Meridian Energy Limited · NZX:MEL
Meridian Energy — Shareholder Meeting (October 2023)
23 slides from Meridian Energy's shareholder meeting presentation, Oct 12, 2023
Slide 1: 2023 Annual Shareholder Meeting
12 OCTOBER 2023 2023 Annual Shareholder Meeting
Slide 2: Today's business
Today’s business Chair’s address Chief Executive’s review Shareholder questions Resolutions and voting Cover: Completed first turbine at the Harapaki wind farm, Hawke’s Bay Part of Meridian’s EV Zero electric vehicle charging network 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N
Slide 3: Chair's address
Chair’s address Lake Benmore and the Waitaki River in the South Island’s Waitaki District 12 OCTOB E R 2 02 3 2 02 3 AN N UAL S HAR E HOLD E R M E E TI N G 3
Slide 4: Our Board
Our Board Michelle Henderson Tania Simpson Nagaja Sanatkumar Benjamin Bateman Graham Cockroft Mark Verbiest David Carter Mark Cairns (ret.) Julia Hoare 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 4
Slide 5: New Zealand decarbonisation
New Zealand decarbonisation New Zealand average annual emissions Mt CO2e 2022 Total Non agriculture Agriculture 100 actual 75.3 Emissions Reduction Plan Targets 79.5 79.5 80 72.5 61.0 60 41.3 41.3 32.7 48.0 22.8 40 11.4 20 38.2 38.2 39.8 38.2 36.6 0 2014-17 2018-21 2018-21 2022-25 2026-30 2031-35 So
Slide 6: Customer outcomes
Customer outcomes § Retail electricity pricing continuing to Unit electricity costs (real) c/KWh decline in real terms Residential Commercial Industrial 40 including GST excluding GST excluding GST § Meridian is fully compliant with the 35 Electricity Authority’s consumer care guidelines 30 § Launch
Slide 7: Policy and regulation
Policy and regulation Annual market demand for generation TWh history range of future growth 70 $30+ 65 billion of new 60 generation investment 55 50 45 40 35 30 1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 2036 2039 2042 2045 2048 Financial Year ended 30 June Source: Meridian 1
Slide 8: Board changes
Board changes § Graham Cockroft elected as a Director a year ago § David Carter appointed as a Director in July 2023 and standing for election at this meeting § Mark Cairns retiring today after 11 years as a Director 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 8
Slide 9: Shareholder returns
Shareholder returns Total shareholder return1 Total dividends declared 80% Meridian TSR NZX50 Index 25 Ordinary dividends Special dividends 60% 60% 20 4.88 2.44 40% 15 25% 20% 12% 10 10% 16.90 16.90 17.40 17.90 16.42 0% 5 -8% -20% 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Financial Year en
Slide 10: Chief Executive's review
Chief Executive’s review Electric boiler at Meadow Mushrooms site in Hornby, Christchurch 12 OCTOB E R 2 02 3 2 02 3 AN N UAL S HAR E HOLD E R M E E TI N G 10
Slide 11: Executive team
Executive team Neal Barclay Mike Roan Nic Kennedy Jason Stein Claire Shaw Jason Woolley Lisa Hannifin Bharat Ratanpal Tania Palmer Chris Ewers Guy Waipara 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 11
Slide 12: Our people
Our people 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 12
Slide 13: Climate Action Plan
Meridian’s decarbonisation Climate Action Plan Our Meridian’s purpose of Clean energy for a fairer and healthier world is at purpose the centre of everything we do on our journey to a resilient, net zero future. Our Renewable Customer Managing our emissions priorities generation decarbonisation and
Slide 14: Meridian's renewable development pipeline
Meridian’s renewable development pipeline § Doubling of pipeline in FY23 to 4.7GW (11.1TWh) of development options § 1.5GW secured, 3.2GW in advanced prospects 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 14
Slide 15: Customer decarbonisation
to purchase EV chargers by making it possible for them to pay Customer decarbonisation the costs back through their energy bill. Predict VPP Optimise Aggregate Transport Distributed Gen/Storage Process Heat Demand Flexibility ↙ ↓ ↘ ↓ Products/offers for customers that make Active management of Merid
Slide 16: Financial performance
Financial performance Net profit after tax (continuing operations) EBITDAF1 $M $M 500 800 700 400 600 300 500 400 774 787 783 415 451 692 709 200 300 339 200 100 175 100 95 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Financial Year ended 30 June Financial Year ended 30 June Source: Meridia
Slide 17: Shareholder questions
Shareholder questions Blade transport at the Harapaki wind farm in Hawkes Bay 12 OCTOB E R 2 02 3 2 02 3 AN N UAL S HAR E HOLD E R M E E TI N G 17
Slide 18: Resolutions and voting
Resolutions and voting Forever Forests tree planting at West Wind farm, near Wellington 12 OCTOB E R 2 02 3 2 02 3 AN N UAL S HAR E HOLD E R M E E TI N G 18
Slide 19: Resolution 1: Re-election of Mark Verbiest
Resolution 1 Re-election of Mark Verbiest That Mark Verbiest, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company. 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 19
Slide 20: Resolution 2: Election of David Carter
Resolution 2 Election of David Carter That David Carter (appointed as a Director of the Company by the Board with effect from 25 July 2023), who retires and is eligible for election, be elected as a Director of the Company. 1 2 OCT OB E R 20 23 20 23 AN N U AL SH ARE H OL D E R M E E T I N G 20
Slide 21: Vote totals
Vote totals Resolution 1: Resolution 2: Re-election of Mark Election of David Verbiest Carter Postal and online votes already cast For 1,996,654,129 2,008,542,969 Against 13,740,388 1,844,320 Abstain 199,833 226,793 1 Votes appointed to proxies not yet cast 12,416,059 12,396,327 Total 2,023,010,409
Slide 22: Closing
Closing Lake Manapōuri, Fiordland National Park, Southland 12 OCTOB E R 2 02 3 2 02 3 AN N UAL S HAR E HOLD E R M E E TI N G 22
Slide 23: Disclaimer
Disclaimer The information in this presentation was prepared by Meridian This presentation contains a number of non-GAAP financial Energy with due care and attention. However, the information is measures, including Energy Margin, EBITDAF, Underlying NPAT and supplied in summary form and is therefore