Meridian Energy Limited · NZX:MEL

Meridian Energy — Craigs Investment Partners investor day (May 2019)

10 slides from Meridian Energy's conference presentation, May 23, 2019

  1. Slide 1: Meridian Energy investor presentation

    For personal use only Meridian Energy investor presentation 23 May 2019 Attached is a presentation Meridian Energy will be making today at Craigs Investment Partners investor day. ENDS Neal Barclay Chief Executive Meridian Energy Limited For investor relations queries, please contact: For media quer

  2. Slide 2: Meridian Energy Limited Management Presentation

    For personal use only MERIDIAN ENERGY LIMITED MANAGEMENT PRESENTATION Meridian Energy Limited Management Presentation 1

  3. Slide 3: About Meridian Energy

    ABOUT MERIDIAN ENERGY For personal use only  New Zealand’s largest generator, all production from renewable sources  Seven big hydro stations – flexible plant with the country’s largest storage; low operating costs and capital needs  Five New Zealand wind farms and proven success operating in a h

  4. Slide 4: Shareholder Highlights

    SHAREHOLDER HIGHLIGHTS  Five successive years of earnings and For personal use only EBITDAF $M dividend growth since listing 700  Double digit shareholder returns every year 657 666 since listing 650 650  High free cash flow, high payout ratio (75- 618 90% of that free cash flow), progressive 600

  5. Slide 5: Operating Update

    OPERATING UPDATE  Wholesale prices have reflected ongoing For personal use only MERIDIAN'S AVERAGE GENERATION PRICE* $/MWh gas supply concerns 300 285  Combined with recent high inflows, has 250 produced very favourable 2H FY19 trading 200 171 157 153 conditions 150 149 128 125127 96 99 100  Soli

  6. Slide 6: Climate Change

    CLIMATE CHANGE For personal use only We have seen  No significant change to catchment inflows over the last 100 years  Some seasonal shift in inflows; drier autumns, wetter summers  Snowpack and glaciers getting smaller It is projected to get Genesis Energy’s Tekapo B power station  Wetter in ou

  7. Slide 7: The New Zealand Electricity Market

    THE NEW ZEALAND ELECTRICITY MARKET  Demands for action on climate change are For personal use only NZ 2016 SECTOR EMISSIONS growing and the New Zealand regulatory 3% 5% landscape is changing Electricity 6%  The country is committing to reducing all Road transport 17% non-methane emissions to net z

  8. Slide 8: The New Zealand Electricity Market

    THE NEW ZEALAND ELECTRICITY MARKET  Further thermal and older renewable plant For personal use only PLANT RETIREMENT SCHEDULE MW closures or repowering are inevitable 500 450  Closures will require new generation and 400 capital spend, adding to growth and in 350 addition to decarbonisation 300 25

  9. Slide 9: Meridian's Investment Proposition

    MERIDIAN’S INVESTMENT PROPOSITION For personal use only Strong free NZ retail cash flow load Long term Retail Capital Low capital sustainable platform management needs business changes Potential Income Growth Flux High free Medium Progressive Powershop cash flow term new ordinary DPS franchise payou

  10. Slide 10: Disclaimer

    DISCLAIMER For personal use only THE INFORMATION IN THIS SECURITIES AND MAY NOT BE RELIED PRESENTATION WAS PREPARED BY UPON IN CONNECTION WITH ANY MERIDIAN ENERGY WITH DUE CARE AND PURCHASE OF MERIDIAN ENERGY ATTENTION. HOWEVER, THE SECURITIES. INFORMATION IS SUPPLIED IN SUMMARY THIS PRESENTATION CO

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