Meridian Energy monthly operating report for June 2021

Meridian Energy Limited's monthly operating report for the month of June 2021 is attached.

Highlights this month include:

•  In the month to 13 July 2021, national hydro storage increased from 70% to 92% of historical average
• South Island storage increased to 100% of average and North Island storage increased to 50% of average by 13 July 2021
• Meridian’s June 2021 monthly total inflows were 159% of historical average
• Meridian’s Waitaki catchment water storage at the end of June 2021 was 82% of historical average
• Water storage in Meridian’s Waiau catchment was above average at the end of June 2021
• National electricity demand in June 2021 was 0.5% higher than the same month last year
• June 2021 was the warmest June on record with the nationwide average temperature 2.0°C above average. Rainfall was mixed, including above average rainfall in western Southland
• Meridian made calls under the Genesis swaption in June and early July 2021
• Outages have been confirmed out to December 2021 on the Roxburgh-Livingstone line as part of the Clutha Upper Waitaki Lines Project
• New Zealand Aluminium Smelter’s average load during June 2021 was 554MW
• Meridian’s New Zealand retail sales volumes in June 2021 were 12.8% higher than June 2020
• Compared to June 2020, segment sales increased in residential +2.2%, small medium business +37.5%, and corporate +15.4%. Agricultural volumes were the same as June 2020 and large business volumes were -3.4% lower

Highlights for the fourth quarter include:

• Meridian’s Q4 total inflows were 116% of historical average and 40% higher than Q4 last year
• Meridian’s Waitaki catchment water storage at the end of Q4 was 10% higher than Q4 last year
• Compared to Q4 last year, Meridian’s New Zealand generation was 12.4% lower at a 180.7% higher
  average price
• By the end of Q4, NZ futures prices had fallen compared to the end of Q3
• New Zealand Aluminium Smelter’s average load during Q4 was 557MW compared with 559MW in Q4 last year
• National electricity demand in Q4 was 5.6% higher than Q4 last year
• At the end of Q4, Meridian’s New Zealand customer numbers were 7.0% higher than the same time last year
• Compared to Q4 last year, Meridian’s NZ retail sales volumes were 23.5% higher at a 7.2% higher average price
• All segments showed increased sales in Q4
• Compared to Q4 last year, Meridian’s Australian wind generation was 2.8% lower at a 28.1% higher average price
• Hume water storage finished Q4 with 70% more storage than Q4 last year
• At the end of Q4, Meridian’s Australian electricity customer numbers were 4.3% higher the same time last year
• Compared to Q4 last year, Meridian’s Australian retail sales volumes were 6.5% higher at an 6.7% lower average price
• Compared to Q4 last year, Meridian Group Operating costs were 8.1% higher and Stay in Business Capital Expenditure was 16.7% higher.

ENDS

Neal Barclay
Chief Executive
Meridian Energy Limited