Meridian Energy : Monthly operating report for May 2022 (PDF).

Monthly Operating Report

May 2022

May highlights

In the month to 10 June 2022, national hydro storage increased from 76% to 85% of historical average

South Island storage increased to 79% of average and North Island storage increased to 122% of average by 10 June 2022

Meridian's May 2022 monthly total inflows were 81% of historical average

Waiau catchment inflows were 85% of historical average in May 2022

Water storage in Meridian's Waiau catchment remained below average at the end of May 2022

Meridian's Waitaki catchment water storage at the end of May 2022 was 69% of historical average

National electricity demand in May 2022 was 3.0% lower than the same month last year

May 2022 was the third warmest May on record. Rainfall was mixed, with below average totals in Canterbury, Otago, and southwestern Southland

Meridian made calls under the Genesis swaption in May 2022

New Zealand Aluminium Smelter's average load during May 2022 was 565MW

Meridian's New Zealand retail sales volumes in May 2022 were 4.4% higher than May 2021

Compared to May 2021, segment sales increased in small medium business +7.6%, large business +8.6%, agricultural +11.3% and corporate +3.8%. Residential volumes were -1.0% lower than May 2021

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Market data

• National electricity demand in May 2022 was 3.0% lower than the same month last year
• May 2022 was the third warmest May on record. Rainfall was mixed, with below average totals in Canterbury, Otago, and southwestern Southland
• Demand in the last 12 months was 1.1% lower than the preceding 12 months
• New Zealand Aluminium Smelter's average load during May 2022 was 565MW
• 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 5.5% at the end of April 2022
• 12-monthaverage switching rate of customers moving and changing retailers
  ("move-in" switch) was 12.9% at the end of
  April 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%

Apr 17 Oct 17 Apr 18 Oct 18 Apr 19 Oct 19 Apr 20 Oct 20 Apr 21 Oct 21 Apr 22

Industry Move-in Switches		Industry Trader Switches
		Source: Electricity Authority

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Market data

• May 2022 saw increases in ASX prices, beyond the current year
• National storage increased from 76% of average on 15 May 2022 to 85% of average on 10 June 2022
• South Island storage increased to 79% of historical average by 10 June 2022. North Island storage increased to 122% of average

OTAHUHU ASX FUTURES SETTLEMENT PRICE

$/MWh

270

250

230

210

190

170

150

130

110

90

70

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

2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025

30 June 2021		31 January 2022		28 February 2022
31 March 2022		29 April 2022		31 May 2022
				Source: ASX

NATIONAL HYDRO STORAGE (10 June 2022)

GWh 5,000

4,000

3,000

2,000

1,000

0

Jan Feb Mar	Apr May Jun	Jul Aug Sep	Oct Nov Dec
88yr Average			1992		2004			2008
2012			2018		2021			2022

Source: NZX

BENMORE ASX FUTURES SETTLEMENT PRICE

$/MWh

270

250

230

210

190

170

150

130

110

90

70

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

2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025

30 June 2021		31 January 2022		28 February 2022
31 March 2022		29 April 2022		31 May 2022
				Source: ASX

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New Zealand retail

• Meridian's New Zealand customer connection numbers rose 0.2% during May 2022 and have risen 5.2% since June 2021
• Retail sales volumes in May 2022 were 4.4% higher than May 2021
• Compared to May 2021, segment sales increased in small medium business +7.6%, large business +8.6%, agricultural +11.3% and corporate +3.8%. Residential volumes were -1.0% lower than May 2021
• To date this financial year, retail sales volumes are 6.4% higher than the same period last year
• This reflects increased segment sales in: residential +11.1%, small medium business +18.0%, and corporate +10.0%. Agricultural volumes are -14.0% lower and large business volumes are -3.1% 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																												116		116					117
	109	90	111	91	112	92	113		93		114	94	114	96	115	96		115	97	99				101			103		106
200
					123			123		123					123		123		124					124		125		125					126
	123	120	121	121	121	121	121	121	122	122	122		122		122
100
								120		120					120		120		121					121		122		122					123
	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
																					343
600		321
				322										314											369									352
		282	275	297		302	283	284	328	287		288		311	334	332	311		339		319
					272											314
		49																			42
					47			43				46		40				44
									43													46	45	40								48
		51	55	68	52	48						44	43			44			41	37		44		45
300			47	72	83	105	157	164		119		175					42		119						74	66		43
							87		170							145	94	116
	149	113	127			120							142		154	93	177			136			134
			107	105	117							121									130		121					126
							104	116			118					113			109
										96	99						111
		205	186	195			172			96		93					174
		171		148																						158	160
		146	127	122		121									118		127	121
		111	107	115	101	108		108
0		Jul				Aug	Sep	Oct				Nov	Dec	Jan					Feb	Mar	Apr	May	June

Source: Meridian

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