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    MEL   NZMELE0002S7

MERIDIAN ENERGY LIMITED

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

08/12/2021 | 05:51pm EDT

Monthly Operating Report

July 2021

July highlights

In the month to 11 August 2021, national hydro storage increased from 92% to 103% of historical average

South Island storage increased to 111% of average and North Island storage increased to 72% of average by 11 August 2021

Meridian's July 2021 monthly total inflows were 156% of historical average

Meridian's Waitaki catchment

Waitaki snow storage in early August 2021 was 112% of historical average

National electricity demand in July 2021 was 0.7% higher than the same month last year

July 2021 was unseasonably warm with temperatures above average for much of the country. Rainfall was mixed, including above average rainfall in the South Island

New Zealand Aluminium Smelter's average load during July 2021 was 566MW

Meridian's New Zealand retail sales volumes in July 2021 were 13.6% higher than July 2020

Compared to July 2020, segment sales increased in residential +10.3%, small medium business +31.4%, agricultural +9.4% and corporate +13.9%. Large business volumes were -10.0% lower than July 2020

water storage at the end of July 2021 was 111% of historical average

Water storage in Meridian's

Waiau catchment was above average at the end of July 2021

Meridian made calls under the Genesis swaption in early July 2021

13 AUGUST 2021 | MONTHLY OPERATING REPORT FOR JULY 2021 | 2

Market data

  • National electricity demand in July 2021 was 0.7% higher than the same month last year
  • July 2021 was unseasonably warm with temperatures above average for much of the country. Rainfall was mixed, including above average rainfall in the South Island
  • Demand in the last 12 months was 0.5% higher than the preceding 12 months
  • New Zealand Aluminium Smelter's average load during July 2021 was 566MW
  • 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 6.5% at the end of June 2021
  • 12-monthaverage switching rate of customers moving and changing retailers
    ("move-in" switch) was 14.2% at the end of June 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

2018

2019

2020

2021

Source: Electricity Authority (reconciled demand)

MARKET ICP SWITCHING (ALL RETAILERS)

12 month average

15%

13%

11%

9%

7%

5%

Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21

Industry Move-in Switches

Industry Trader Switches

Source: Electricity Authority

13 AUGUST 2021 | MONTHLY OPERATING REPORT FOR JULY 2021 | 3

Market data

  • July 2021 saw ASX prices continue to decrease
  • National storage increased from 92% of average on 13 July 2021 to 103% of average on 11 August 2021
  • South Island storage increased to 111% of historical average by 11 August 2021. North Island storage increased to 72% of average

OTAHUHU ASX FUTURES SETTLEMENT PRICE

$/MWh 310

260

210

160

110

60

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

30 June 2020

31 March 2021

30 April 2021

31 May 2021

30 June 2021

30 July 2021

Source: ASX

NATIONAL HYDRO STORAGE (11 August 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

260

210

160

110

60

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

30 June 2020

31 March 2021

30 April 2021

31 May 2021

30 June 2021

30 July 2021

Source: ASX

13 AUGUST 2021 | MONTHLY OPERATING REPORT FOR JULY 2021 | 4

New Zealand retail

  • Meridian's New Zealand customer connection numbers rose 1.2% during July 2021
  • Retail sales volumes in July 2021 were 13.6% higher than July 2020
  • Compared to July 2020, segment sales increased in residential +10.3%, small medium business +31.4%, agricultural +9.4% and corporate +13.9%. Large business volumes were -10.0% lower than July 2020

*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

109

91

92

93

94

96

96

97

99

101

103

106

90

200

123 120

122

121

121

121

121

121

121

122

122

122

122

100

120 115

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

283

287

311

334

339

319

282

275

272

284

288

311

49

46

44

51

55

52

46

40

44

45

48

44

44

37

300

47

72

87

157

66

43

149

142

170

154

177

145

116

113

134

107

126

105

104

111

109

96

99

96

93

205 186

171

146

127

111

121

160

174

107

101

93

108

0

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

Source: Meridian

13 AUGUST 2021 | MONTHLY OPERATING REPORT FOR JULY 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 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 21:50:06 UTC.


© Publicnow 2021
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Sales 2021 4 252 M 3 042 M 3 042 M
Net income 2021 252 M 181 M 181 M
Net Debt 2021 1 481 M 1 059 M 1 059 M
P/E ratio 2021 50,4x
Yield 2021 3,38%
Capitalization 12 925 M 9 227 M 9 245 M
EV / Sales 2021 3,39x
EV / Sales 2022 4,17x
Nbr of Employees 1 015
Free-Float 49,4%
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Mean consensus HOLD
Number of Analysts 5
Last Close Price 5,02 NZD
Average target price 5,45 NZD
Spread / Average Target 8,53%
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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