Monthly Operating Report

March 2024

March highlights

In the month to 15 April 2024, national hydro storage increased from 93% to 102% of historical average

South Island storage increased to 102% of average and North Island storage decreased to 109% of average by 15 April 2024

Meridian's March 2024 monthly total inflows were 67% of historical average

Waiau catchment inflows in March 2024 were 95% of historical average

Meridian's Waitaki catchment water storage at the end of

March 2024 was 78% of historical average

Following significant rainfall in the second week of April 2024, Waitaki storage is now approaching average

Water storage in Meridian's Waiau catchment was 113% of average at the end of March 2024

National electricity demand in March 2024 was +3.4% higher than the same month last year

March 2024 was the coldest March in 12 years with temperatures below average for most of the country. Below normal rainfall occurred in most regions, with above average rainfall in Waikato, Fiordland and Southland.

New Zealand Aluminium Smelter's average load during March 2024 was 568MW

Meridian's retail sales volumes in March 2024 were +6.7% higher than March 2023

Compared to March 2023, segment sales increased in residential +3.9%, large business +7.3% and agriculture +63.0% with decreases in small medium business -0.9% and corporate -4.9%

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 2

Q3 highlights

Meridian's Q3 total inflows were 95% of historical average, +22% higher than Q3 last year

Meridian's Waitaki catchment water storage at the end of Q3 was -33% lower than Q3 last year

Compared to Q3 last

year, Meridian's generation was +10.9% higher at a +34.8% higher average price

Electricity futures prices​ rose across the curve during Q3

New Zealand Aluminum Smelter's sales volumes in Q3 were slightly higher than Q3

last year​

National electricity demand in Q3 was +4.3% higher than Q3 last year

Summer 2024 was warm overall and dry for many parts of the country, with above normal rainfall in the central North Island and western and southern parts of the South Island

NIWA's autumn 2024 outlook suggests easing El Niño

conditions, with normal or above normal rainfall likely in the west of the South Island

During the quarter, Meridian made calls on volume under the swaption agreement with Nova and the 2023-24 demand response agreement with NZAS

At the end of Q3, Meridian's customer numbers were +2.2% higher than the same time last year

Compared to Q3 last year, Meridian's retail sales volumes were +8.2% higher at a +6.1% higher average price

Sales increased in all segments

Compared to Q3 last year, total operating costs were +9.9% higher​

Compared to Q3 last year, total capital expenditure was +8.0% higher. Spend this quarter largely consisted of Harapaki and Ruakākā BESS construction

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 3

Market data

  • National electricity demand in March 2024 was +3.4% higher than the same month last year
  • March 2024 was the coldest March in 12 years with temperatures below average for most of the country. Below normal rainfall occurred in most regions, with above average rainfall in Waikato, Fiordland and Southland.
  • Demand in the last 12 months was +1.4% higher than the preceding 12 months
  • New Zealand Aluminium Smelter's average load during March 2024 was 568MW
  • 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 6.1% at the end of February 2024
  • 12-monthaverage switching rate of customers moving and changing retailers
    ("move-in" switch) was 12.8% at the end of
    February 2024

NATIONAL DEMAND

GWh

4,200

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 (2014-2023)

2019

2020

2021

2022

2023

2024

Source: Electricity Authority (reconciled demand)

MARKET ICP SWITCHING (ALL RETAILERS)

12 month average

15%

13%

11%

9%

7%

5%

Feb 19 Aug 19 Feb 20 Aug 20 Feb 21 Aug 21 Feb 22 Aug 22 Feb 23 Aug 23 Feb 24

Industry Move-in Switches

Industry Trader Switches

Source: Electricity Authority

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 4

Market data

  • Near-termASX electricity futures increased, with longer dated prices staying steady during March 2024
  • National storage increased from 93% of average on 11 March 2024 to 102% of average on 15 April 2024
  • South Island storage increased to 102% of historical average by 15 April 2024. North Island storage decreased to 109% of average

OTAHUHU ASX FUTURES SETTLEMENT PRICE

$/MWh

260

240

220

200

180

160

140

120

100

80

60

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 2027 2027 2027 2027

30 June 2023

30 November 2023

29 December 2023

31 January 2024

29 February 2024

28 March 2024

Source: ASX

NATIONAL HYDRO STORAGE (15 April 2024)

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 storage (91yr)

1992

2004

2008

2012

2019

2022

2023

2024

Source: NZX

BENMORE ASX FUTURES SETTLEMENT PRICE

$/MWh 260

240

220

200

180

160

140

120

100

80

60

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 2027 2027 2027 2027

30 June 2023

30 November 2023

29 December 2023

31 January 2024

29 February 2024

28 March 2024

Source: ASX

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 5

Meridian operating information

Meridian retail

▪ Meridian's customer connection numbers

decreased -0.1% during March 2024 and

have increased +2.8% since June 2023

▪ Retail sales volumes in March 2024 were

MERIDIAN'S CUSTOMER CONNECTIONS

ICPs ('000)

FY24 Meridian NI

FY24 Meridian SI

400

FY23 Meridian NI

FY23 Meridian SI

300

117

117

118

118

118

117

119

117

120

118

121

118

122

118

122

118

122

118

FY24 Powershop FY23 Powershop

117

117

117

+6.7% higher than March 2023

▪ Compared to March 2023, segment sales

increased in residential +3.9%, large

business +7.3% and agriculture +63.0%,

200

100

0

125 126 125 126 125 126 125 126 126 126 127 126 127 126 127 125 127 125

122 123 122 123 122 123 122 123 123 123 124 123 124 123 124 122 124 122

125

125

125

122

122

122

with decreases in small medium business

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

-0.9% and corporate -4.9%

▪ To date this financial year, retail sales

volumes are +4.6% higher than the same

period last year

▪ This reflects increased segment sales in

residential +0.5%, small medium business

+1.8%, large business +8.0%, agricultural

+18.0% and corporate +2.2%

MERIDIAN'S RETAIL SALES VOLUME*

GWh

FY24 Residential

FY24 SMB

FY24 Agri

900

FY24 Corporate

FY23 Residential

FY23 SMB

FY23 Large Bus

FY23 Corporate

337

326

332

331

326

338

334

320

323

318

331

332

318

600

325

319

308

320

355

54

61

60

61

59

54

40

52

51

49

53

54

76

53

51

50

48

53

75

45

53

134

51

112

87

150 150 184 141 210

120

176 186

158

Source: Meridian

FY24 Large Bus FY23 Agri

356

327

320

54 56

4848

68

*excludes volumes sold to New Zealand Aluminium Smelters and CFDs

300

97

154 155 161 152

146

141 141

134

145

134

132 128

127 125

129 121 130

135

119

76

141

123

148

200

207 201 192

155

165 144

152

124 119

123 119 119 115 112 106 127 122

0

130

157

180

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

Source: Meridian

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 6

Meridian inflows and storage

  • March 2024 monthly inflows were 67% of historical average
  • Waiau catchment inflows in March 2024 were 95% of historical average, 2% higher than the same month last year
  • To date this financial year, inflows are 95% of historical average
  • Meridian's Waitaki catchment water storage moved from 1,628GWh to 1,452GWh during March 2024
  • Waitaki water storage at the end of March 2024 was 78% of historical average and 33% lower than the same time last year
  • Following significant rainfall in the second week of April 2024, Waitaki storage is now approaching average
  • Water storage in Meridian's Waiau catchment was 113% of average at the end of March 2024

Meridian operating information

MERIDIAN'S COMBINED CATCHMENT INFLOWS

GWh 14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Financial

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

year

Mar YTD

90 year average

Source: Meridian

MERIDIAN'S WAITAKI STORAGE

GWh

2,500

2,000

1,500

1,000

500

0

1-Jan

1-Mar

1-May

1-Jul

1-Sep

1-Nov

1-Dec

Average 1979-

2018

2019

2020

2021

2022

2023

2024

Source: Meridian

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 7

Meridian operating information

Meridian generation

▪ Meridian's generation in March 2024 was

+11.9% higher than the same month last

year, reflecting higher hydro generation

and higher wind generation

▪ To date this financial year, Meridian's

generation is +0.6% higher than the same

period last year, reflecting lower hydro

generation and higher wind generation

▪ The average price Meridian received for its

generation in March 2024 was +53.6%

MERIDIAN'S GENERATION

GWh

1,400

1,200

1,000

800

600

400

200

0

Jul Aug Sep

Oct Nov Dec

Jan Feb Mar Apr

FY24 Hydro

FY24 Wind

FY23 Hydro

May Jun

FY23 Wind

Source: Meridian

higher than the same month last year

▪

MERIDIAN'S AVERAGE GENERATION PRICE*

$/MWh

The average price Meridian paid to supply

customers in March 2024 was +43.3%

higher than the same month last year

▪ To date this financial year, the average

price Meridian received for its generation

is +91.7% higher than the same period last

year and the average price paid to supply

customers is +76.5% higher

250

200

150

133

111

111

108

100

95

72

56

50 40

0

Jul Aug Sep Oct FY24 FY23

130

33

Nov

205

189

171

146

136

134

117

78

16

Dec Jan Feb Mar Apr

74

58

May Jun

*price received for Meridian's physical generation

Source: Meridian

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 8

Monthly operating information

Meridian operating information

MARCH

2024

MONTH

New Zealand contracted sales

Residential sales volume (GWh)

127

Small medium business sales volume (GWh)

134

Agricultural sales volume (GWh)

158

Large business sales volume (GWh)

54

Corporate and industrial sales volume (GWh)

338

Retail contracted sales volume (GWh)

811

Average retail contracted sales price

1

($NZ/MWh)

$139.5

NZAS sales volume (GWh)

421

Financial contract sales volumes

2

(GWh)

272

Average wholesale & financial contracts sales price

3

($NZ/MWh)

$74.1

Retail customer supply volumes (GWh)

850

Cost to supply retail customers ($NZ/MWh)

$213.8

Cost to supply wholesale customers ($NZ/MWh)

$202.5

Cost of financial contracts ($NZ/MWh)

$202.2

Total New Zealand customer connections

4

373,332

MARCH 2023 MONTH

122 135 97 51 355 761 $134.3 426 190 $66.1 818 $151.5 $143.3 $125.3 365,260

FEBRUARY 2024 MONTH

112 130 186 53 326 806 $135.9 398 206 $68.8 851 $155.1 $136.4 $134.9 373,536

JANUARY 2024 MONTH

119 129 210 54 331 843 $136.4 426 275 $75.0 884 $201.4 $187.1 $181.8 372,604

9 MONTHS TO MARCH 2024

1,305 1,243 1,249 491 2,978 7,267 $138.7 3,770 2,516 $70.3 7,691 $158.3 $142.8 $140.0

9 MONTHS TO MARCH 2023

1,298 1,221 1,058 455 2,913 6,946 $128.8 3,759 2,109 $60.9 7,362 $89.6 $79.7 $81.0

See page 10 for footnotes

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 9

Monthly operating information

Meridian operating information

MARCH

2024

MONTH

New Zealand generation

Hydro generation volume (GWh)

972

Wind generation volume (GWh)

134

Total generation volume (GWh)

1,106

Average generation price

5

($NZ/MWh)

$205.0

New Zealand hedging

Hedging volume

6

(GWh)

504

Hedging cost average price ($NZ/MWh)

$139.1

Hedging spot revenue average price ($NZ/MWh)

$207.6

Future contract close outs ($NZm)

-$1.5

MARCH 2023 MONTH

876 113 988 $133.5

450 $125.4 $136.1 -$0.9

FEBRUARY 2024 MONTH

962 127 1,089 $136.4

438 $131.9 $156.1 $0.0

JANUARY 2024 MONTH

1,010 106 1,116 $188.6

504 $127.4 $192.6 $2.1

9 MONTHS TO MARCH 2024

9,171 1,088 10,258 $143.4

4,306 $127.1 $152.9 $18.6

9 MONTHS TO MARCH 2023

9,267 932 10,198 $74.8

3,536 $118.6 $89.6 $45.0

See page 10 for footnotes

16 APRIL 2024 | MONTHLY OPERATING REPORT FOR MARCH 2024 | 10

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Disclaimer

Meridian Energy Limited published this content on 15 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 20:55:49 UTC.