Meridian Energy monthly operating report for February 2021

  • Investor news

Attached is Meridian Energy Limited's monthly operating report for the month of February 2021.

Highlights this month include:

  • In the month to 16 March 2021, national hydro storage decreased from 80% to 70% of historical average
  • South Island storage decreased to 70% of average and North Island storage decreased to 73% of average by 16 March 2021
  • Meridian’s February 2021 monthly total inflows were 54% of historical average, the third driest February on record
  • Meridian’s Waitaki catchment water storage at the end of February 2021 was 67% of historical average
  • Water storage in Meridian’s Waiau catchment was below average at the end of February 2021
  • National electricity demand in February 2021 was 4.6% lower than the same month last year
  • February 2021 was a dry month with mixed temperatures. Soil moisture levels remain around average across the country
  • Meridian made calls under the Genesis swaption in February and March 2021
  • Outages continued on Clyde - Cromwell - Twizel circuits as part of the Clutha Upper Waitaki Lines Project
  • New Zealand Aluminium Smelter’s average load during February 2021 was 565MW
  • Meridian’s New Zealand retail sales volumes in February 2021 were 11.6% higher than February 2020
  • Compared to February 2020, we saw increased sales in all segments: Res +1.2%, SME +6.9%, agricultural +8.6%, large business +17.8% and corporate +17.8%
  • With the announcement of the commencement of the Harapaki wind farm build, FY21 capex is now expected to be between $120M-$130M (previously $70M-$80M)



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
External Communications Manager
021 174 1715