Meridian Energy monthly operating report for January 2018

Attached is Meridian Energy Limited's monthly operating report for the month of January 2018. Highlights this month include: - In the month to 11 February 2018, national hydro storage increased from 79% to 92% of historical average - South Island storage sat at 86% of average and North Island storage at 129% of average on 11 February 2018 - Meridian's January 2018 monthly total inflows were 65% of historical average - Meridian's Waitaki catchment storage at the end of January 2018 was 75% of historical average - Storage in Meridian's Waiau catchment was well below average at the end of January 2018 - Waiau catchment inflows in January 2018 were the second lowest January month inflows on record - Meridian has made calls on load under the Genesis Swaption during January 2018 and early February 2018 - National electricity demand in January 2018 was 1.4% higher than the same month last year - January 2018 was New Zealand's hottest month on record, with the North and top of the South Island experiencing wet conditions, while droughts were declared in other South Island regions - Meridian's retail sales volumes in January 2018 decreased by 1.8% compared to January 2017 End CA:00314098 For:MEL Type:MKTUPDTE Time:2018-02-13 08:32:27