Meridian Energy monthly operating report for June 2023

  • Investor news

Linked here is Meridian Energy Limited's monthly operating report for the month of June 2023.

Highlights this month include:

  • In the month to 12 July 2023, national hydro storage decreased from 143% to 121% of historical average
  • South Island storage decreased to 120% of average and North Island storage decreased to 127% of average by 12 July 2023
  • Meridian’s June 2023 monthly total inflows were 124% of historical average
  • Waiau catchment inflows in June 2023 were 112% of historical average
  • Meridian’s Waitaki catchment water storage at the end of June 2023 was 131% of historical average
  • Water storage in Meridian’s Waiau catchment was 108% of average at the end of June 2023
  • National electricity demand in June 2023 was 0.3% higher than the same month last year
  • June 2023 temperatures were above average apart from central parts of the South Island. Rainfall was below average across the country, except for eastern and northern parts of the North Island
  • New Zealand Aluminium Smelter’s average load during June 2023 was 569MW
  • Meridian’s retail sales volumes in June 2023 were 0.3% lower than June 2022
  • Compared to June 2022, segment sales increased in small medium business +3.4%, large business +10.9%. Sales decreased in residential -2.5% and corporate -2.4%. Agricultural sales were at the same level as last June 2022
  • Provisional full year operating costs of $249 million were $2 million (0.8%) above the top of the guidance range
  • Provisional full year capital expenditure of $346 million was near the lower end of the guidance range

Highlights this quarter include:

  • Meridian’s Q4 total inflows were 129% of historical average, 35% higher than Q4 last year
  • Meridian’s Waitaki catchment water storage at the end of Q4 was 69% higher than Q4 last year
  • Compared to Q4 last year, Meridian’s generation was 17.0% higher at a 63.0% lower average price
  • Autumn wind speeds have been well below average in the lower North Island
  • Q4 saw decreases in electricity futures prices
  • New Zealand Aluminium Smelter’s sales volume in Q4 were slightly higher than Q4 last year
  • National electricity demand in Q4 was 0.6% higher than Q4 last year
  • Autumn 2023 was warm and wet with much of the country experiencing rainfall well above average. No part of the country experienced below average autumn temperature
  • During the quarter, Meridian made calls on volume under swaption agreement with Nova
  • At the end of Q4, Meridian’s customer numbers were 0.6% lower than the same time last year
  • Compared to Q4 last year, Meridian’s retail sales volumes were 0.6% lower at a 10.8% higher average price
  • Sales increased in small medium business and large business; all other segments decreased.
  • Compared to Q4 last year, total operating costs were 4.3% higher
  • Compared to Q4 last year, total capital expenditure was 42.2% higher with construction at the Harapaki Wind Farm and the Ruakākā Battery Energy Storage System

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:
Meridian Energy Media Team
0800 948 843