Meridian Energy monthly operating report for March 2023

  • Investor news

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

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Wednesday 19 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 ‘?’ speech bubble.

Highlights this month include:

  • In the month to 13 April 2023, national hydro storage increased from 105% to 119% of historical average
  • South Island storage increased to 110% of average and North Island storage increased to 196% of average by 13 April 2023
  • Meridian’s March 2023 monthly total inflows were 111% of historical average
  • Waiau catchment inflows in March 2023 were 93% of historical average
  • Meridian’s Waitaki catchment water storage at the end of March 2023 was 117% of historical average
  • Water storage in Meridian’s Waiau catchment was 112% of average at the end of March 2023
  • National electricity demand in March 2023 was 1.8% lower than the same month last year
  • March 2023 saw above normal rainfall in the lower North Island and much of the South Island, while the rest of the country was considerably drier. Above average temperatures were recorded in most parts of the country
  • New Zealand Aluminium Smelter’s average load during March 2023 was 573MW
  • Meridian’s retail sales volumes in March 2023 were 2.7% lower than March 2022
  • Compared to March 2022, segment sales increased in residential +3.4%, small medium business +3.7% and large business +13.9%. Sales decreased in agricultural -18.3% and corporate -3.9%
  • Revised full year FY23 capital expenditure of $370m-$395m; $320m-$340m growth spend, $50m-$55m say in business spend

Highlights for the third quarter include:

  • Meridian’s Q3 total inflows were 78% of historical average, 21% higher than Q3 last year
  • Meridian’s Waitaki catchment water storage at the end of Q3 was 28% higher than Q3 last year
  • Compared to Q3 last year, Meridian’s generation was 9.0% lower a 14.1% lower average price
  • Q3 saw decreases in electricity futures prices
  • Close outs of forward hedge positions generated $6m of losses in Q3
  • New Zealand Aluminium Smelter’s sales volume in Q3 was the same as Q3 last year
  • National electricity demand in Q3 was 1.1% lower than Q3 last year
  • The 2022-23 summer was the third warmest summer on record and was exceptionally wet for the North Island. In the South Island, rainfall was above for the northeast, and well below normal across parts of the west and south
  • During the quarter, Meridian made calls on volume under swaption agreement with Nova
  • At the end of Q3, Meridian’s customer numbers were 0.5% higher than the same time last year
  • Compared to Q3 last year, Meridian’s retail sales volumes were 1.3% higher at a 13.1% higher average price
  • Sales increased in all segments, except corporate, where sales were 3.2% lower
  • Compared to Q3 last year, total operating costs were 10.7% higher
  • Compared to Q3 last year, total capital expenditure was 236.6% higher and included ex-works payments to Siemens Gamesa in relation to the Harapaki Wind Farm construction

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