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