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Meridian Energy monthly operating report for December 2021

21 January 2022

Attached is Meridian Energy Limited's monthly operating report for the month of December 2021.

Highlights this month include:

  • In the month to 11 January 2022, national hydro storage decreased from 128% to 115% of historical average
  • South Island storage decreased to 112% of average and North Island storage increased to 131% of average by 11 January 2022
  • Meridian's December 2021 monthly total inflows were 113% of historical average
  • Meridian's Waitaki catchment water storage at the end of December 2021 was 132% of historical average
  • Water storage in Meridian's Waiau catchment was slightly below average at the end of December 2021
  • Waitaki snow storage in early January 2022 was 95% of historical average
  • National electricity demand in December 2021 was 2.0% lower than the same month last year
  • December 2021 was another warm month with temperatures above average for most of the country. Except in northern regions, above average rainfall was observed in many parts of New Zealand
  • New Zealand Aluminium Smelter's average load during December 2021 was 569MW
  • Meridian's New Zealand retail sales volumes in December 2021 were 3.3% higher than December 2020
  • Compared to December 2020, segment sales increased in residential +12.5%, small medium business +21.9% and corporate +14.1%. Large business volumes were -3.1% lower and agricultural volumes -30.0% lower than December 2020
  • Following the Court of Appeal decision in the Metro Glass case, a $6.8m provision in relation to holiday pay has been released, reducing December 2021 operating costs
  • $3.3m of MEA transaction costs have been reclassified out of November 2021 YTD operating costs in December 2021

Highlights for the second quarter include:

  • Meridian's Q2 total inflows were 97% of historical average, 6% higher than Q2 last year

M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d

L e v e l 2 , 5 5 L a d y E l i z a b e t h L a n e , P O B o x 1 0 8 4 0 , W e l l i n g t o n 6 1 4 3

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For personal use only

  • Meridian's Waitaki catchment water storage at the end of Q2 was 79% higher than Q2 last year
  • Compared to Q2 last year, Meridian's New Zealand generation was 2.2% higher at a 37.8% lower average price
  • Q2 saw small changes in NZ futures prices. 2025 commenced trading at lower prices than 2024
  • New Zealand Aluminium Smelter's average load during Q2 was 571MW compared with 565MW in Q2 last year
  • National electricity demand in Q2 was 1.7% lower than Q2 last year
  • At the end of Q2, Meridian's New Zealand customer numbers were 7.7% higher than the same time last year
  • Compared to Q2 last year, Meridian's NZ retail sales volumes were 4.7% higher at a 3.7% higher average price
  • Sales increased in most segments, large business and agricultural volumes were lower
  • Compared to Q2 last year, Meridian's Australian wind generation was 9.4% lower at a 7.0% lower average price
  • Hume water storage rose from 97% of average to 98% of average during Q2
  • At the end of Q2, Meridian's Australian electricity customer numbers were 0.2% lower than the same time last year
  • Compared to Q2 last year, Meridian's Australian retail sales volumes were 7.1% higher at a 16.4% lower average price
  • Compared to Q2 last year, total operating costs were 8.7% lower and included a $7m holiday pay provision release
  • Compared to Q2 last year, total capital expenditure was 182.9% higher, with commencement of the Harapaki wind farm build

ENDS

Neal Barclay

Chief Executive

Meridian Energy Limited

For investor relations queries, please contact:

For media queries, please contact:

Owen Hackston

Polly Atkins

Investor Relations Manager

External Communications Manager

021 246 4772

021 174 1715

m e r i d i a n e n e r g y . c o . n z

PG 2

ersonal use only

Monthly Operating Report

December 2021

December highlights

In the month to 11 January 2022, national hydro storage decreased from 128% to

115% of historical average

onlySouth Island storage decreased to 112% of average a d North Island storage increased to 131% of average by 11 January 2022

useM ridian's December 2021 monthly total inflows were 113% of historical average

Meridian's Waitaki catchment

water storage at the end of ersonalDecember 2021 was 132% of historical average

Water storage in Meridian's Waiau catchment was slightly bel w average at the end of December 2021

Waitaki snow storage in early January 2022 was 95% of historical average

National electricity demand in December 2021 was 2.0% lower than the same month last year

December 2021 was another warm month with temperatures above average for most of the country. Except in northern regions, above average rainfall was observed in many parts of New Zealand

New Zealand Aluminium Smelter's average load during

December 2021 was 569MW

Meridian's New Zealand retail sales volumes in December 2021 were 3.3% higher than December 2020

Compared to December 2020, segment sales increased in residential +12.5%, small medium business +21.9% and corporate +14.1%. Large business volumes were -3.1% lower and agricultural volumes -30.0% lower than December 2020

Following the Court of Appeal decision in the Metro Glass case, a $6.8m provision in relation to holiday pay has been released, reducing December 2021 operating costs

$3.3m of MEA transaction costs have been reclassified out of November 2021 YTD operating costs in December 2021

21 JANUARY 2022 | MONTHLY OPERATING REPORT FOR DECEMBER 2021 | 2

Q2 highlights

Meridian's Q2 total inflows were 97% of historical average, 6% higher than Q2 last year

onlyMeridian's Waitaki catchment water storage at the end of

Q2 was 79% higher than Q2 last year

Compared to Q2 last year, useM ridian's New Zealand generation was 2.2% higher at a 37.8% lower average price

Q2 saw small changes in NZ

futures prices. 2025 ersonalcommenced trading at lower prices than 2024

New Zealand Aluminium Smelter's average load during Q2 was 571MW compared with 565MW in Q2 last year

National electricity demand in Q2 was 1.7% lower than Q2 last year

At the end of Q2, Meridian's New Zealand customer numbers were 7.7% higher than the same time last year

Compared to Q2 last year, Meridian's NZ retail sales volumes were 4.7% higher at a 3.7% higher average price

Sales increased in most segments, large business and agricultural volumes were lower

Compared to Q2 last year,

Meridian's Australian wind

generation was 9.4% lower at a 7.0% lower average price

Hume water storage rose from 97% of average to 98% of average during Q2

At the end of Q2, Meridian's Australian electricity customer numbers were 0.2% lower than the same time last year

Compared to Q2 last year, Meridian's Australian retail sales volumes were 7.1% higher at a 16.4% lower average price

Compared to Q2 last year, total operating costs were 8.7% lower and included a $7m holiday pay provision release

Compared to Q2 last year, total capital expenditure was 182.9% higher, with commencement of the Harapaki wind farm build

21 JANUARY 2022 | MONTHLY OPERATING REPORT FOR DECEMBER 2021 | 3

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Meridian Energy Limited published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 20:40:00 UTC.