Meridian Energy monthly operating report for September 2021

Investor news

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

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Wednesday 20 October at 1pm NZDT (11am AEDT).

Click on the link below at this time to join the call.

Meridian Energy Quarterly Operating Results - Microsoft Teams Event

Please submit any question 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 12 October 2021, national hydro storage increased from 126% to 134% of historical average

▪ South Island storage increased to 140% of average and North Island storage increased to 115% of average by 12 October 2021

▪ Meridian’s September 2021 monthly total inflows were 171% of historical average

▪ Meridian’s Waitaki catchment water storage at the end of September 2021 was 162% of historical average

▪ Water storage in Meridian’s Waiau catchment was well above average at the end of September 2021

▪ Waitaki snow storage in early September 2021 was 132% of historical average

▪ National electricity demand in September 2021 was 1.7% lower than the same month last year. More stringent lockdowns were in place this September compared to September 2020

▪ September 2021 was mild and wet with temperatures near average for most of the country. Lower South Island regions saw rainfall significantly above average

▪ New Zealand Aluminium Smelter’s average load during September 2021 was 571MW

▪ Meridian’s New Zealand retail sales volumes in September 2021 were 8.8% higher than September 2020

▪ Compared to September 2020, segment sales increased in residential +18.0%, small medium business +14.5% and corporate +9.0%. Large business volumes were -9.7% lower and agricultural volumes were -4.3% than September 2020

Highlights for the first quarter include:

▪ Meridian’s Q1 total inflows were 163% of historical average, the second highest Q1 inflows in record and 32% higher than Q1 last year

▪ Meridian’s Waitaki catchment water storage at the end of Q1 was 108% higher than Q1 last year

▪ Compared to Q1 last year, Meridian’s New Zealand generation was 11.3% higher at a 1.9% lower average price

▪ During the quarter, NZ futures prices fell. Q4 2021 Otahuhu prices have now fallen by half to $73/MWh

▪ New Zealand Aluminium Smelter’s average load during Q1 was 569MW compared with 561MW in Q1 last year

▪ National electricity demand in Q1 was 0.4% lower than Q1 last year

▪ At the end of Q1, Meridian’s New Zealand customer numbers were 8.0% higher than the same time last year

▪ Compared to Q1 last year, Meridian’s NZ retail sales volumes were 11.6% higher at a 3.3% higher average price

▪ Sales increased in most segments, large business and agricultural volumes were lower

▪ Compared to Q1 last year, Meridian’s Australian wind generation was 12.2% higher at a 12.7% lower average price

▪ Hume water storage rose from 57% of average to 97% of average during Q1

▪ At the end of Q1, Meridian’s Australian electricity customer numbers were 4.1% higher the same time last year

▪ Compared to Q1 last year, Meridian’s Australian retail sales volumes were 5.9% higher at a 21.3% lower average price

▪ Compared to Q1 last year, Meridian Group Operating costs were 2.5% higher and Total Capital Expenditure was 108.1% higher


ENDS

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 

MediaTeam@meridianenergy.co.nz