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
Attachments
- Original Link
- Original Document
- Permalink
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.