Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2024)
25 slides from Meridian Energy's shareholder meeting presentation, Oct 15, 2024
Slide 1: 2024 Annual Shareholder Meeting
MERIDIAN ENERGY LIMITED 15 October 2024 2024 Annual Shareholder Meeting
Slide 2: Today’s business
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 2 Today’s business Chair’s address. Chief Executive’s review. Shareholder questions. Resolutions and voting. Meridian’s completed Harapaki Wind Farm in Hawke’s Bay Meridian’s Manapōuri hydro station in the Fiordland National Park
Slide 3: Chair’s address
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 3 Chair’s address Benmore hydro station in the Mackenzie Basin, South Canterbury
Slide 4: Our Board
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 4 Our Board Nagaja Sanatkumar Julia Hoare Michelle Henderson Graham Cockroft Tania Simpson David Carter Mark Verbiest
Slide 5: New Zealand’s energy sector
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 5 New Zealand gas production New Zealand’s energy sector PJ 300 actual forecast 250 200 150 Successive years of declining gas 100 production and reserves estimates. 50 Dry and calm conditions saw hydro storage 0 2000 2003 2006 2009 2012
Slide 6: Ground-breaking agreements with NZAS
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 6 Ground-breaking agreements with NZAS 20-year term has removed uncertainty for the electricity sector and the people of Southland. Agreements include demand response provisions to help manage low hydro storage conditions. Transmission
Slide 7: Policy and regulation
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 7 Policy and regulation Annual NZ Demand for Generation By 2050 New Zealand will require around GWh $30 billion of investment in new 75,000 renewable generation. 70,000 Consenting under the current Resource 65,000 Management Act has bec
Slide 8: Waitaki reconsenting
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 8 Waitaki reconsenting Re-consent application lodged for the Waitaki Hydro Scheme. Will be the largest consent ever granted under the RMA. Waitaki Hydro Scheme consists of eight power stations and provides 18% of this country’s electric
Slide 9: Southern Green Hydrogen update
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 9 Southern Green Hydrogen update Global inflationary pressures have increased capital costs. Consistent with challenges other hydrogen projects are experiencing overseas. Meridian has decided to put the project on hold. Meridian’s Te Āp
Slide 10: Board changes
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 10 Board changes David Carter elected to the Board at last year’s Annual Shareholder Meeting. Resolution to re-elect Tania Simpson at this Annual Shareholder Meeting. Meridian now has installed 348 public chargers across New Zealand
Slide 11: Shareholder returns
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 11 Shareholder returns Total dividends declared Change to an operating free cash flow-based cps Ordinary dividends Special dividends dividend policy. 25 20 FY24 final ordinary dividend of 14.85cps 2.44 15 (+25% on FY23), 80% imputed. 21
Slide 12: Chief Executive’s review
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 12 Chief Executive’s review Meridian’s completed Harapaki Wind Farm in Hawke’s Bay
Slide 13: Our Executive
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 13 Our Executive Jason Woolley Neal Barclay Tania Palmer Chris Ewers Jason Stein Lisa Hannifin Guy Waipara Claire Shaw Mike Roan Bharat Ratanpal
Slide 14: Current context
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 14 Current context Meridian's Waitaki storage High wholesale prices in July and August from GWh gas shortages, low hydro inflows and 2,500 unseasonally low wind. 2,000 1,500 A series of physical responses ensured the system remained sec
Slide 15: Renewable development programme update
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 15 Renewable development programme update
Slide 16: Delivering cleaner, cheaper energy
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 16 Delivering cleaner, cheaper energy $5 million Energy Wellbeing Programme helping 5,000 households out of energy hardship. Process Heat Electrification Programme expected to support the removal of 140,000 tCO2e annually by 2030. Solar
Slide 17: Meridian’s decarbonisation
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 17 Meridian’s decarbonisation ‘Half by 2030’ operational emissions reduction target. Target of net carbon zero by 2050. Continued inclusion in the Dow Jones Asia Pacific Sustainability Index. Meridian Zero electric vehicle charging at E
Slide 18: Our people
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 18 Our people Reshaped operating model in our generation business. Adopting a more agile operating model in our retail business. Staff engagement continues to steadily trend up. Meridian’s Twizel office
Slide 19: Financial performance
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 19 Financial performance Operating cash flows Operating cash flows of $667 million for the $M year ending 30 June 2024, up from $509 800 million the previous year. 600 Driven by higher customer sales and positive 400 667 wholesale tradi
Slide 20: Shareholder questions
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 20 Shareholder questions Maintenance work at Meridian’s West Wind Farm near Wellington
Slide 21: Resolution and voting
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 21 Resolution and voting Container installation at Meridian’s Ruakākā Battery Energy Storage system near Whangārei
Slide 22: Resolution 1: Re-election of Tania Simpson
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 22 Resolution 1 Re-election of Tania Simpson
Slide 23: Vote totals
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 23 Vote totals
Slide 24: Closing
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 24 Closing Ōhau A hydro station in the Mackenzie Basin, South Canterbury
Slide 25: Disclaimer
2024 ANNUAL SHAREHOLDER MEETING 15 October 2024 MERIDIAN ENERGY 25 Disclaimer The information in this presentation was prepared by Meridian Energy with companies and they should not be considered in isolation from, or construed due care and attention. However, the information is supplied in summary