1979-2019202020212022202320242025
0
1,000
2,000
3,000
4,000
5,000
6,000
2011201220132014201520162017201820192020202120222023202420252026
GWh
Financial
year
Meridian's combined catchment inflows
Oct YTD93 year average
Inflows and storage
October 2025 monthly total inflows were 212% of historical
average.
Waiau catchment inflows in October 2025 were 218% of historical
average, 82% higher than the same month last year.
To date this financial year, total inflows are 151% of historical
average.
Waitaki catchment water storage moved from 902GWh to
1641GWh during October 2025.
Waitaki water storage at the end of October 2025 was 151% of
historical average and 17% higher than the same time last year.
Snow storage in Meridian’s Waitaki catchment continues to lift, at
131% of average in early November 2025.
Water storage in Meridian’s Waiau catchment was 205% of
average at the end of October 2025.
13 NOVEMBER 2025
Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at:
www.meridianenergy.co.nz/power-stations/lake-levels
MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 6
Meridian operating information
Source: Meridian
Source: Meridian

0
100
200
300
400
500
JulAugSepOctNovDecJanFebMarAprMayJun
$/MWh
Meridian's average generation price*
FY26FY25
0
200
400
600
800
1,000
1,200
1,400
JulAugSepOctNovDecJanFebMarAprMayJun
GWh
Meridian's generation
FY26 HydroFY26 WindFY25 HydroFY25 Wind
Generation
Meridian’s generation in October 2025 was 17.4% higher than the
same month last year, reflecting higher hydro generation
andhigher wind generation.
To date this financial year, Meridian’s generation is 15.6% higher
than the same period last year, reflecting higher hydro generation
and higher wind generation.
The average price Meridian received for its generation in October
2025 was 43.9% lower than the same month last year.
The average price Meridian paid to supply customers in October
2025 was 40.3% lower than the same month last year.
To date this financial year, the average price Meridian received for
its generation is 56.4% lower than the same period last year and
the average price paid to supply customers is 58.2% lower.
13 NOVEMBER 2025
*price received for Meridian’s physical generation
MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 7
Meridian operating information
Source: Meridian
Source: Meridian

Monthly operating information
13 NOVEMBER 2025
See page 9 for footnotes
MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 8
Meridian operating information
OCTOBEROCTOBERSEPTEMBERAUGUST4 MONTHS TO4 MONTHS TO
2025202420252025OCTOBEROCTOBER
MONTHMONTHMONTHMONTH20252024
New Zealand contracted sales
Residential sales v olume (GWh)186 144 208 259 886 693
Small medium business sales v olume (GWh)152 133 150 171 645 589
Agricultural sales v olume (GWh)143 116 109 82 389 337
Large business sales v olume (GWh)67 62 66 75 283 245
Corporate and industrial sales v olume (GWh)342 321 347 328 1,332 1,241
Retail contracted sales volume (GWh)890 776 880 913 3,534 3,106
Av erage retail contracted sales price
1
( $N Z/ MWh)$144.2$136.9$170.9$172.5$164.9$156.0
NZAS sales v olume (GWh)280 265 271 276 1,094 1,086
Financial contract sales v olumes
2
(GWh)321 192 291 349 1,379 915
Av erage w holesale & financial contracts sales price
3
( $N Z/ MWh)$75.8$76.6$111.4$116.4$105.6$111.4
Retail customer supply v olumes (GWh)953 818 925 949 3,720 3,263
Cost to supply retail customers ($NZ/MWh)$36.4$62.8$119.3$184.4$113.2$262.3
Cost to supply w holesale customers ($NZ/MWh)$26.8$49.3$112.2$186.2$106.5$266.4
Cost of financial contracts ($NZ/MWh)$32.7$63.5$117.5$171.5$107.7$274.4
BESS supply v olume (GWh)4 - 3 2 9 -
Cost to supply BESS ($NZ/MWh)$11.1$0.0$73.7$138.1$62.0$0.0
Demand response payments ($NZm)-$1.9-$18.7-$1.9-$3.1-$12.3-$67.4
Total New Zealand customer connections
4
454,057 376,126 452,970 450,317

Monthly operating information
13 NOVEMBER 2025MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 9
Meridian operating information
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.
OCTOBER
OCTOBERSEPTEMBERAUGUST4 MONTHS TO4 MONTHS TO
2025202420252025OCTOBEROCTOBER
MONTHMONTHMONTHMONTH20252024
New Zealand generation
Hydro generation v olume (GWh)1,083 929 931 1,030 4,065 3,453
Wind generation v olume (GWh)217 179 220 148 720 687
BESS generation v olume (GWh)2 - 2 1 6 -
Total generation volume (GWh)1,302 1,107 1,153 1,179 4,792 4,140
Av erage generation price
5
($NZ/M Wh)$28.0$49.8$109.9$176.6$103.6$237.6
New Zealand hedging
Hedging v olume
6
(GWh)472 403 437 472 1,854 1,737
Hedging cost av erage price ($NZ/M Wh)$127.0$196.2$213.7$218.2$193.3$207.1
Hedging spot rev enue av erage price ($NZ/MWh)$36.4$61.2$115.7$174.2$108.3$241.2
Future contract close outs ($NZm)$0.4$6.9-$2.3-$1.0-$3.6-$17.4
New Zealand costs
Employee and Operating Costs ($m)26 21 27 24 102 101
Stay in Business Capital Expenditure ($m)5 7 9 5 22 20
I nv estment Capital Expenditure ($m)6 11 4 11 32 44
Total Capital Expenditure ($m)11 18 13 16 54 64

FY26 operating information
13 NOVEMBER 2025MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 10
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202520252025202520252025202620262026202620262026FY26changeFY26changeFY26changeFY26change
Retail contracted sales
Residential sales v olume (GWh)233 259 208 186 700 +150
Small medium business sales v olume (GWh)173 171 150 152 494 +38
Agricultural sales v olume (GWh)55 82 109 143 246 +25
Large business sales v olume (GWh)75 75 66 67 215 +32
Corporate and industrial sales v olume (GWh)315 328 347 342 989 +70
Retail contracted sales volume (GWh)850 913 880 890 2,644 +314
Av erage retail contracted sales price ($NZ/MWh)$172.4$172.5$170.9$144.2$171.9+$9.6
NZAS sales v olume (GWh)267 276 271 280 814 -8
Financial contract sales v olumes (GWh)418 349 291 321 1,058 +335
Av erage w holesale & financial contracts sales price ($NZ/MWh)$117.1$116.4$111.4$75.8$115.1-$6.6
Retail customer supply v olumes (GWh)892 949 925 953 2,766 +322
Cost to supply retail customers ($NZ/MWh)$113.3$184.4$119.3$36.4$139.7-$189.3
Cost to supply w holesale customers ($NZ/MWh)$102.2$186.2$112.2$26.8$134.0-$202.4
Cost of financial contracts ($NZ/MWh)$105.1$171.5$117.5$32.7$130.4-$199.9
BESS supply v olume (GWh)1 2 3 4 5 +5
Cost to supply BESS ($NZ/MWh)$86.5$138.1$73.7$11.1$95.1+$0.0
Demand response payments ($NZm)-$5.4-$3.1-$1.9-$1.9-$10.4+$38.3
Total New Zealand customer connections410,865 450,317 452,970 454,057 452,970 +79,300
Generation
Hydro generation v olume (GWh)1,022 1,030 931 1,083 2,982 +458
Wind generation v olume (GWh)135 148 220 217 504 -5
BESS generation v olume (GWh)0 1 2 2 3 +3
Total generation volume (GWh)1,157 1,179 1,153 1,302 3,490 +457
Av erage generation price ($NZ/MWh)$108.1$176.6$109.9$28.0$131.8-$174.3
Hedging
Hedging v olume (GWh)473 472 437 472 1,382 +48
Hedging cost av erage price ($NZ/M Wh)$215.9$218.2$213.7$127.0$216.0+$5.6
Hedging spot rev enue av erage price ($NZ/MWh)$107.4$174.2$115.7$36.4$132.9-$162.7
Future contract close outs ($NZm)-$0.7-$1.0-$2.3$0.4-$4.0+21.5
Other
Employee and Operating Costs ($NZ m)24242726$76-$4
Stay in Business Capital Expenditure ($NZ m)3595$18+$4
I nv estment Capital Expenditure ($NZ m)111146$26-$7
Total Capital Expenditure ($NZ m)14161311$43-$3

FY25 operating information
13 NOVEMBER 2025MONTHLY OPERATING REPORT FOR OCTOBER 2025
PAGE 11
Meridian operating information
JulAugSepOctNovDecJanFebMarAprMayJunQ1YoYQ2YoYQ3YoYQ4YoY
202420242024202420242024202520252025202520252025FY25changeFY25changeFY25changeFY25change
Retail contracted sales
Residential sales v olume (GWh)201 191 158 144 125 123 122 111 127 138 172 201 550 -5392 -1361 +4511 +17
Small medium business sales v olume (GWh)159 159 137 133 130 129 128 127 138 133 154 153 456 -1393 -1393 +0441 +15
Agricultural sales v olume (GWh)54 80 88 116 167 196 133 167 94 77 67 49 221 -20479 +25394 -160194 -31
Large business sales v olume (GWh)61 65 57 62 56 56 56 52 59 59 67 68 183 +9174 +19167 +5193 +23
Corporate and industrial sales v olume (GWh)303 314 303 321 326 336 348 333 367 331 337 302 920 -69983 -121,048 +53970 +40
Retail contracted sales volume (GWh)777 810 743 776 805 839 787 791 786 738 798 773 2,330 -872,419 +312,363 -982,309 +65
Av erage retail contracted sales price ($NZ/MWh)$162.4$162.9$161.6$136.9$135.2$132.3$143.2$141.5$149.8$161.6$171.4$165.6$162.3+$12.7$134.8+$5.7$144.9+$7.6$166.3+8
NZAS sales v olume (GWh)327 261 233 265 275 303 249
239 247 236 243 241 821 -441842 -421735 -510720 -512
Financial contract sales v olumes (GWh)295 222 206 192 210 212 396 318 407 281 319 281 723 -357614 -701,121 +368881 -20
Av erage w holesale & financial contracts sales price ($NZ/MWh)$128.9$127.5$105.2$76.6$70.9$65.0$86.6$94.3$103.0$132.7$131.8$119.5$121.7+$43.9$70.6+$12.1$94.7+$21.9$128.1+38
Retail customer supply v olumes (GWh)813 866 766 818 858 877 835 834 821 776 825 809 2,444 -1172,554 +72,491 -932,409 +51
Cost to supply retail customers ($NZ/MWh)$382.7$487.4$93.0$62.8$36.6$27.6$123.8$269.8$308.7$334.8$214.8$131.8$329.0+$196.4$41.9-$110.0$233.6+$43.4$225.6-51
Cost to supply w holesale customers ($NZ/MWh)$388.9$509.9$68.2$49.3$23.3$19.2$117.1$269.1$324.0$345.1$205.2$121.2$336.4+$218.7$30.0-$105.0$236.0+$60.0$222.9-33
Cost of financial contracts ($NZ/MWh)$375.3$494.8$91.1$63.5$33.8$25.8$111.8$233.2$281.8$326.1$209.0$126.6$330.9+$211.4$40.3-$92.2$207.9+$31.6$220.1-36
BESS supply v olume (GWh)1 2 2 1 1 +14 +4
Cost to supply BESS ($NZ/MWh)$304.8$327.0$178.2$133.2$304.8$304.8$235.0$235.0
Demand response payments ($NZm)-$4.7-$19.1-$25.0-$18.7-$13.2-$8.8-$7.3-$5.0-$10.3-$10.7-$10.7-$18.3-$48.7-$48.7-$40.7-$40.7-$22.5-$22.5-$39.7-$39.7
Total New Zealand customer connections369,376 371,479 373,670 376,126 379,348 382,708 386,645 390,314 394,951 397,551 399,077 405,072 373,670 +8,217382,708 +10,908394,951 +21,619405,072 +35,405
Generation
Hydro generation v olume (GWh)927 773 825 929 1,030 1,079 1,086 940 792 745 895 925 2,524 -6823,037 +152,818 -1252,564 -391
Wind generation v olume (GWh)129 192 187 179 164 174 113 85 133 141 163 148
509 +147517 +159332 -36452 +99
BESS generation v olume (GWh)- - - - - - - - 0 1 1 0 - +0- +00 +02 +2
Total generation volume (GWh)1,056 965 1,012 1,107 1,194 1,253 1,199 1,025 925 886 1,058 1,073 3,033 -5353,554 +1743,149 -1613,018 -290
Av erage generation price ($NZ/MWh)$376.2$483.8$63.8$49.8$29.9$19.6$106.3$253.1$302.1$332.4$196.0$121.0$306.2+$187.2$32.5-$103.8$211.6+$34.7$209.4-$47.7
Hedging
Hedging v olume (GWh)451 451 432 403 277 331 416 433 492 453 422 379 1,334 -1681,011 -3471,341 -1051,253 -223
Hedging cost av erage price ($NZ/M Wh)$174.5$226.1$231.4$196.2$134.2$125.3$150.7$162.1$169.3$203.4$201.7$200.6$210.4+$72.6$156.0+$46.9$161.2+$28.3$202.0+$54.0
Hedging spot rev enue av erage price ($NZ/MWh)$346.6$451.9$79.1$61.2$34.7$35.9$124.8$245.7$293.4$313.0$204.2$126.8$295.5+$171.5$45.6-$103.1$225.7+$39.0$220.1-$37.7
Future contract close outs ($NZm)-$13.0-$13.7$2.3$6.9$0.4$0.1-$5.7-$5.9-$4.4$0.3-$2.0-$0.6-$24.4-43.0$7.4+8.0-$16.0-$16.6-$2.2$4.7
Other
Employee and Operating Costs ($NZ m)262530212323202125262426$80+$11$68-$3$65-$1$76-$0
Stay in Business Capital Expenditure ($NZ m)4647861486819$14+$0$20+$4$13-$10$33+$13
I nv estment Capital Expenditure ($NZ m)129111181854114317$32-$18$37-$46$10-$74$33-$26
Total Capital Expenditure ($NZ m)161515181624789201136$46-$18$57-$42$24-$83$66-$13

Glossary
Hedging volumesbuy-side electricity derivatives excluding the 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 between parties 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 number of installation control points, excluding vacants
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, recorded in the month the switch was initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
National demandElectricity Authority’s reconciled grid demand www.emi.ea.govt.nz

NZASNew Zealand Aluminium Smelters Limited
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 the sell-side of virtual asset swaps
Virtual Asset Swaps (VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity
13 NOVEMBER 2025MONTHLY OPERATING REPORT FOR OCTOBER 2025
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