Meridian Energy : Monthly operating report for November 2021 (PDF)

Monthly Operating Report

November 2021

November highlights

In the month to 9 December 2021, national hydro storage increased from 119% to 128% of historical average

South Island storage increased to 128% of average and North Island storage decreased to 125% of average by 9 December 2021

Meridian's November 2021 monthly total inflows were 91% of historical average

Meridian's Waitaki catchment water storage at the end of November 2021 was 134% of historical average

Water storage in Meridian's Waiau catchment was slightly below average at the end of November 2021

Waitaki snow storage at the end of November 2021 was 106% of historical average

National electricity demand in November 2021 was unchanged from the same month last year

November 2021 was the warmest November on record with temperatures well above average for most of the country. Rainfall was mixed

New Zealand Aluminium Smelter's average load during

November 2021 was 571MW

Meridian's New Zealand retail sales volumes in November 2021 were 11.5% higher than November 2020

Compared to November 2020, segment sales increased in residential +9.4%, small medium business +21.0%, agricultural +14.9% and corporate +10.2%. Large business volumes were -7.5% lower than November 2020

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Market data

• National electricity demand in November 2021 was unchanged from the same month last year
• November 2021 was the warmest November on record with temperatures well above average for most of the country. Rainfall was mixed
• Demand in the last 12 months was 0.4% higher than the preceding 12 months
• New Zealand Aluminium Smelter's average load during November 2021 was 571MW
• 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 5.8% at the end of October 2021
• 12-monthaverage switching rate of customers moving and changing retailers
  ("move-in" switch) was 13.4% at the end of October 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%

Oct 16 Apr 17 Oct 17 Apr 18 Oct 18 Apr 19 Oct 19 Apr 20 Oct 20 Apr 21 Oct 21

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

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Market data

• November 2021 saw small increases in ASX prices. 2025 futures continue trading at lower levels than 2024
• National storage increased from 119% of average on 11 November 2021 to 128% of average on 9 December 2021
• South Island storage increased to 128% of historical average by 9 December 2021. North Island storage decreased to 125% of

average

OTAHUHU ASX FUTURES SETTLEMENT PRICE

$/MWh 180

160

140

120

100

80

60

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

20212022202220222022202320232023202320242024202420242025202520252025

30 June 2021		30 July 2021		31 August 2021
1 October 2021		29 October 2021		30 November 2021
				Source: ASX

NATIONAL HYDRO STORAGE (9 December 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

180

160

140

120

100

80

60

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

20212022202220222022202320232023202320242024202420242025202520252025

30 June 2021		30 July 2021		31 August 2021
1 October 2021		29 October 2021		30 November 2021
				Source: ASX

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New Zealand retail

• Meridian's New Zealand customer connection numbers rose 0.5% during November 2021 and have risen 3.1% since June 2021
• Retail sales volumes in November 2021 were 11.5% higher than November 2020
• Compared to November 2020, segment sales increased in residential +9.4%, small medium business +21.0%, agricultural +14.9% and corporate +10.2%. Large business volumes were -7.5% lower than November 2020
• To date this financial year, retail sales volumes are 9.1% higher than the same period last year
• This reflects increased segment sales in residential +13.7%, small medium business +19.8%, and corporate +11.3%. Large business volumes are -8.7% lower and agricultural volumes are -6.6% 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
								112		113				114
	109	90	111	91	92	93	94			96		96		97		99				101		103		106
200
				123			123		123				123
	123	120	121	121	121	121			121		121		122		122				122		122		122
100
								120		120				120
	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									314
		282	275	297	272	302	283	284			287		288		311		334				311		339		319
		49
					47				43			46	40				44
		51					52		43											46		40
		55	68		48					44			44				37		44		45
			83
300			47			72	87	105	157	164				170							145				116		66		43
	149	113	127	107	120						142			154		177				126		134
			117
					105	104	116
										96			99							111				109
		205	186	195									96		93
		171	172									174
		146	148	127	122															121		160
		111			107		101				108
0
	Jul			Aug	Sep	Oct	Nov	Dec	Jan			Feb	Mar	Apr	May	June

Source: Meridian

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