Monthly Operating Report
August 2023
August highlights
In the month to 11 September 2023, national hydro storage decreased from 106% to 83% of historical average
South Island storage decreased to 87% of average and North Island storage decreased to 68% of average by 11 September 2023
Meridian's August 2023 monthly total inflows were 84% of historical average
Waiau catchment inflows in August 2023 were 102% of historical average
Meridian's Waitaki catchment water storage at the end of
August 2023 was 107% of historical average
Snow storage in Meridian's Waitaki catchment was 90% of average in early September
Water storage in Meridian's Waiau catchment was 106% of average at the end of August 2023
National electricity demand in August 2023 was 4.5% higher than the same month last year
August 2023 was the coldest August in seven years with temperatures below average for most of the country. Rainfall was below average for eastern, central and northern parts of the North Island and most of the South Island
New Zealand Aluminium Smelter's average load during August 2023 was 568MW
Meridian's retail sales volumes in August 2023 were 4.1% higher than August 2022
Compared to August 2022, segment sales increased in residential +4.3%, small medium business +6.4%, large business +3.2%, agricultural +1.9% and corporate +3.6%
15 SEPTEMBER 2023 | MONTHLY OPERATING REPORT FOR AUGUST 2023 | 2
Market data
- National electricity demand in August 2023 was 4.5% higher than the same month last year
- August 2023 was the coldest August in seven years with temperatures below average for most of the country. Rainfall was below average for eastern, central and northern parts of the North Island and most of the South Island
- Demand in the last 12 months was 0.5% higher than the preceding 12 months
- New Zealand Aluminium Smelter's average load during August 2023 was 568MW
- 12-monthaverage switching rate of customers changing retailers but not moving ("trader" switch) was 5.8% at the end of July 2023
- 12-monthaverage switching rate of customers moving and changing retailers
("move-in" switch) was 12.5% at the end of
July 2023
NATIONAL DEMAND
GWh
4,200 | ||||||
4,000 | ||||||
3,800 | ||||||
3,600 | ||||||
3,400 | ||||||
3,200 | ||||||
3,000 | ||||||
2,800 | ||||||
2,600 | ||||||
Jan Feb Mar | Apr | May Jun | Jul | Aug Sep | Oct | Nov Dec |
Range (2011-2022) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Source: Electricity Authority (reconciled demand)
MARKET ICP SWITCHING (ALL RETAILERS)
12 month average
15%
13%
11%
9%
7%
5%
Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23
Industry Move-in Switches | Industry Trader Switches | |
Source: Electricity Authority |
15 SEPTEMBER 2023 | MONTHLY OPERATING REPORT FOR AUGUST 2023 | 3
Market data
- August 2023 saw increases in near-term ASX prices
- National storage decreased from 106% of average on 11 August 2023 to 83% of average on 11 September 2023
- South Island storage decreased to 87% of historical average by 11 August 2023. North Island storage decreased to 68% of average
OTAHUHU ASX FUTURES SETTLEMENT PRICE
$/MWh 220
200
180
160
140
120
100
80
60
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | 2026 | 2026 | 2026 | |
30 June 2022 | 28 April 2023 | 31 May 2023 | ||||||||||||
30 June 2023 | 31 July 2023 | 31 August 2023 | ||||||||||||
Source: ASX
NATIONAL HYDRO STORAGE (11 September 2023)
GWh 5,000
4,000
3,000
2,000
1,000
0
Jan Feb Mar | Apr May Jun | Jul Aug Sep Oct Nov Dec | |||||
Average stored (90yr) | 1992 | 2004 | |||||
2008 | 2012 | 2019 | |||||
2021 | 2022 | 2023 | |||||
Source: NZX
BENMORE ASX FUTURES SETTLEMENT PRICE
$/MWh 220
200
180
160
140
120
100
80
60
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||
2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | 2026 | 2026 | 2026 | |||
30 June 2022 | 28 April 2023 | 31 May 2023 | ||||||||||||||
30 June 2023 | 31 July 2023 | 31 August 2023 | ||||||||||||||
Source: ASX |
15 SEPTEMBER 2023 | MONTHLY OPERATING REPORT FOR AUGUST 2023 | 4
Meridian retail
▪ Meridian's customer connection numbers |
increased +0.1% during August 2023 and |
have increased 0.4% since June 2023 |
▪ Retail sales volumes in August 2023 were |
4.1% higher than August 2022 |
▪ Compared to August 2022, segment sales |
increased in residential +4.3%, small |
medium business +6.4%, large business |
+3.2%, agricultural +1.9% and corporate |
+3.6% |
▪ To date this financial year, retail sales |
Meridian operating information
MERIDIAN'S CUSTOMER CONNECTIONS
ICPs ('000) | FY24 Meridian NI | FY24 Meridian SI | FY24 Powershop | |||||||||||||||||||||||||||
400 | FY23 Meridian NI | FY23 Meridian SI | FY23 Powershop | |||||||||||||||||||||||||||
300 | 117 | 117 | 118 | 118 | 117 | 117 | 118 | 118 | 118 | 118 | 118 | 117 | 117 | 117 | ||||||||||||||||
200 | ||||||||||||||||||||||||||||||
126 | 126 | 126 | 126 | 126 | 126 | 126 | 125 | 125 | 125 | |||||||||||||||||||||
125 | 125 | 125 | 125 | |||||||||||||||||||||||||||
100 | ||||||||||||||||||||||||||||||
122 123 122 123 | 123 | 123 | 123 | 123 | 123 | 122 | 122 | 122 | 122 | 122 | ||||||||||||||||||||
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June
Source: Meridian
MERIDIAN'S RETAIL SALES VOLUME*
volumes are 2.4% higher than the same |
period last year |
▪ This reflects increased segment sales in |
residential +0.3%, small medium business |
+2.9, large business +0.8%, agricultural |
+1.0% and corporate +4.0% |
GWh | FY24 Residential | |||||||||
900 | FY24 Corporate | |||||||||
FY23 Large Bus | ||||||||||
337 | ||||||||||
600 | 334 | 320 | 326 | |||||||
325 | ||||||||||
61 | ||||||||||
60 | 61 | 59 | ||||||||
76 | 53 | |||||||||
53 | 53 | 75 | ||||||||
300 | 87 | |||||||||
155 | 161 | |||||||||
154 | 152 | 141 | ||||||||
200 | 207 | 201 | 192 | |||||||
165 | ||||||||||
0 | ||||||||||
FY24 SMB | FY24 Agri | FY24 Large Bus | |||||||||||||||||||||||
FY23 Residential | FY23 SMB | FY23 Agri | |||||||||||||||||||||||
FY23 Corporate | |||||||||||||||||||||||||
323 | 319 | 318 | 356 | ||||||||||||||||||||||
308 | 355 | 327 | |||||||||||||||||||||||
320 | |||||||||||||||||||||||||
320 | |||||||||||||||||||||||||
40 | 49 | ||||||||||||||||||||||||
50 | 48 | 56 | |||||||||||||||||||||||
134 | 45 | 51 | 54 | ||||||||||||||||||||||
48 | |||||||||||||||||||||||||
150 | 141 | 176 | 68 | 48 | |||||||||||||||||||||
146 | 97 | 76 | 148 | ||||||||||||||||||||||
145 | 141 | ||||||||||||||||||||||||
128 | 125 | 121 | 135 | 123 | |||||||||||||||||||||
119 | |||||||||||||||||||||||||
180 | |||||||||||||||||||||||||
152 | 157 | ||||||||||||||||||||||||
119 | 119 | 115 | 106 | 122 | 130 | ||||||||||||||||||||
*excludes volumes sold to New Zealand Aluminium Smelters and CFDs
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June
Source: Meridian
15 SEPTEMBER 2023 | MONTHLY OPERATING REPORT FOR AUGUST 2023 | 5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Meridian Energy Limited published this content on 14 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 20:57:03 UTC.