Monthly Operating Report

July 2023

July highlights

In the month to 11 August 2023, national hydro storage decreased from 121% to 106% of historical average

South Island storage decreased to 112% of average and North Island storage decreased to 81% of average by 11 August 2023

Meridian's July 2023 monthly total inflows were 86% of historical average

Waiau catchment inflows in July 2023 were 98% of historical average

Meridian's Waitaki catchment water storage at the end of

July 2023 was 126% of historical average

Snow storage in Meridian's Waitaki catchment was 94% of average in early August

Water storage in Meridian's Waiau catchment was 107% of average at the end of July 2023

National electricity demand in July 2023 was 1.0% lower than the same month last year

July 2023 temperatures were above average for most of the country. Rainfall was above average in eastern and southern parts of the South Island, and below average for the rest of the country

New Zealand Aluminium Smelter's average load during July 2023 was 569MW

Meridian's retail sales volumes in July 2023 were 0.6% higher than July 2022

Compared to July 2022, segment sales decreased in residential -3.4%, small medium business -0.5%, large business -1.5% and agriculture -0.4%. Corporate sales increased +4.4%

16 AUGUST 2023 | MONTHLY OPERATING REPORT FOR JULY 2023 | 2

Market data

  • National electricity demand in July 2023 was 1.0% lower than the same month last year
  • July 2023 temperatures were above average for most of the country. Rainfall was above average in eastern and southern parts of the South Island, and below average for the rest of the country
  • Demand in the last 12 months was 0.2% higher than the preceding 12 months
  • New Zealand Aluminium Smelter's average load during July 2023 was 569MW
  • 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 5.8% at the end of June 2023
  • 12-monthaverage switching rate of customers moving and changing retailers
    ("move-in" switch) was 12.8% at the end of
    June 2023

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 (2011-2022)

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

16 AUGUST 2023 | MONTHLY OPERATING REPORT FOR JULY 2023 | 3

Market data

  • July 2023 saw increases in near-term ASX prices
  • National storage decreased from 121% of average on 12 July 2023 to 106% of average on 11 August 2023
  • South Island storage decreased to 112% of historical average by 11 August 2023. North Island storage decreased to 81% of average

OTAHUHU ASX FUTURES SETTLEMENT PRICE

$/MWh 220

200

180

160

140

120

100

80

60

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2023

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2026

2026

2026

30 June 2022

31 March 2023

28 April 2023

31 May 2023

30 June 2023

31 July 2023

Source: ASX

NATIONAL HYDRO STORAGE (11 August 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 220

200

180

160

140

120

100

80

60

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2023

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2026

2026

2026

30 June 2022

31 March 2023

28 April 2023

31 May 2023

30 June 2023

31 July 2023

Source: ASX

16 AUGUST 2023 | MONTHLY OPERATING REPORT FOR JULY 2023 | 4

Meridian retail

  • Meridian's customer connection numbers increased +0.9% during July 2023 and have increased +0.1% since July 2022
  • Retail sales volumes in July 2023 were 0.6% higher than July 2022
  • Compared to July 2022, segment sales decreased in residential -3.4%, small medium business -0.5%, large business -1.5% and agricultural -0.4%. Corporate sales increased by +4.4%

*excludes volumes sold to New Zealand Aluminium Smelters and CFDs

Meridian operating information

MERIDIAN'S CUSTOMER CONNECTIONS

ICPs ('000)

FY24 Meridian NI

FY24 Meridian SI

FY24 Powershop

400

FY23 Meridian NI

FY23 Meridian SI

FY23 Powershop

300

117 117

118

117

117

118

118

118

118

118

117

117

117

200

126 126

126

126

126

126

126

126

125

125

125

125

125

100

123 123

123

123

123

123

123

123

122

122

122

122

122

0

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

June

Source: Meridian

MERIDIAN'S RETAIL SALES VOLUME*

GWh

FY24 Residential

FY24 SMB

FY24 Agri

FY24 Large Bus

900

FY24 Corporate

FY23 Residential

FY23 SMB

FY23 Agri

FY23 Large Bus

FY23 Corporate

600

334 320

326

325

323

319

318

356

308

355

327

320

320

60

61

59

53

40

50

48

49

56

53

45

54

53

75

51

87

134

48

48

68

150

141

176

300

155

146

97

76

154

152

148

141

145

141

135

123

128

125

121

119

200 207

192

165

152

119

119

115

106

122

130

157

180

0

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

June

Source: Meridian

16 AUGUST 2023 | MONTHLY OPERATING REPORT FOR JULY 2023 | 5

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Disclaimer

Meridian Energy Limited published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 20:50:06 UTC.