Meridian Energy monthly operating report for September 2022

Investor news

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

Mike Roan (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Friday 14 October at 2pm NZDT (12pm AEDT).

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 7 October 2022, national hydro storage decreased from 162% to 146% of historical average
▪ South Island storage decreased to 148% of average and North Island storage increased to 141% of average by 7 October 2022
▪ Meridian’s September 2022 monthly total inflows were 80% of historical average
▪ Waiau catchment inflows in September 2022 were lower, at 54% of historical average
▪ Meridian’s Waitaki catchment water storage at the end of September 2022 was 194% of historical average
▪ Water storage in Meridian’s Waiau catchment was 72% of average at the end of September 2022
▪ Waitaki snow storage at the end of September 2022 was 116% of historical average
▪ National electricity demand in September 2022 was 1.6% higher than the same month last year
▪ September 2022 was wet for the eastern North Island and dry for much of the South Island. Temperatures near average for most of the country
▪ New Zealand Aluminium Smelter’s average load during September 2022 was 574MW
▪ Meridian’s New Zealand retail sales volumes in September 2022 were 7.9% higher than September 2021
▪ Compared to September 2021, segment sales increased in small medium business +17.7%, agricultural +4.5% and large business +24.0% and corporate +9.3%. Residential sales decreased -3.9%

Highlights for the third quarter include:

▪ Meridian’s Q1 total inflows were 158% of historical average, 3% lower than Q1 last year
▪ Meridian’s Waitaki catchment water storage at the end of Q1 was 21% higher than Q1 last year
▪ Compared to Q1 last year, Meridian’s New Zealand generation was 3.8% higher at a 49.9% lower average price
▪ Q1 saw increases in longer dated futures prices
▪ Close outs of 2024 and 2025 hedge positions generated $32m of proceeds in Q1
▪ New Zealand Aluminium Smelter’s sales volume in Q1 was 0.1% lower than Q1 last year
▪ National electricity demand in Q1 was 0.8% lower than Q1 last year
▪ 2022 winter (June-August) was the warmest and wettest on record. No areas experienced below average temperatures and it was exceptionally wet across most of the country
▪ At the end of Q1, Meridian’s New Zealand customer numbers were 3.2% higher than the same time last year
▪ Compared to Q1 last year, Meridian’s NZ retail sales volumes were 5.3% higher at an 8.8% higher average price
▪ Sales increased in all segments, except residential, where sales were -1.4% lower
▪ Compared to Q1 last year, total operating costs were 16.6% higher
▪ Compared to Q1 last year, total capital expenditure was 10.6% lower, with higher stay in business spend and lower growth spend.

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