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Meridian Energy monthly operating report for May 2023

Monday 19th June 2023

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


Highlights this month include:

 In the month to 14 June 2023, national hydro storage increased from 121% to 143% of historical average

 South Island storage increased to 141% of average and North Island storage decreased to 158% of average by 14 June 2023

 Meridian’s May 2023 monthly total inflows were 190% of historical average, the third highest May inflows on record

 The Waitaki catchment recorded its second highest May month inflows on record

 Waiau catchment inflows in May 2023 were 188% of historical average

 Meridian’s Waitaki catchment water storage at the end of May 2023 was 137% of historical average

 Water storage in Meridian’s Waiau catchment was 187% of average at the end of May 2023

 National electricity demand in May 2023 was 1.6% higher than the same month last year

 May 2023 saw the warmest May on record. Rainfall was above average across the country except in some east coast regions of both islands

 New Zealand Aluminium Smelter’s average load during May 2023 was 574MW

 Meridian’s retail sales volumes in May 2023 were 1.0% higher than May 2022

 Compared to May 2022, segment sales increased in small medium business +3.7%, large business +11.4% and corporate +1.2%. Sales decreased in residential -0.5% and agricultural -8.5%

 Revised full year FY23 Capital Expenditure of $340m-$365m (previously $370m-$395m)

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