Meridian Energy monthly operating report for March 2026

Meridian Energy Limited has released its monthly operating report for the month of March 2026 (attached). The month underscored the strength of Meridian’s strategy and market conditions, with strong retail sales growth, rising customer demand and hydro storage holding close to historical averages despite softer monthly inflows. At the same time, ASX forward prices have declined further, likely reflecting the high levels of investment in new renewable generation and the system security provided by agreements signed for Huntly capacity. “We’ve maintained momentum through the March quarter after a very strong half-year result and the lakes are looking really good as we get closer to winter. These things can change, however at this stage we have 40% more water than we did at the same time last year,” says Meridian CEO Mike Roan. “The continued fall in ASX prices is significant and a sign that power will get more affordable as the massive ongoing investment in new renewable generation lands. We expect this to flow through into contracted electricity prices.” Mandy Simpson (CFO) and Owen Hackston (Investor Relations Manager) will host a quarterly operating result call via a Microsoft Teams Live event today, Friday 17 March at 10.00am NZST (8.00am AEST). Click on the link below at this time to join the call. https://teams.microsoft.com/l/meetup-join/19%3ameeting_YTEyZDAzNTMtNGJjNC00NTQwLThlMDAtMDU4YjlhNmJkMmE5%40thread.v2/0?context=%7b%22Tid%22%3a%22e6cf3f80-614d-4939-895c-3d5287c0f245%22%2c%22Oid%22%3a%2248e2fc44-0e82-47ab-8101-fef0a8fb4324%22%7d Please submit any questions using the Q&A panel on the right-hand side of the call window. If the Q&A panel doesn’t automatically appear, please select the small 'Q&A' speech bubble'. Key points this month include: In the month to 13 April 2026, national hydro storage decreased from 110% to 106% of historical average. South Island storage decreased to 97% of average and North Island storage increased to 180% of average by 13 April 2026. Meridian’s March 2026 monthly total inflows were 74% of historical average. To date this financial year, total inflows are 123% of historical average, the 6th highest financial year inflows on record. Meridian’s Waitaki catchment water storage at the end of March 2026 was 99% of historical average. Water storage in Meridian’s Waiau catchment was 73% of average at the end of March 2026. While March saw a dry start to autumn for much of New Zealand, a subtropical low in late March pushed monthly rainfall totals in the upper North Island to above average. March was mild and mostly settled, with temperatures above average for large parts of the South Island. National electricity demand in March 2026 was 4.5% higher than March 2025. Excluding NZAS demand, demand is 3.3% higher than March 2025. New Zealand Aluminium Smelters Ltd (NZAS) average load during March 2026 was 575MW, compared with 524MW a year ago, when Meridian and NZAS had agreed a 50MW demand response reduction from March 2025 to August 2025. Meridian’s retail sales volumes in March 2026 were 11.4% higher than March 2025. Compared to March 2025, segment sales in residential were 27.8% higher, small medium business 8.2% higher, large business 14.1% higher, agriculture 30.7% higher and corporate 1.7% higher. FY26 capital expenditure guidance has been revised to between $280 million to $310 million (previously $330 million to $360 million). Key points this quarter include: Q3 total inflows were 87% of historical average and 80% higher than Q3 last year. Meridian’s Waitaki catchment water storage at the end of Q3 was 39.9% higher than Q3 last year. Compared to Q3 last year, Meridian’s generation was 16.4% higher at a 71.2% lower average price. 2026 electricity futures prices decreased during Q3. National electricity demand in Q3 was 2.4% higher than Q3 last year. Excluding NZAS demand, Q3 demand is 0.8% higher than Q3 last year, when Meridian and NZAS had agreed a 50MW demand response reduction for Winter 2025. Summer 2025/26, influenced by weakening La Niña conditions, was characterised by a warm start, transitioning to a cooler February and generally near-average temperatures overall. The country experienced active summer weather patterns, with periods of high pressure interspersed by heavy rain events that brought record rains to parts of both islands. At the end of Q3, Meridian’s customer numbers were 17.7% higher than at the same time last year. Compared to Q3 last year, Meridian’s retail sales volumes were 3.9% higher, with increases in residential, small business and large business, at a 5.2% higher average price. Compared to Q3 last year, total operating costs were 4.9% higher and total capital expenditure was 182.6% higher. Weekly lake storage updates are available on Meridian’s website. See comparative lake levels at: www.meridianenergy.co.nz/power-stations/lake-levels