Meridian Energy monthly operating report for November 2025

Attached is Meridian Energy Limited's monthly operating report for the month of November 2025. Key points this month include: In the month to 8 December 2025, national hydro storage increased from 143% to 153% of historical average. South Island storage increased to 157% of average and North Island storage increased to 132% of average by 8 December 2025. Meridian’s November 2025 monthly total inflows were 149% of historical average. To date this financial year, total inflows are 150% of historical average, the highest financial year to date inflows since 1988/89. Waiau catchment inflows in November 2025 were 158% of historical average. Meridian’s Waitaki catchment water storage at the end of November 2025 was 172% of historical average. Snow storage in Meridian’s Waitaki catchment was at 110% of average in early December 2025. Water storage in Meridian’s Waiau catchment was 161% of average at the end of November 2025. November was the warmest November on record, with temperatures above average for almost the entire country. Rainfall was above average for most parts of the North Island and the west of the South Island. By contrast, eastern parts of the South Island were comparatively dry. National electricity demand in November 2025 was 5.9% higher than November 2024. New Zealand Aluminium Smelters Ltd (NZAS) average load during November 2025 was 569MW, compared with 451MW a year ago, when Meridian was exercising call options under the demand response agreement. Meridian’s retail sales volumes in November 2025 were 12.1% higher than November 2024. Compared to November 2024, segment sales in residential were 23.2% higher (including Flick customers), small medium business 10.2% higher, large business 8.5% higher, agriculture 18.4% higher and corporate 6.0% higher. Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels