MERIDIAN ENERGY LIMITED Monthly Operating Report
September 2021
September highlights
In the month to 12 October 2021, national hydro storage increased from 126% to 134% of historical average
South Island storage increased to 140% of average and North Island storage increased to 115% of average by 12 October 2021
Meridian's September 2021 monthly total inflows were 171% of historical average
Meridian's Waitaki catchment water storage at the end of September 2021 was 162% of historical average
Water storage in Meridian's Waiau catchment was well
above average at the end of September 2021
Waitaki snow storage in early September 2021 was 132% of historical average
National electricity demand in September 2021 was 1.7% lower than the same month last year. More stringent lockdowns were in place this September compared to September 2020
September 2021 was mild and wet with temperatures near average for most of the country. Lower South Island regions saw rainfall significantly above average
New Zealand Aluminium Smelter's average load during
September 2021 was 571MW
Meridian's New Zealand retail sales volumes in September 2021 were 8.8% higher than September 2020
Compared to September 2020, segment sales increased in residential +18.0%, small medium business +14.5% and corporate +9.0%. Large business volumes were -9.7% lower and agricultural volumes were -4.3% than September 2020
20 OCTOBER 2021 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2021 | 2
Q1 highlights
Meridian's Q1 total inflows were 163% of historical average, the second highest Q1 inflows in record and 32% higher than Q1 last year
New Zealand Aluminium | Compared to Q1 last year, |
Smelter's average load during | Meridian's Australian wind |
Q1 was 569MW compared | generation was 12.2% higher at |
with 561MW in Q1 last year | a 12.7% lower average price |
Meridian's Waitaki catchment water storage at the end of
Q1 was 108% higher than Q1 last year
Compared to Q1 last year, Meridian's New Zealand generation was 11.3% higher at a 1.9% lower average price
During the quarter, NZ futures prices fell. Q4 2021 Otahuhu prices have now fallen by half to $73/MWh
National electricity demand in Q1 was 0.4% lower than Q1 last year
At the end of Q1, Meridian's New Zealand customer numbers were 8.0% higher than the same time last year
Compared to Q1 last year, Meridian's NZ retail sales volumes were 11.6% higher at a 3.3% higher average price
Sales increased in most segments, large business and agricultural volumes were lower
Hume water storage rose from 57% of average to 97% of average during Q1
At the end of Q1, Meridian's Australian electricity customer numbers were 4.1% higher the same time last year
Compared to Q1 last year, Meridian's Australian retail sales volumes were 5.9% higher at a 21.3% lower average price
Compared to Q1 last year, Meridian Group Operating costs were 2.5% higher and Total Capital Expenditure was 108.1% higher
20 OCTOBER 2021 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2021 | 3
Market data
- National electricity demand in September 2021 was 1.7% lower than the same month last year. More stringent lockdowns were in place this September compared to September 2020
- September 2021 was mild and wet with temperatures near average for most of the country. Lower South Island regions saw rainfall significantly above average
- Demand in the last 12 months was 0.7% higher than the preceding 12 months
- New Zealand Aluminium Smelter's average load during September 2021 was 571MW
- 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 6.2% at the end of August 2021
- 12-monthaverage switching rate of customers moving and changing retailers
("move-in" switch) was 13.9% at the end of
August 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%
Aug 16 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19 Feb 20 Aug 20 Feb 21 Aug 21
Industry Move-in Switches | Industry Trader Switches | |
Source: Electricity Authority |
20 OCTOBER 2021 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2021 | 4
Market data
- September 2021 saw decreases in near term ASX prices. 2025 futures commenced trading at lower levels than 2024
- National storage increased from 126% of average on 10 September 2021 to 134% of average on 12 October 2021
- South Island storage increased to 140% of historical average by 12 October 2021. North Island storage increased to 115% of
average
OTAHUHU ASX FUTURES SETTLEMENT PRICE
$/MWh 190
170
150
130
110
90
70
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20212022202220222022202320232023202320242024202420242025202520252025
30 April 2021 | 31 May 2021 | 30 June 2021 | ||
30 July 2021 | 31 August 2021 | 1 October 2021 | ||
Source: ASX |
NATIONAL HYDRO STORAGE (12 October 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
190
170
150
130
110
90
70
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20212022202220222022202320232023202320242024202420242025202520252025
30 April 2021 | 31 May 2021 | 30 June 2021 | ||
30 July 2021 | 31 August 2021 | 1 October 2021 | ||
Source: ASX |
20 OCTOBER 2021 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2021 | 5
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Meridian Energy Limited published this content on 19 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2021 21:40:04 UTC.
