Meridian Energy Limited · NZX:MEL
Meridian Energy — Corporate Update (October 2026)
15 slides from Meridian Energy's corporate update, Oct 20, 2026
Slide 1: Meridian Energy monthly operating report for September 2026
Release For personal use only Stock Exchange Listings NZX (MEL) ASX (MEZ) Meridian Energy monthly operating report for September 2026 20 October 2026 Meridian Energy Limited has released its monthly operating report for the month of September 2026 (attached). "Despite mild weather during September,
Slide 2: September and Q1 key points
September was a mild month with temperatures above or near average for the whole country. Rainfall was above normal for much of the South Island, whereas most of the North Island had below normal rainfall. National electricity demand in September 2026 was 0.5% lower than September 2025. NZAS a
Slide 3: September 2026 Monthly operating report
rsonal use only September 2026 Monthly operating report 20 OCTOBER 2026 7 cm
Slide 4: September key points
September key points In the month to 12 October, national hydro storage decreased from 155% to 121% of historical average. South Island storage decreased to 133% of average and North Island storage decreased to 78% of average by 12 October 2026. Meridian’s September 2026 monthly total inflows were 1
Slide 5: Q1 key points
Q1 key points Q1 total inflows were 154% of historical average and 29% higher than Q1 last year. Meridian’s Waitaki catchment water storage at the end of Q1 was 100.3% higher than Q1 last year. Compared to Q1 last year, Meridian’s generation was 18.9% higher at a 64.3% lower average price. rsonal us
Slide 6: National demand
National demand Market data GWh 4,200 4,000 National electricity demand in September 2026 was 0.5% lower 3,800 than September 2025. 3,600 New Zealand Aluminium Smelters Ltd (NZAS) average load during 3,400 September 2026 was 578MW, compared with 571MW a year ago. rsonal use only 3,200 September was
Slide 7: National hydro storage and ASX futures prices
National hydro storage (12 October 2026) Market data GWh 5,000 September 2026 saw slight movements in the ASX electricity futures 4,000 prices. 3,000 National storage decreased from 155% of average on 7 September 2026 to 121% of average on 12 October 2026. 2,000 rsonal use only South Island storage
Slide 8: Meridian's customer connections and retail sales volumes
Meridian operating information Meridian's customer connections Retail ICPs ('000) FY27 Meridian FY27 Powershop FY26 Meridian FY26 Powershop 500 400 Meridian’s customer connection numbers increased 0.03% during 150 145 149 143 153 154 155 157 158 160 160 159 156 152 September 2026 and have decreased
Slide 9: Meridian's combined catchment inflows and storage
Meridian operating information Meridian's combined catchment inflows Inflows and storage GWh 4,000 3,500 September 2026 monthly total inflows were 150% of historical 3,000 average. 2,500 2,000 Waiau catchment inflows in September 2026 were 156% of rsonal use only 1,500 historical average, 22% lower
Slide 10: Meridian's generation and average prices
Meridian operating information Meridian's generation Generation GWh 1,600 1,400 1,200 Meridian’s generation in September 2026 was 17.6% higher than the same month last year, reflecting higher hydro generation 1,000 and lower wind generation. 800 rsonal use only 600 To date this financial year, Merid
Slide 11: Monthly operating information
Meridian operating information Monthly operating information SEPTEMBER SEPTEMBER AUGUST JULY 3 MONTHS TO 3 MONTHS TO 2026 2025 2026 2026 SEPTEMBER SEPTEMBER MONTH MONTH MONTH MONTH 2026 2025 Retail contracted sales rsonal use only Residential sales v olume (GWh) 188 208 252 265 705 700 Small medium
Slide 12: Monthly operating information: generation, hedging and costs
Meridian operating information Monthly operating information SEPTEMBER SEPTEMBER AUGUST JULY 3 MONTHS TO 3 MONTHS TO 2026 2025 2026 2026 SEPTEMBER SEPTEMBER MONTH MONTH MONTH MONTH 2026 2025 Generation rsonal use only Hydro generation v olume (GWh) 1,183 931 1,258 1,202 3,644 2,982 Wind generation v
Slide 13: FY27 operating information
Meridian operating information FY27 operating information Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Q1 YoY Q2 YoY Q3 YoY Q4 YoY 2026 2026 2026 2026 2026 2026 2027 2027 2027 2027 2027 2027 FY27 change FY27 change FY27 change FY27 change Retail contracted sales Residential sales v olume (GWh) 26
Slide 14: FY26 operating information
Meridian operating information FY26 operating information Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Q1 YoY Q2 YoY Q3 YoY Q4 YoY 2025 2025 2025 2025 2025 2025 2026 2026 2026 2026 2026 2026 FY26 change FY26 change FY26 change FY26 change Retail contracted sales Residential sales v olume (GWh) 23
Slide 15: Glossary
Glossary Hedging volumes buy-side electricity derivatives excluding the buy-side of virtual asset swaps Average generation price the volume weighted average price received for Meridian’s physical generation Average retail contracted sales price volume weighted average electricity price received from