Meridian Energy : Monthly operating report for 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%

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

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

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

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

NATIONAL HYDRO STORAGE (5 October 2023)

GWh 5,000

4,000

3,000

2,000

1,000

0

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