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