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Meridian Energy monthly operating report for March 2024

Tuesday 16th April 2024

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Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Tuesday 16 April at 11am NZST (9am AEST).


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 'Q&A' speech bubble'.


Highlights this month include:


 In the month to 15 April 2024, national hydro storage increased from 93% to 102% of historical average

 South Island storage increased to 102% of average and North Island storage decreased to 109% of average by 15 April 2024

 Meridian’s March 2024 monthly total inflows were 67% of historical average

 Waiau catchment inflows in March 2024 were 95% of historical average

 Meridian’s Waitaki catchment water storage at the end of March 2024 was 78% of historical average

 Following significant rainfall in the second week of April 2024, Waitaki storage is now approaching average

 Water storage in Meridian’s Waiau catchment was 113% of average at the end of March 2024

 National electricity demand in March 2024 was +3.4% higher than the same month last year

 March 2024 was the coldest March in 12 years with temperatures below average for most of the country. Below normal rainfall occurred in most regions, with above average rainfall in Waikato, Fiordland and Southland

 New Zealand Aluminium Smelter’s average load during March 2024 was 568MW

 Meridian’s retail sales volumes in March 2024 were +6.7% higher than March 2023

 Compared to March 2023, segment sales increased in residential +3.9%, large business +7.3% and agriculture +63.0% with decreases in small medium business -0.9% and corporate -4.9%


Highlights for the third quarter include:

 Meridian’s Q3 total inflows were 95% of historical average, +22% higher than Q3 last year

 Meridian’s Waitaki catchment water storage at the end of Q3 was -33% lower than Q3 last year

 Compared to Q3 last year, Meridian’s generation was +10.9% higher at a +34.8% higher average price

 Electricity futures prices rose across the curve during Q3

 New Zealand Aluminium Smelter’s sales volumes in Q3 were slightly higher than Q3 last year

 National electricity demand in Q3 was +4.3% higher than Q3 last year

 Summer 2024 was warm overall and dry for many parts of the country, with above normal rainfall in the central North Island and western and southern parts of the South Island

 NIWA’s autumn 2024 outlook suggests easing El Niño conditions, with normal or above normal rainfall likely in the west of the South Island

 During the quarter, Meridian made calls on volume under the swaption agreement with Nova and the 2023-24 demand response agreement with NZAS

 At the end of Q3, Meridian’s customer numbers were +2.2% higher than the same time last year

 Compared to Q3 last year, Meridian’s retail sales volumes were +8.2% higher at a +6.1% higher average price

 Sales increased in all segments

 Compared to Q3 last year, total operating costs were 9.9% higher

 Compared to Q3 last year, total capital expenditure was +8.0% higher. Spend this quarter largely consisted of Harapaki and Ruakākā BESS construction

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