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Meridian Energy monthly operating report for September 2023

Tuesday 17th October 2023

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Attached is Meridian Energy Limited's monthly operating report for the month of September 2023.

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 17 September at 10am NZDT (8am AEDT).

Click on the link below at this time to join the call.


Meridian Energy Quarterly Operating results - Microsoft Teams Live Event


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 5 October 2023, national hydro storage increased from 83% to 116% of historical average

 South Island storage increased to 121% of average and North Island storage increased to 98% of average by 5 October 2023

 Meridian’s September 2023 monthly total inflows were 160% of historical average

 Waiau catchment inflows in September 2023 were 173% of historical average

 Meridian’s Waitaki catchment water storage at the end of September 2023 was 116% of historical average

 Snow storage in Meridian’s Waitaki catchment was 105% of average in early October

 Water storage in Meridian’s Waiau catchment was 170% of average at the end of September 2023

 National electricity demand in September 2023 was 1.7% lower than the same month last year

 September 2023 was the warmest September on record with temperatures above average for most of the country. Rainfall was above normal in most of the South Island and eastern and northern parts of the North Island

 MOU was signed with Parkwind for exploration of offshore wind

 New Zealand Aluminium Smelter’s average load during September 2023 was 568MW

 Meridian’s retail sales volumes in September 2023 were 1.3% higher than September 2022

 Compared to September 2022, segment sales increased in small medium business +0.2%, large business +1.7% and agriculture +29.3%. Sales decreased in residential -6.3% and corporate -2.0%


Highlights for the first quarter include:

 Meridian’s Q1 total inflows were 114% of historical average, 27% lower than Q1 last year

 Meridian’s Waitaki catchment water storage at the end of Q1 was 40% lower than Q1 last year

 Compared to Q1 last year, Meridian’s generation was 1.7% lower at a 91.4% higher average price

 2027 electricity futures prices commenced trading in early October, pricing lower than 2026

 New Zealand Aluminium Smelter’s sales volumes in Q1 were the same as Q1 last year

 National electricity demand in Q1 was 0.6% higher than Q1 last year

 Winter 2023 was relatively warm and dry, although notable for markedly below average monthly temperatures in August 2023

 Rainfall was contrasting; below normal across most of the country, with the lower South Island experiencing above normal rainfall

 During the quarter, Meridian made calls on volume under the swaption agreement with Nova

 Transformer outages at Manapōuri and West Wind scheduled well into 2024

 At the end of Q1, Meridian’s customer numbers were 0.2% lower than the same time last year

 Compared to Q1 last year, Meridian’s retail sales volumes were 2.0% higher at an 11.5% higher average price

 Sales increased in all segments, except residential, where sales were 1.6% lower

 Compared to Q1 last year, total operating costs were 15.5% higher

 Compared to Q1 last year, total capital expenditure was 55.0% higher with construction at the Harapaki Wind Farm and the Ruakākā Battery Energy Storage System

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