MERIDIAN ENERGY LIMITED Monthly Operating Report
December 2022
December highlights
In the month to 10 January 2023, national hydro storage decreased from 138% to
Meridian's Waitaki catchment | December 2022 was generally |
water storage at the end of | a warm month with variable |
December was 129% of | rainfall patterns. Most of |
116% of historical average
South Island storage decreased to 111% of average and North Island storage increased to 144% of average by 10 January 2023
historical average
Water storage in Meridian's Waiau catchment was 65% of average at the end of December 2022
Otago and Southland saw rainfall totals well below average
New Zealand Aluminium Smelter's average load during
December 2022 was 577MW
Meridian's December 2022 monthly total inflows were 63% of historical average
Waiau catchment inflows in December 2022 were lower, at 55% of historical average
Waitaki snow storage in early January 2023 was 65% of historical average
National electricity demand in December 2022 was 0.4% lower than the same month last year
Meridian's retail sales volumes in December 2022 were 1.4% higher than December 2021
Compared to December 2021, segment sales increased in small medium business +3.7%, agricultural +19.0%, large business +11.7%. Residential decreased -1.2% and corporate -6.2%
16 JANUARY 2023 | MONTHLY OPERATING REPORT FOR DECEMBER 2022 | 2
Q2 highlights
Meridian's Q2 total inflows were 88% of historical average, 10% lower than Q2 last year
Meridian's Waitaki catchment water storage at the end of Q2 was 2% lower than Q2 last year
Compared to Q2 last year, Meridian's generation was 0.8% lower at a 35.6% lower average price
Q2 saw increases in longer dated futures prices
Close outs of 2024 and 2025 hedge positions generated $19m of proceeds in Q2
New Zealand Aluminium Smelter's sales volume in Q2 was 0.1% lower than Q2 last year
National electricity demand in Q2 was 0.5% higher than Q2 last year
2022 spring (September- December) was warm with no areas experiencing below average temperatures. Much of the North Island was very wet, South Island rainfall was around normal
At the end of Q2, Meridian's customer numbers were 2.4% higher than the same time last year
Compared to Q2 last year, Meridian's retail sales volumes were 4.5% higher at a 13.3% higher average price
Sales increased in all segments, except residential, where sales were flat
Compared to Q2 last year, total operating costs were 33.2% higher
Compared to Q2 last year, total capital expenditure was 185.0% higher and included ex-works payments to Siemens Gamesa in relation to the Harapaki Wind Farm construction
16 JANUARY 2023 | MONTHLY OPERATING REPORT FOR DECEMBER 2022 | 3
Market data
- National electricity demand in December 2022 was 0.4% lower than the same month last year
- December 2022 was generally a warm month with variable rainfall patterns. Most of Otago and Southland saw rainfall totals well below average
- Demand in the last 12 months was 0.2% lower than the preceding 12 months
- New Zealand Aluminium Smelter's average load during December 2022 was 577MW
- 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 5.8% at the end of November 2022
- 12-monthaverage switching rate of customers moving and changing retailers
("move-in" switch) was 13.5% at the end of
November 2022
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 (2011-2021) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||
Source: Electricity Authority (reconciled demand)
MARKET ICP SWITCHING (ALL RETAILERS)
12 month average
15%
13%
11%
9%
7%
5%
Nov 17 May 18 Nov 18 May 19 Nov 19 May 20 Nov 20 May 21 Nov 21 May 22 Nov 22
Industry Move-in Switches | Industry Trader Switches | |
Source: Electricity Authority |
16 JANUARY 2023 | MONTHLY OPERATING REPORT FOR DECEMBER 2022 | 4
Market data
- December 2022 saw increases in ASX prices across the curve
- National storage decreased from 138% of average on 8 December 2022 to 116% of average on 10 January 2023
- South Island storage decreased to 111% of historical average by 10 January 2023. North Island storage increased to 144% of average
OTAHUHU ASX FUTURES SETTLEMENT PRICE
$/MWh 270 250 230 210 190 170 150 130 110 90 70 50 30
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20222023202320232023202420242024202420252025202520252026202620262026
30 June 2022 | 31 August 2022 | 3 October 2022 | ||
31 October 2022 | 30 November 2022 | 30 December 2022 | ||
Source: ASX |
NATIONAL HYDRO STORAGE (10 January 2023)
GWh 5,000
4,000
3,000
2,000
1,000
0
Jan Feb Mar | Apr May Jun | Jul Aug Sep Oct Nov Dec | |||||
Average stored (90yr) | 1992 | 2004 | |||||
2008 | 2012 | 2018 | |||||
2021 | 2022 | 2023 | |||||
Source: NZX
BENMORE ASX FUTURES SETTLEMENT PRICE
$/MWh 270 250 230 210 190 170 150 130 110 90 70 50 30
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20222023202320232023202420242024202420252025202520252026202620262026
30 June 2022 | 31 August 2022 | 3 October 2022 | ||
31 October 2022 | 30 November 2022 | 30 December 2022 | ||
Source: ASX |
16 JANUARY 2023 | MONTHLY OPERATING REPORT FOR DECEMBER 2022 | 5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Meridian Energy Limited published this content on 15 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2023 19:59:01 UTC.
