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    MEL   NZMELE0002S7

MERIDIAN ENERGY LIMITED

(MEL)
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Meridian Energy : Monthly operating report for August 2021 (PDF)

09/15/2021 | 05:22pm EDT

Monthly Operating Report

August 2021

August highlights

In the month to 10 September 2021, national hydro storage increased from 103% to 126% of historical average

South Island storage increased to 139% of average and North Island storage increased to 83% of average by 10 September 2021

Meridian's August 2021 monthly total inflows were 161% of historical average

Meridian's Waitaki catchment

water storage at the end of August 2021 was 136% of historical average

Water storage in Meridian's

Waiau catchment was above average at the end of August 2021

Waitaki snow storage in early September 2021 was 118% of historical average

National electricity demand in August 2021 was 0.3% lower than the same month last year. More stringent lockdowns were in place this August compared to August 2020

August 2021 was another unseasonably warm month with temperatures above average for almost all the country. Rainfall was mixed, including above average totals in areas of the South Island

Meridian made some calls under the Genesis swaption in August 2021​ during the HVDC Pole 2 outage

New Zealand Aluminium Smelter's average load during August 2021 was 570MW

Meridian's New Zealand retail

sales volumes in August 2021 were 12.2% higher than August 2020

Compared to August 2020, segment sales increased in residential +14.2%, small medium business +18.8% and corporate +17.2%. Large business volumes were -10.3% lower and agricultural volumes were -5.0% than August 2020

16 SEPTEMBER 2021 | MONTHLY OPERATING REPORT FOR AUGUST 2021 | 2

Market data

  • National electricity demand in August 2021 was 0.3% lower than the same month last year. More stringent lockdowns were in place this August compared to August 2020
  • August 2021 was another unseasonably warm month with temperatures above average for almost all the country. Rainfall was mixed, including above average totals in areas of the South Island
  • Demand in the last 12 months was 0.8% higher than the preceding 12 months
  • New Zealand Aluminium Smelter's average load during August 2021 was 570MW
  • 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 6.2% at the end of July 2021
  • 12-monthaverage switching rate of customers moving and changing retailers
    ("move-in" switch) was 14.2% at the end of
    July 2021

NATIONAL DEMAND

GWh

4,000

3,800

3,600

3,400

3,200

3,000

2,800

2,600

Jan Feb Mar Apr May Jun

Jul Aug Sep

Oct Nov Dec

Range (2010-2020)

2016

2017

Source: Electricity Authority (reconciled demand)

MARKET ICP SWITCHING (ALL RETAILERS)

12 month average

15%

13%

11%

9%

7%

5%

Jul 16 Jan 17 Jul 17 Jan 18 Jul 18 Jan 19

Jul 19 Jan 20 Jul 20 Jan 21 Jul 21

Industry Move-in Switches

Industry Trader Switches

Source: Electricity Authority

16 SEPTEMBER 2021 | MONTHLY OPERATING REPORT FOR AUGUST 2021 | 3

Market data

  • August 2021 saw slight increases in ASX prices
  • National storage increased from 103% of average on 11 August 2021 to 126% of average on 10 September 2021
  • South Island storage increased to 139% of historical average by 10 September 2021. North Island storage increased to 83% of average

OTAHUHU ASX FUTURES SETTLEMENT PRICE

$/MWh 310

270

230

190

150

110

70

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2021

2021

2022

2022

2022

2022

2023

2023

2023

2023

2024

2024

2024

2024

31 March 2021

30 April 2021

31 May 2021

30 June 2021

30 July 2021

31 August 2021

Source: ASX

NATIONAL HYDRO STORAGE (10 September 2021)

GWh 6,000

5,000

4,000

3,000

2,000

1,000

0

Jan Feb Mar

Apr May Jun

Jul Aug Sep

Oct Nov Dec

87yr Average

1992

2004

2008

2012

2018

2020

2021

Source: NZX

BENMORE ASX FUTURES SETTLEMENT PRICE

$/MWh 310

270

230

190

150

110

70

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2021

2021

2022

2022

2022

2022

2023

2023

2023

2023

2024

2024

2024

2024

31 March 2021

30 April 2021

31 May 2021

30 June 2021

30 July 2021

31 August 2021

Source: ASX

16 SEPTEMBER 2021 | MONTHLY OPERATING REPORT FOR AUGUST 2021 | 4

New Zealand retail

  • Meridian's New Zealand customer connection numbers rose 0.7% during August 2021 and have risen 1.9% since June 2021
  • Retail sales volumes in August 2021 were 12.2% higher than August 2020
  • Compared to August 2020, segment sales increased in residential +14.2%, small medium business +18.8% and corporate +17.2%. Large business volumes were -10.3% lower and agricultural volumes were -5.0% than August 2020
  • To date this financial year, retail sales volumes are 12.9% higher than the same period last year
  • This reflects increased segment sales in: residential +12.2%, small medium business +25.2%, agricultural +0.7% and corporate +15.5%. Large business volumes are -10.1% lower

*excludes volumes sold to New Zealand Aluminium Smelters and CFDs

Meridian operating information

MERIDIAN'S NZ CUSTOMER CONNECTIONS

ICPs ('000)

FY22 Meridian NI

FY22 Meridian SI

FY22 Powershop

400

FY21 Meridian NI

FY21 Meridian SI

FY21 Powershop

300

111

103

106

109

90

91

92

93

94

96

96

97

99

101

200

123

123

120

121

121

121

121

121

121

122

122

122

122

122

100

120

115

120

115

116

116

116

116

116

117

117

118

119

119

0

Jul

Aug

Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May

June

Source: Meridian

MERIDIAN'S RETAIL SALES VOLUME*

GWh

FY22 Residential

FY22 SMB

FY22 Agri

FY22 Large Bus

900

FY22 Corporate

FY21 Residential

FY21 SMB

FY21 Agri

FY21 Large Bus

FY21 Corporate

600

321

322

282

275

272

283

284

287

288

311

334

311

339

319

49

47

46

44

51

55

52

44

46

40

44

45

68

48

44

37

300

47

72

157

66

43

87

170

145

116

149

113

127

142

154

177

134

107

105

104

126

96

99

111

109

205

186

195

96

93

171

160

174

146

127

121

111

107

101

108

0

93

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June

Source: Meridian

16 SEPTEMBER 2021 | MONTHLY OPERATING REPORT FOR AUGUST 2021 | 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Meridian Energy Limited published this content on 15 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2021 21:21:08 UTC.


© Publicnow 2021
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Sales 2021 4 252 M 3 066 M 3 066 M
Net income 2021 252 M 182 M 182 M
Net Debt 2021 1 481 M 1 068 M 1 068 M
P/E ratio 2021 48,8x
Yield 2021 3,49%
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Nbr of Employees 1 015
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Number of Analysts 5
Last Close Price 4,87 NZD
Average target price 5,45 NZD
Spread / Average Target 11,9%
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Managers and Directors
Neal Anthony Barclay Chief Executive Officer
Michael John Roan Chief Financial Officer
Mark John Verbiest Chairman
Peter David Wilson Deputy Chairman
Anake Angus Murray Goodall Independent Non-Executive Director