Monthly Operating Report
September 2023
September highlights
In the month to 5 October 2023, national hydro storage increased from 83% to 116% of historical average
South Island storage increased to 121% of average and North Island storage increased to 98% of average by 5 October 2023
Meridian's September 2023 monthly total inflows were 160% of historical average
Waiau catchment inflows in September 2023 were 173% of historical average
Meridian's Waitaki catchment water storage at the end of
September 2023 was 116% of historical average
Snow storage in Meridian's Waitaki catchment was 105% of average in early October
Water storage in Meridian's Waiau catchment was 170% of average at the end of September 2023
National electricity demand in September 2023 was 1.7% lower than the same month last year
September 2023 was the warmest September on record with temperatures above average for most of the country. Rainfall was above normal in most of the South Island and eastern and northern parts of the North Island
MOU was signed with Parkwind for exploration of offshore wind
New Zealand Aluminium Smelter's average load during September 2023 was 568MW
Meridian's retail sales volumes
in September 2023 were 1.3% higher than September 2022
Compared to September 2022, segment sales increased in small medium business +0.2%, large business +1.7% and agricultural +29.3%, with decreases in residential -6.3% corporate -2.0%
17 OCTOBER 2023 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2023 | 2
National electricity demand in Q1 was 0.6% higher than Q1 last year
Winter 2023 was relatively warm and dry, although notable for markedly below average monthly temperatures in August 2023
Rainfall was contrasting; below normal across most of the country, with the lower South Island experiencing above normal rainfall
During the quarter, Meridian made calls on volume under the swaption agreement with Nova
Transformer outages at
were the same as Q1 last year Manapōuri and West Wind scheduled well into 2024
At the end of Q1, Meridian's customer numbers were 0.2% lower than the same time last year
Compared to Q1 last year, Meridian's retail sales volumes were 2.0% higher at an 11.5% higher average price
Sales increased in all segments except residential
Compared to Q1 last year, total operating costs were 15.5%
higher
Compared to Q1 last year, total capital expenditure was 55.0% higher with construction at the Harapaki Wind Farm and the Ruakākā Battery Energy Storage System
17 OCTOBER 2023 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2023 | 3
Market data
- National electricity demand in September 2023 was 1.7% lower than the same month last year
- September 2023 was the warmest September on record with temperatures above average for most of the country. Rainfall was above normal in most of the South Island and eastern and northern parts of the North Island
- Demand in the last 12 months was 0.2% higher than the preceding 12 months
- New Zealand Aluminium Smelter's average load during September 2023 was 568MW
- 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 5.9% at the end of August 2023
- 12-monthaverage switching rate of customers moving and changing retailers
("move-in" switch) was 12.5% at the end of
August 2023
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 (2011-2022) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Source: Electricity Authority (reconciled demand)
MARKET ICP SWITCHING (ALL RETAILERS)
12 month average
15%
13%
11%
9%
7%
5%
Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23
Industry Move-in Switches | Industry Trader Switches | |
Source: Electricity Authority |
17 OCTOBER 2023 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2023 | 4
Market data
- 2027 electricity futures prices commenced trading in early October
- National storage increased from 83% of average on 11 September 2023 to 116% of average on 5 October 2023
- South Island storage increased to 121% of historical average by 5 October 2023. North Island storage increased to 98% of average
OTAHUHU ASX FUTURES SETTLEMENT PRICE
$/MWh 240
220
200
180
160
140
120
100
80
60
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20232024202420242024202520252025202520262026202620262027202720272027
3 October 2022 | 30 June 2023 | 31 July 2023 | ||
31 August 2023 | 28 September 2023 | 12 October 2023 | ||
Source: ASX |
NATIONAL HYDRO STORAGE (5 October 2023)
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 stored (90yr) | 1992 | 2004 | |||||
2008 | 2012 | 2019 | |||||
2021 | 2022 | 2023 | |||||
Source: NZX
BENMORE ASX FUTURES SETTLEMENT PRICE
$/MWh 240
220
200
180
160
140
120
100
80
60
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20232024202420242024202520252025202520262026202620262027202720272027
3 October 2022 | 30 June 2023 | 31 July 2023 | ||
31 August 2023 | 28 September 2023 | 12 October 2023 | ||
Source: ASX |
17 OCTOBER 2023 | MONTHLY OPERATING REPORT FOR SEPTEMBER 2023 | 5
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Disclaimer
Meridian Energy Limited published this content on 16 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2023 20:08:26 UTC.