Meridian Energy monthly operating report for January 2020

Attached is Meridian Energy Limited's monthly operating report for the month of January 2020. Highlights this month include: - In the month to 13 February 2020, national hydro storage increased from 123% to 126% of historical average - South Island storage sat at 127% of average and North Island storage at 117% of average on 13 February 2020 - Meridian's January 2020 monthly total inflows were 71% of historical average - Meridian's Waitaki catchment storage at the end of January 2020 was 118% of historical average - Storage in Meridian's Waiau catchment was below average at the end of January - National electricity demand in January 2020 was 0.8% higher than the same month last year - Meridian made calls under the Genesis Swaption in January and early February 2020 - January 2020 saw low rainfall across much of the country, with cooler temperatures in the first half of the month contrasting with a warmer second half - New Zealand Aluminium Smelter's load during January 2020 was below the contract level of 622MW - Meridian's New Zealand retail sales volumes in January 2020 were 25.1% higher than January 2019 End CA:00348546 For:MEL Type:MKTUPDTE Time:2020-02-18 08:30:51