Meridian Energy monthly operating report for June 2022

Linked here is Meridian Energy Limited's monthly operating report for the month of June 2022.

Highlights this month include:

▪ In the month to 14 July 2022, national hydro storage increased from 85% to 94% of historical average

▪ South Island storage increased to 84% of average and North Island storage increased to 146% of average by 14 July 2022 ▪ Meridian’s June 2022 monthly total inflows were 144% of historical average

▪Meridian’s Waitaki catchment water storage at the end of June 2022 was 78% of historical average
▪ Water storage in Meridian’s Waiau catchment was 119% of average at the end of June 2022
▪ National electricity demand in June 2022 was 0.2% higher than the same month last year
▪ June was a warm month with temperatures above average for nearly all the country. Rainfall was above average in western and inland areas, with eastern areas drier than average
▪ New Zealand Aluminium Smelter’s average load during June 2022 was 575MW
▪ Meridian’s New Zealand retail sales volumes in June 2022 were 6.5% higher than June 2021
▪ Compared to June 2021, segment sales increased in residential +6.2%, small medium business +6.5%, agricultural +9.9%, large business +13.4% and corporate +5.2%

Highlights for the fourth include:

▪ Meridian’s Q4 total inflows were 95% of historical average, 18% lower than Q4 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q4 was 5% lower than Q4 last year
▪ Compared to Q4 last year, Meridian’s New Zealand generation was 5.1% higher at a 29.8% lower average price
▪ Q4 saw decreases in near-term futures prices and increases in longer dated futures prices
▪ New Zealand Aluminium Smelter’s sales volume in Q4 was 1.5% lower than Q4 last year

▪ National electricity demand in Q4 was 1.7% lower than Q4 last year
▪ 2022 autumn (Mar-May) was the equal 2nd warmest on record. The north and east of the North Island recorded above average rainfall, while the rest of country experienced below average rainfall
▪ At the end of Q4, Meridian’s New Zealand customer numbers were 5.3% higher than the same time last year
▪ Compared to Q4 last year, Meridian’s NZ retail sales volumes were 4.6% higher at a 6.0% higher average price
▪ Sales increased in most segments, agricultural volumes were lower
▪ Compared to Q4 last year, total operating costs were 1.8% higher
▪ Compared to Q4 last year, total capital expenditure was 159.0% higher
▪ Stay in business capital expenditure was 13.5% higher. Growth capital expenditure was 324.3% higher, reflecting construction of the Harapaki wind farm

ENDS

Neal Barclay
Chief Executive
Meridian Energy Limited