Meridian Energy Monthly Operating Report For September 2026

Meridian
Energy Limited has released its monthly operating report for
the month of September 2026.

“Despite mild weather
during September, we continue to have inflows and lake
storage that are well above historical averages,” says
Chief Executive Mike Roan.

“These factors
enabled us to maintain high levels of hydro generation,
lifting our overall generation for the first quarter of a
financial year to a record level. It was also pleasing to
see a return to growth in customer numbers, while we have
now migrated more than half of all our customers onto the
Kraken platform.”

Meridian’s revised total capital
expenditure guidance for the 2027 financial year is
unchanged at $370 million to $410 million. Stay in business
capital expenditure is expected to be between $110 million
and $120 million, growth capital expenditure is expected to
be between $220 million and $250 million, and repowering
capital expenditure is expected to be $40
million.

Call this afternoon with Mandy Binnie and
Owen Hackston

Mandy Binnie (CFO) and Owen Hackston
(Investor Relations Manager) will host a quarterly operating
result call via a Microsoft Teams Live event today, Tuesday
20 October at 2.30pm NZDT (12.30pm AEDT).

Click on the
link below at this time to join the call:

Meridian
Energy Quarterly Operating results – Microsoft Teams Live
Event

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
from September Operating Report

• 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 150% of historical
  average.
• Meridian’s Waitaki catchment water
  storage at the end of September 2026 was
  183% of historical average.
• Snow
  storage in Meridian’s Waitaki catchment was
  102% of average in early
  October.
• Water storage in Meridian’s Waiau
  catchment was 133% of average at the end of
  September 2026.
• 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 average load during September 2026 was
  578MW, compared with 571MW a year
  ago.
• Meridian’s retail sales volumes in September
  2026 were 6.4% lower than September
  2025.
• Compared to September 2025, segment sales in
  residential were 9.4% lower, small medium business 11.7%
  higher, agriculture 21.4% lower, large business 9.2% higher
  and corporate 10.6% lower.
• Total customer
  connections increased slightly in September. Over 245,000
  customers have now been migrated onto the Kraken
  platform.

Key points this quarter
include:

• 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.
• While nearer term electricity futures
  prices decreased during Q1, 2028-2029 quarterly prices
  firmed slightly. 2030 futures began trading at the start of
  October and are currently priced slightly higher than
  2029.
• National electricity demand in Q1 was
  0.4% higher than Q1 last year. Excluding
  NZAS demand, Q1 demand is 0.2% higher than
  Q1 last year, when Meridian and NZAS had agreed a 50MW
  demand response reduction for Winter 2025 (to August
  2025).
• Winter 2026 was New Zealand’s 3rd warmest
  winter on record. While northern areas experienced near
  average temperatures, the rest of the country saw a
  relatively warm winter, particularly the South Island. The
  North Island had a drier than usual winter, in contrast to
  the South Island, which was significantly wetter than
  normal. El Niño conditions were present in the tropical
  Pacific atmosphere and ocean and strengthened considerably
  from mid-winter onwards.
• At the end of Q1,
  Meridian’s customer numbers were 0.9%
  lower than at the same time last year.
• Compared to
  Q1 last year, Meridian’s retail sales volumes were
  3.0% lower, with decreases in agricultural
  and corporate, offset slightly by increases in residential,
  small business and large business at a 1.1%
  higher average price.
• Compared to Q1 last year,
  total operating costs were 1.1% higher
  and total capital expenditure was 93.9%
  higher.

Weekly lake storage updates are
available on Meridian’s website. See comparative lake
levels at: www.meridianenergy.co.nz/power-stations/lake-levels

Note:

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